sec.30Discharge of trustee who wishes to be discharged

sec.30 Discharge of trustee who wishes to be discharged

This section applies if— a trustee declares, by instrument, that the trustee wishes to be discharged from all, or part (the relevant part ), of the trusts reposed in the trustee; and on the discharge, the minimum trustee requirements will be satisfied for the trust or relevant part; and the trustee’s co-trustees and, if there is an appointor for the trust, the appointor, by instrument, agree to— discharge the trustee from the trusts or relevant part; and vest the trust property in the co-trustees alone. Subject to subsection (3) , the trustee is discharged from the trusts or relevant part. The discharge of the trustee takes effect— to the extent it is necessary, in order to vest the trust property in the co-trustees alone, for a transfer of the trust property to be notified, registered or recorded under the requirements of another Act or of a law of another State or the Commonwealth—on the notification, registration or recording of the transfer; or if, or to the extent, paragraph (a) does not apply—according to the terms of the instrument mentioned in subsection (1) (c) . If the trustee has declared, as mentioned in subsection (1) (a) , that the trustee wishes to be discharged from only the relevant part of the trusts, this section applies as if a reference in subsections (1) (c) (ii) and (3) (a) to the trust property were a reference to the trust property held on trust under the relevant part. To remove any doubt, it is declared that it is not necessary for a new trustee to be appointed to replace the trustee who is discharged. (sec.30-ssec.1) This section applies if— a trustee declares, by instrument, that the trustee wishes to be discharged from all, or part (the relevant part ), of the trusts reposed in the trustee; and on the discharge, the minimum trustee requirements will be satisfied for the trust or relevant part; and the trustee’s co-trustees and, if there is an appointor for the trust, the appointor, by instrument, agree to— discharge the trustee from the trusts or relevant part; and vest the trust property in the co-trustees alone. (sec.30-ssec.2) Subject to subsection (3) , the trustee is discharged from the trusts or relevant part. (sec.30-ssec.3) The discharge of the trustee takes effect— to the extent it is necessary, in order to vest the trust property in the co-trustees alone, for a transfer of the trust property to be notified, registered or recorded under the requirements of another Act or of a law of another State or the Commonwealth—on the notification, registration or recording of the transfer; or if, or to the extent, paragraph (a) does not apply—according to the terms of the instrument mentioned in subsection (1) (c) . (sec.30-ssec.4) If the trustee has declared, as mentioned in subsection (1) (a) , that the trustee wishes to be discharged from only the relevant part of the trusts, this section applies as if a reference in subsections (1) (c) (ii) and (3) (a) to the trust property were a reference to the trust property held on trust under the relevant part. (sec.30-ssec.5) To remove any doubt, it is declared that it is not necessary for a new trustee to be appointed to replace the trustee who is discharged.