28AOption to purchase land, trustees' liability for grant of

##### 28A. Option to purchase land, trustees’ liability for grant of (1) Where there is statutory or other power to sell land that is subject to a trust, a trustee who grants to a person an option to purchase that land within a period not exceeding 6 months for a price fixed at the time the option is granted shall not be chargeable with breach of trust by reason only that the trustee granted that option if before so doing the trustee received advice from an independent valuer to the effect that — (a) the purchase price fixed for the land is reasonable; and (b) the fee payable for the option is reasonable. (2) In subsection (1), independent valuer means — (a) a person who is instructed and employed independently of the person to whom the option is granted; and (b) in the case of land in the State, a person who is licensed under the *Land Valuers Licensing Act 1978*; or (c) in the case of land in another State or a Territory, a person who is licensed as a valuer under the law of that State or Territory or, if there is no such law, a person who is a Fellow or Associate of the Australian Property Institute (Inc.). [Section 28A inserted: No. 84 of 1987 s. 13; amended: No. 74 of 2003 s. 122.]