13Appointment of new trustees

13 Appointment of new trustees

13 Appointment of new trustees

(1) The continuing bank may at any time, within 3 months after the appointed day, by instrument executed under its seal declare that a corporation which is a subsidiary of the continuing bank and is named in the instrument as new trustee of such trusts subsisting immediately before the appointed day as are specified in the instrument is appointed in the place of another corporation which was, immediately before that day, a subsidiary of CBA and is named in the instrument as the retiring trustee of those trusts.

(2) Upon any such instrument being so executed and notice thereof being published in the Gazette:

(a) the corporation named therein as the retiring trustee shall be wholly discharged from the trusts therein specified,

(b) the corporation named therein as new trustee shall be trustee of those trusts in the place of the corporation named therein as retiring trustee and shall have the same powers, authorities and discretions in relation to each such trust as the retiring trustee had immediately before being discharged, and

(c) all property subject to the said trusts and vested in the retiring trustee shall be vested in the corporation named therein as new trustee.

(3) Any discharge or appointment of a trustee and any vesting of property by virtue of this section shall have effect notwithstanding anything to the contrary in any instrument or in any other Act or law.

(4) In this section, trustee has the same meaning as in the Trustee Act 1925, but extends to a nominee, a custodian trustee and a person charged with the management or administration of property.