sec.246Proceedings against trustees for breach of trust in relation to exercise of investment power

sec.246 Proceedings against trustees for breach of trust in relation to exercise of investment power

Section 80 applies in relation to a proceeding for a breach of trust in relation to the exercise of an investment power— whether the investment power was exercised before or after the commencement; but only if the proceeding is started after the commencement. For a proceeding started after the commencement in relation to an investment power exercised before the commencement, section 80 applies as if— the section did not include section 80(2)(b); and the reference in section 80(2)(c) to section 71 included a reference to the repealed Act, section 24. Also, for subsections (1) and (2) and section 80 as applied by subsections (1) and (2), a reference to an investment power is taken to include a reference to a power conferred on a trustee under the repealed Act, part 3. The repealed Act, section 30B continues to apply in relation to a proceeding mentioned in that section and started before the commencement as if this Act had not been enacted. (sec.246-ssec.1) Section 80 applies in relation to a proceeding for a breach of trust in relation to the exercise of an investment power— whether the investment power was exercised before or after the commencement; but only if the proceeding is started after the commencement. (sec.246-ssec.2) For a proceeding started after the commencement in relation to an investment power exercised before the commencement, section 80 applies as if— the section did not include section 80(2)(b); and the reference in section 80(2)(c) to section 71 included a reference to the repealed Act, section 24. (sec.246-ssec.3) Also, for subsections (1) and (2) and section 80 as applied by subsections (1) and (2), a reference to an investment power is taken to include a reference to a power conferred on a trustee under the repealed Act, part 3. (sec.246-ssec.4) The repealed Act, section 30B continues to apply in relation to a proceeding mentioned in that section and started before the commencement as if this Act had not been enacted.

• (a) whether the investment power was exercised before or after the commencement; but
• (b) only if the proceeding is started after the commencement.
• (a) the section did not include section 80(2)(b); and
• (b) the reference in section 80(2)(c) to section 71 included a reference to the repealed Act, section 24.