16Powers of NSW Trustee relating to property and other matters

16 Powers of NSW Trustee relating to property and other matters

16 Powers of NSW Trustee relating to property and other matters

(cf PT Act, s 35, PE Act, s 24)

(1) The NSW Trustee may exercise the following functions when acting in a trust capacity or protective capacity—

(a) receive money, rent, income and profit of real and personal property,

(b) grant leases of property for a term not exceeding 10 years and give to a lessee an option of renewal if the aggregate duration of the lease and any such renewal does not exceed 10 years,

(c) enter into a share-farming agreement for a period not exceeding 3 years,

(d) surrender a lease and accept a new lease,

(e) accept a surrender of a lease and grant a new lease,

(f) execute a power of leasing vested in a person having a limited estate only in the property over which the power extends,

(g) buy, sell, realise and mortgage (with or without a power of sale) real and personal property,

Note—

Mortgage includes charge (see section 3 (1)).

(h) pay interest secured by a mortgage out of capital, if income is insufficient,

(i) postpone the sale, calling in and conversion of any property that the NSW Trustee has a duty to sell, other than property that is of a wasting, speculative or reversionary nature,

(j) settle, adjust and compromise a demand made by or against the estate,

(k) exchange or join in a partition of property and give or receive money for equality of exchange or partition,

(l) carry on a business, so far as may appear desirable for the purpose of more advantageously disposing of, or winding up, the business or preserving the business of a managed person until the managed person is able to carry it on,

(m) agree to an alteration of the conditions of a partnership into which a managed person has entered, for the purpose of more advantageously disposing of an interest in the partnership or terminating liability,

(n) carry out a contract entered into before the appointment of the NSW Trustee or enter into an agreement terminating the liability,