29Treatment of multiple trustees

29 Treatment of multiple trustees

(1) This section applies if the trustee or trustees of a trust are treated during a period as constituting: (a) a single legal entity (the notional entity) under section 761FA of the Corporations Act 2001; or (b) a single person (also the notional entity) under section 15 of the National Consumer Credit Protection Act 2009. (2) This Act applies to the notional entity during the period as if the notional entity were a person, but with the changes set out in this section. (3) During the period, or any part of the period, that the trust has 2 or more trustees: (a) an obligation that would otherwise be imposed on the notional entity by this Act is imposed instead on each trustee, but may be discharged by any of the trustees; and (b) an offence against this Act that would otherwise have been committed by the notional entity is taken to have been committed by each trustee, at the time the offence was committed, who: (i) did the relevant act or made the relevant omission; or (ii) aided, abetted, counselled or procured the relevant act or omission; or (iii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the trustee). (4) During the period, or any part of the period, that the trust has only one trustee: (a) an obligation that would otherwise be imposed on the notional entity by this Act is imposed instead on that single trustee; and (b) an offence against this Act that would otherwise have been committed by the notional entity is taken to have been committed by that single trustee.