15Functions exercised jointly

15 Functions exercised jointly

15 Functions exercised jointly

(cf PT Act, s 12 (1A))

(1) This section applies if the NSW Trustee jointly accepts a trust or is appointed to act jointly in a trust capacity with another person.

(2) The NSW Trustee and the other person jointly have and may exercise the same functions as the NSW Trustee would have and may exercise if the NSW Trustee were acting alone.

(3) Any money or other property under the control of the NSW Trustee and the other person must be dealt with in the same manner as money or other property under the sole control of the NSW Trustee.

(4) If money or other property is payable, transferable or deliverable to the NSW Trustee and the other person jointly—

(a) a written receipt given by the NSW Trustee alone is a sufficient discharge for that payment, transfer or delivery, and

(b) any person required to make the payment, transfer or delivery is not required to make it to the other person and is not liable for any subsequent loss or misapplication of the money or property.