sec.12Statutory bodies acting as trustees or otherwise holding property

### sec.12 Statutory bodies acting as trustees or otherwise holding property This section applies to a statutory body if the body— is acting as a trustee of property, whether under a trust or under an Act (a trust-establishing Act ); or holds property on a condition but is not acting as a trustee in relation to the property. The statutory body may exercise powers under this Act in relation to the property but the exercise of the powers is subject to— if the body is acting as a trustee under a trust—the trust and any directions or restrictions under the trust; and if the body is acting as a trustee under a trust-establishing Act—the trust-establishing Act; and if the body holds property on a condition but is not acting as a trustee—the condition. To remove any doubt, it is declared that nothing in this Act affects the body’s powers when it is acting as a trustee. s 12 prev s 12 amd 1984 No. 92 s 3 om 1988 No. 55 s 8 pres s 12 ins 1996 No. 54 s 5 (sec.12-ssec.1) This section applies to a statutory body if the body— is acting as a trustee of property, whether under a trust or under an Act (a trust-establishing Act ); or holds property on a condition but is not acting as a trustee in relation to the property. (sec.12-ssec.2) The statutory body may exercise powers under this Act in relation to the property but the exercise of the powers is subject to— if the body is acting as a trustee under a trust—the trust and any directions or restrictions under the trust; and if the body is acting as a trustee under a trust-establishing Act—the trust-establishing Act; and if the body holds property on a condition but is not acting as a trustee—the condition. (sec.12-ssec.3) To remove any doubt, it is declared that nothing in this Act affects the body’s powers when it is acting as a trustee. - (a) is acting as a trustee of property, whether under a trust or under an Act (a trust-establishing Act ); or - (b) holds property on a condition but is not acting as a trustee in relation to the property. - (a) if the body is acting as a trustee under a trust—the trust and any directions or restrictions under the trust; and - (b) if the body is acting as a trustee under a trust-establishing Act—the trust-establishing Act; and - (c) if the body holds property on a condition but is not acting as a trustee—the condition.