Trusts Act 2025
sec.242Investment advice obtained before commencement
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sec.242 Investment advice obtained before commencement
This section applies in relation to advice obtained by a trustee under the repealed Act, section 24(2) if, immediately before the commencement, the trustee had not— considered the advice; or paid the reasonable costs of obtaining the advice out of trust funds. Section 72(2) applies in relation to the advice as if the advice had been obtained under section 72(1). (sec.242-ssec.1) This section applies in relation to advice obtained by a trustee under the repealed Act, section 24(2) if, immediately before the commencement, the trustee had not— considered the advice; or paid the reasonable costs of obtaining the advice out of trust funds. (sec.242-ssec.2) Section 72(2) applies in relation to the advice as if the advice had been obtained under section 72(1).
- (a) considered the advice; or
- (b) paid the reasonable costs of obtaining the advice out of trust funds.