sec.49Trust powers, authorities and discretions of managing trustees not affected

sec.49 Trust powers, authorities and discretions of managing trustees not affected

This section applies if trust property vests in a custodian trustee under section 48 . The exercise of all powers, authorities and discretions exercisable by trustees under the trust, including the management of the trust property, remains vested in the managing trustees of the trust as fully and effectively as if there were no custodian trustee. Without limiting subsection (2) , the custodian trustee does not have the power to appoint a new trustee of the trust. See, however, section 163 (3) in relation to a custodian trustee’s power to apply to the court for an order appointing a new trustee of the trust. This section applies subject to an express contrary intention in the trust instrument. (sec.49-ssec.1) This section applies if trust property vests in a custodian trustee under section 48 . (sec.49-ssec.2) The exercise of all powers, authorities and discretions exercisable by trustees under the trust, including the management of the trust property, remains vested in the managing trustees of the trust as fully and effectively as if there were no custodian trustee. (sec.49-ssec.3) Without limiting subsection (2) , the custodian trustee does not have the power to appoint a new trustee of the trust. See, however, section 163 (3) in relation to a custodian trustee’s power to apply to the court for an order appointing a new trustee of the trust. (sec.49-ssec.4) This section applies subject to an express contrary intention in the trust instrument.