Trusts Act 2025
sec.241Application of Act to existing custodian trustees
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sec.241 Application of Act to existing custodian trustees
Without limiting section 240, this Act applies in relation to an existing custodian trustee as if— the existing custodian trustee had been appointed as a custodian trustee under section 47; and the trust property had vested in the existing custodian trustee under section 48; and the reference in sections 50(1) and (2) and 54(1) to an instrument included a reference to an instrument made before the commencement and still in effect immediately before the commencement. In this section— existing custodian trustee means a corporation— that was appointed under the repealed Act, section 19(1) to be custodian trustee of a trust; and whose appointment as custodian trustee was still in effect immediately before the commencement. (sec.241-ssec.1) Without limiting section 240, this Act applies in relation to an existing custodian trustee as if— the existing custodian trustee had been appointed as a custodian trustee under section 47; and the trust property had vested in the existing custodian trustee under section 48; and the reference in sections 50(1) and (2) and 54(1) to an instrument included a reference to an instrument made before the commencement and still in effect immediately before the commencement. (sec.241-ssec.2) In this section— existing custodian trustee means a corporation— that was appointed under the repealed Act, section 19(1) to be custodian trustee of a trust; and whose appointment as custodian trustee was still in effect immediately before the commencement.
- (a) the existing custodian trustee had been appointed as a custodian trustee under section 47; and
- (b) the trust property had vested in the existing custodian trustee under section 48; and
- (c) the reference in sections 50(1) and (2) and 54(1) to an instrument included a reference to an instrument made before the commencement and still in effect immediately before the commencement.
- (a) that was appointed under the repealed Act, section 19(1) to be custodian trustee of a trust; and
- (b) whose appointment as custodian trustee was still in effect immediately before the commencement.