Trusts Act 2025
sec.116Deposit of documents for safe custody
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sec.116 Deposit of documents for safe custody
A trustee may deposit a document held by the trustee relating to the trust, or to the trust property, with a relevant entity whose business includes undertaking the safe custody of documents. An amount payable for the deposit of the document is payable out of— the income of the trust property; or if there is no income or to the extent the income is insufficient—the capital of the trust property. In this section— relevant entity means any of the following entities— a law practice within the meaning of the Legal Profession Act 2007 ; a financial institution; a corporation. (sec.116-ssec.1) A trustee may deposit a document held by the trustee relating to the trust, or to the trust property, with a relevant entity whose business includes undertaking the safe custody of documents. (sec.116-ssec.2) An amount payable for the deposit of the document is payable out of— the income of the trust property; or if there is no income or to the extent the income is insufficient—the capital of the trust property. (sec.116-ssec.3) In this section— relevant entity means any of the following entities— a law practice within the meaning of the Legal Profession Act 2007 ; a financial institution; a corporation.
- (a) the income of the trust property; or
- (b) if there is no income or to the extent the income is insufficient—the capital of the trust property.
- (a) a law practice within the meaning of the Legal Profession Act 2007 ;
- (b) a financial institution;
- (c) a corporation.