50APower of Court to authorize dealings with trust property

50A Power of Court to authorize dealings with trust property (1) The Court may by order, on application by the trustee or a beneficiary, authorize a trustee either generally or in a particular case: (a) to execute a sale, lease, mortgage, surrender, release or other disposition; (b) to make a purchase, acquisition, or investment; or (c) to undertake expenditure, as the Court thinks fit and for which the trustee has no power under the trust instrument or a law in force in the Territory. (2) The Court may make an order referred to in subsection (1) subject to such terms or conditions as it thinks fit and may direct whether and how any expenditure or costs are to be paid out of capital or income of the trust. (3) The Court may make an order referred to subsection (1) in relation to property despite that the property is the subject of a life interest in the whole of the property or any estate or interest in the property. (4) An application to the Court for an order relating to property referred to in subsection (3) is to be made with the consent of all persons having a beneficial interest in the property, and all trustees having an estate or interest on behalf of an unborn child. (5) Despite subsection (4) the Court may dispense with the requirement for consent of a person if that person has been served with a notice that the application will be made, and the person has made no response. (6) A person who has been served with a notice that the application will be made may appear in Court to consent or dissent to the making of the order sought. Part IV Special provisions as to appointment of new trustees Proclamation in the Government Gazette 33 (7) The Court may make an order in relation to the property despite dissent by some interested parties. (8) In deciding whether to make an order despite the dissent of some parties the Court must have regard to the number and interests of the parties. (9) If the property to which the order relates is land, the order is to be produced to the Registrar-General who must give effect to the order by registering any transfer, lease or other document effected pursuant to the order on the land register under the Land Title Act 2000. Part IV Special provisions as to appointment of new trustees