25AAPower to delegate trusts

25AA Power to delegate trusts

[Section 25AA Inserted by No. 55 of 1976, s. 6 ]

(1)  Subject to this section, where there are more trustees than one, any of those trustees who resides, or is about to reside, permanently out of this State and who is not expressly forbidden to do so by the instrument creating the trust may, notwithstanding any rule of law or equity to the contrary, delegate to any person resident in this State the execution or exercise of all or any of the trusts, powers, authorities, and discretions vested in him as trustee.

(2)  Subject to this section, a trustee who is temporarily out of, or is about to depart temporarily from, this State and who is not expressly forbidden to do so by the instrument creating the trust may, notwithstanding any rule of law or equity to the contrary, delegate to any person resident in this State the execution or exercise of all or any of the trusts, powers, authorities, and discretions vested in him as trustee, whether alone or jointly with any other person or persons.

(3)  A delegation under this section shall be by power of attorney executed as a deed.

(4)  *[Section 25AA Subsection (4) amended by No. 20 of 1995, s. 5 and Sched. 3 ]*The power to delegate conferred by subsection (2) shall not be exercised in favour of a person who is the only other co-trustee unless that person is The Public Trustee or a trustee company.

(5)  Notwithstanding the power to delegate conferred by this section, a trustee may not exercise that power unless his co-trustee or co-trustees (if any) and such other person as is empowered to appoint trustees by the instrument (if any) creating the trust, consent by the same or another deed to the delegation.

(6)  Where a delegation by a trustee under this section has been duly made to, and accepted by, a person and is for the time being in operation, that person has, within the scope of the delegation, the same trusts, powers, authorities, discretions, liabilities, and responsibilities (except the power of delegation conferred by this section) as he would have if he were then the trustee.

(7)  The donor of a power of attorney under this section is liable for the acts and defaults of the donee as if they were his own acts and defaults, and the donee is subject to the jurisdiction and powers of any court so far as respects the execution of the trust delegated to him in the same manner as if he were the trustee.