sec.266Application of trust capital, and bringing particular amounts into account, if capital paid or applied before commencement

sec.266 Application of trust capital, and bringing particular amounts into account, if capital paid or applied before commencement

This section applies if, before the commencement, a trustee exercised power under the repealed Act, section 62 to pay or apply an amount out of the trust capital in relation to a beneficiary of the trust. For exercising power under section 128 in relation to the beneficiary, the reference in section 128(4) to the amounts of the relevant capital paid or applied is taken to include a reference to the amount paid or applied out of the trust capital in relation to the beneficiary under the repealed Act, section 62. Also, section 131 applies in relation to the beneficiary as if the reference in that section to an amount paid or applied out of relevant capital under part 8, division 3 included a reference to an amount paid or applied out of the trust capital in relation to the beneficiary under the repealed Act, section 62. (sec.266-ssec.1) This section applies if, before the commencement, a trustee exercised power under the repealed Act, section 62 to pay or apply an amount out of the trust capital in relation to a beneficiary of the trust. (sec.266-ssec.2) For exercising power under section 128 in relation to the beneficiary, the reference in section 128(4) to the amounts of the relevant capital paid or applied is taken to include a reference to the amount paid or applied out of the trust capital in relation to the beneficiary under the repealed Act, section 62. (sec.266-ssec.3) Also, section 131 applies in relation to the beneficiary as if the reference in that section to an amount paid or applied out of relevant capital under part 8, division 3 included a reference to an amount paid or applied out of the trust capital in relation to the beneficiary under the repealed Act, section 62.