5Divesting of Fund from previous trustees to Statutory Trustees

5 Divesting of Fund from previous trustees to Statutory Trustees

5 Divesting of Fund from previous trustees to Statutory Trustees

(1) On the day on which an order specifying a trust fund to be a Fund for the purposes of this Act takes effect:

(a) the trusts on which the Fund was held immediately before that day cease to have any effect, except to the extent that their operation is continued by or under this Act, and

(b) a person who held office as trustee of the Fund immediately before that day vacates that office, and

(c) any provision of a trust instrument relating to the appointment of new trustees or the retirement of trustees of the trust fund that comprises the Fund ceases to have effect, and

(d) the substituted trusts relating to the Fund become the trusts to which the Fund is subject, and

(e) the capital of the Fund is to be held on trust to be invested in accordance with the Trustee Act 1925.

(2) On the day on which an order specifying a trust fund to be a Fund for the purposes of this Act takes effect, the Fund vests, without any conveyance or other assurance, in the persons or statutory corporation appointed under that order as the Statutory Trustees or Statutory Trustee of the Fund.

(3) A Fund for which two or more Statutory Trustees are appointed vests in those Statutory Trustees as joint tenants.

s 5: Am 1974 No 72, Sch 2; 1980 No 24, Sch 2; 1984 No 153, Sch 16. Subst 1999 No 14, Sch 1 [5].