sec.14Limit on number of trustees of particular trusts

sec.14 Limit on number of trustees of particular trusts

This section applies to a trust other than— a charitable trust; or a trust that is, or is created for the purpose of becoming, a self managed superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cwlth) . The trust may not have more than 4 trustees. If more than 4 persons are named as trustees under the trust instrument— the first 4 persons named, who are able and willing to act as trustees and whose appointments are otherwise able to take effect, are the trustees; and a person who has impaired capacity for administering the trust a person who can not, under section 13 , be appointed as a trustee the appointment of the other persons is of no effect. A custodian trustee is not to be counted for the purpose of any limitation on the number of trustees the trust may have. See part 4 in relation to custodian trustees. This section applies subject to section 15 . (sec.14-ssec.1) This section applies to a trust other than— a charitable trust; or a trust that is, or is created for the purpose of becoming, a self managed superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cwlth) . (sec.14-ssec.2) The trust may not have more than 4 trustees. (sec.14-ssec.3) If more than 4 persons are named as trustees under the trust instrument— the first 4 persons named, who are able and willing to act as trustees and whose appointments are otherwise able to take effect, are the trustees; and a person who has impaired capacity for administering the trust a person who can not, under section 13 , be appointed as a trustee the appointment of the other persons is of no effect. (sec.14-ssec.4) A custodian trustee is not to be counted for the purpose of any limitation on the number of trustees the trust may have. See part 4 in relation to custodian trustees. (sec.14-ssec.5) This section applies subject to section 15 .

• (a) a charitable trust; or
• (b) a trust that is, or is created for the purpose of becoming, a self managed superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 (Cwlth) .
• (a) the first 4 persons named, who are able and willing to act as trustees and whose appointments are otherwise able to take effect, are the trustees; and Example of a person who is not able to act as a trustee— a person who has impaired capacity for administering the trust Example of a person whose appointment as a trustee is not otherwise able to take effect— a person who can not, under section 13 , be appointed as a trustee
• (b) the appointment of the other persons is of no effect.