sec.27When minimum trustee requirements are satisfied

sec.27 When minimum trustee requirements are satisfied

For this division, the minimum trustee requirements for a trust are satisfied if the trust has— at least 1 trustee that is a corporation; or the public trustee a licensed trustee company a company registered under the Corporations Act a local government See section 16 in relation to the power of a local government to act in the administration of a trust. at least 2 trustees who are individuals; or if only 1 trustee was originally appointed or the trust instrument allows the trust to have only 1 trustee who is an individual—1 trustee who is an individual.

• (a) at least 1 trustee that is a corporation; or Examples of a corporation— • the public trustee • a licensed trustee company • a company registered under the Corporations Act • a local government Note— See section 16 in relation to the power of a local government to act in the administration of a trust.
• • the public trustee
• • a licensed trustee company
• • a company registered under the Corporations Act
• • a local government Note— See section 16 in relation to the power of a local government to act in the administration of a trust.
• (b) at least 2 trustees who are individuals; or
• (c) if only 1 trustee was originally appointed or the trust instrument allows the trust to have only 1 trustee who is an individual—1 trustee who is an individual.
• • the public trustee
• • a licensed trustee company
• • a company registered under the Corporations Act
• • a local government Note— See section 16 in relation to the power of a local government to act in the administration of a trust.