36QAppointment of new trustees of certain trusts

##### 36Q Appointment of new trustees of certain trusts (1) In this section: > eligible body means: (a) AASE; (b) the nominated exchange; (c) a body corporate that is the nominated exchange for the purposes of the provisions of a law of a participating State or participating Territory that correspond with this Part; or (d) a subsidiary of AASE, of the nominated exchange or of a body corporate of a kind referred to in paragraph (c). > eligible employee means an employee of an eligible body. > eligible trust means: (a) a trust established in connection with the affairs of an eligible body; or (b) a trust that is a provident, benefit, superannuation or retirement fund established for the benefit of a class of eligible employees. > trustee has the same meaning as that expression has in the law in force in the Territory relating to trustees, but includes: (a) a nominee; (b) a custodian trustee; and (c) a person charged with the management or administration of property. (2) Where, immediately before the relevant commencement, a person (in this section referred to as the retiring trustee) was a trustee of an eligible trust, the Exchange may, within 12 months after that commencement, appoint in writing a person as a trustee, or persons as trustees, of the trust in place of the retiring trustee and, if the Exchange does so, subsections (3) and (4) have effect. (3) The Exchange shall give a copy of the appointment to the Commission and the Commission shall cause such a copy to be published in the Gazette. (4) Upon publication under subsection (3) of a copy of the appointment, subsections (5), (6), (7) and (8) have effect, notwithstanding any instrument or any other law. (5) The retiring trustee ceases to be a trustee of the trust and is wholly discharged from his, her or its duties and obligations relating to the trust. (6) The person appointed becomes a trustee, or the persons appointed become trustees, as the case may be, of the trust in place of the retiring trustee and has or have in relation to the trust the same powers, authorities, discretions, duties and obligations as the retiring trustee had in relation to the trust immediately before his, her or its discharge. (7) Property that immediately before the retiring trustee’s discharge was vested in the retiring trustee in his, her or its capacity as trustee of the trust vests in the person appointed, or in the persons appointed as joint tenants, as the case may be. (8) Property that immediately before the retiring trustee’s discharge was vested in the retiring trustee and another person or other persons as joint tenants in their capacity as trustees of the trust vests in the person or persons appointed and the other person or other persons as joint tenants.