VIC Discharge of Executor of Will and Trustee - Clarification?

[SteelLowmax]

"I declare that the receipt of the Chief Executive or Public Officer for the time being shall be a sufficient discharge to my Executors and Trustees who shall not be bound to see to the application thereof.”

What does this mean in laymen terms?

 

[CathL]

What's the context? Is this in a Will or something written by the executor of a Will?

 

[SteelLowmax]

What's the context? Is this in a Will or something written by the executor of a Will?

In a nutshell, an organization I am involved with were bequeathed a sum of money that must be held and the interest be used for a scholarship. The line states: "...and I declare that a periodical receipt of an authorised Officer for the time being...shall be sufficient discharge to my trustee who shall not be bound to see to the application thereof".

My question, is does this mean that we just have to supply a bank statement annually to the trustee to show what the money is doing and apart from that they have no involvement thereafter?