sec.40Vesting of trust property in new trustee

sec.40 Vesting of trust property in new trustee

This section applies if— a new trustee is appointed to replace the last continuing trustee; and for an appointment made other than by the public trustee—the new trustee gives the public trustee written notice of the appointment. The trust property— is divested from the public trustee; and devolves to and vests in the new trustee in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 . (sec.40-ssec.1) This section applies if— a new trustee is appointed to replace the last continuing trustee; and for an appointment made other than by the public trustee—the new trustee gives the public trustee written notice of the appointment. (sec.40-ssec.2) The trust property— is divested from the public trustee; and devolves to and vests in the new trustee in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 .

• (a) a new trustee is appointed to replace the last continuing trustee; and
• (b) for an appointment made other than by the public trustee—the new trustee gives the public trustee written notice of the appointment.
• (a) is divested from the public trustee; and
• (b) devolves to and vests in the new trustee in the same way, and subject to the same provisions, as trust property vests in a post-change trustee under division 5 .