sec.183Power of court to authorise variations of trust

sec.183 Power of court to authorise variations of trust

The court may make an order under this section approving an arrangement in relation to a trust for any of the following persons (each a restricted beneficiary )— a person under a legal incapacity who has an interest under the trust, whether directly or indirectly and whether vested or contingent; a person (whether ascertained or not) who may become entitled, directly or indirectly, to an interest under the trust at a future date or on the happening of a future event (each later in time than the date of an application to the court under this section) because the person becomes— a person of a particular description; or a member of a particular class of persons; an unborn person; a person who, if a protective trust failed or determined, would be a member of the class of persons mentioned in section 182 (1) (b) (i) or (ii) . An arrangement may— vary or revoke all or any of the trusts; or enlarge the powers of the trustees to manage or administer any of the trust property. An arrangement may be approved only if carrying out the arrangement would be for the benefit of the restricted beneficiary. However, subsection (3) does not apply if the restricted beneficiary is— an unascertained person whose entitlement is dependent on a future event that the court is satisfied is unlikely to happen; or a person mentioned in subsection (1) (d) . An order approving an arrangement may be made regardless of— who has proposed the arrangement; or whether there is any other person beneficially interested in the trust property who is capable of assenting to the arrangement. Notice of an application to the court for an order under this section must be given to all persons as the court directs. This section does not limit the court’s powers under division 6 . This section does not apply in relation to a trust affecting property settled by an Act. (sec.183-ssec.1) The court may make an order under this section approving an arrangement in relation to a trust for any of the following persons (each a restricted beneficiary )— a person under a legal incapacity who has an interest under the trust, whether directly or indirectly and whether vested or contingent; a person (whether ascertained or not) who may become entitled, directly or indirectly, to an interest under the trust at a future date or on the happening of a future event (each later in time than the date of an application to the court under this section) because the person becomes— a person of a particular description; or a member of a particular class of persons; an unborn person; a person who, if a protective trust failed or determined, would be a member of the class of persons mentioned in section 182 (1) (b) (i) or (ii) . (sec.183-ssec.2) An arrangement may— vary or revoke all or any of the trusts; or enlarge the powers of the trustees to manage or administer any of the trust property. (sec.183-ssec.3) An arrangement may be approved only if carrying out the arrangement would be for the benefit of the restricted beneficiary. (sec.183-ssec.4) However, subsection (3) does not apply if the restricted beneficiary is— an unascertained person whose entitlement is dependent on a future event that the court is satisfied is unlikely to happen; or a person mentioned in subsection (1) (d) . (sec.183-ssec.5) An order approving an arrangement may be made regardless of— who has proposed the arrangement; or whether there is any other person beneficially interested in the trust property who is capable of assenting to the arrangement. (sec.183-ssec.6) Notice of an application to the court for an order under this section must be given to all persons as the court directs. (sec.183-ssec.7) This section does not limit the court’s powers under division 6 . (sec.183-ssec.8) This section does not apply in relation to a trust affecting property settled by an Act.