sec.75Property vests in liquidator

### sec.75 Property vests in liquidator All the property of the trust and all the trustee’s powers and obligations that, immediately before the day the liquidation notice was published, were vested in the trustee, or someone else for the trustee, vest in the liquidator. However, a trustee lessee or trustee permittee may remove their improvements from the land if— the trustee lease or trustee permit gave the trustee lessee or trustee permittee the right to remove the improvements at the expiry of the lease; and the trustee lessee or trustee permittee removes the improvements within 28 days after the liquidation notice was published. To remove any doubt, it is declared that trust land is not part of the property of a trust. (sec.75-ssec.1) All the property of the trust and all the trustee’s powers and obligations that, immediately before the day the liquidation notice was published, were vested in the trustee, or someone else for the trustee, vest in the liquidator. (sec.75-ssec.2) However, a trustee lessee or trustee permittee may remove their improvements from the land if— the trustee lease or trustee permit gave the trustee lessee or trustee permittee the right to remove the improvements at the expiry of the lease; and the trustee lessee or trustee permittee removes the improvements within 28 days after the liquidation notice was published. (sec.75-ssec.3) To remove any doubt, it is declared that trust land is not part of the property of a trust. - (a) the trustee lease or trustee permit gave the trustee lessee or trustee permittee the right to remove the improvements at the expiry of the lease; and - (b) the trustee lessee or trustee permittee removes the improvements within 28 days after the liquidation notice was published.