sec.75Power to provide residence for beneficiary to live in

sec.75 Power to provide residence for beneficiary to live in

A trustee may do any of the following for a beneficiary of the trust— buy or construct a residence for the beneficiary to live in; retain a residence that is part of the trust property for the beneficiary to live in; enter into an agreement or arrangement to secure a right to use a residence for the beneficiary to live in. entering into a residence contract under the Retirement Villages Act 1999 Also, a trustee who exercises power under subsection (1) may make the residence available to the beneficiary to live in on the conditions the trustee considers appropriate. However, a trustee may exercise power under subsection (1) , or impose conditions under subsection (2) , only if the exercise of the power, or the imposition of the conditions, is consistent with the extent of the beneficiary’s interest under the trust. A trustee may retain a residence bought, constructed, retained or otherwise secured for use by a beneficiary under this section after the beneficiary has stopped living in the residence. To remove any doubt, it is declared that subsection (4) does not limit the operation of the Retirement Villages Act 1999 or any other Act. Despite section 69 , a trust instrument can not forbid the exercise of, or otherwise limit, a trustee’s power under this section. In this section— residence includes— a building or part of a building designed, or converted or capable of being converted, for use as a residence; and amenities or facilities for use in association with the use of a residence; and an interest in a residence. (sec.75-ssec.1) A trustee may do any of the following for a beneficiary of the trust— buy or construct a residence for the beneficiary to live in; retain a residence that is part of the trust property for the beneficiary to live in; enter into an agreement or arrangement to secure a right to use a residence for the beneficiary to live in. entering into a residence contract under the Retirement Villages Act 1999 (sec.75-ssec.2) Also, a trustee who exercises power under subsection (1) may make the residence available to the beneficiary to live in on the conditions the trustee considers appropriate. (sec.75-ssec.3) However, a trustee may exercise power under subsection (1) , or impose conditions under subsection (2) , only if the exercise of the power, or the imposition of the conditions, is consistent with the extent of the beneficiary’s interest under the trust. (sec.75-ssec.4) A trustee may retain a residence bought, constructed, retained or otherwise secured for use by a beneficiary under this section after the beneficiary has stopped living in the residence. (sec.75-ssec.5) To remove any doubt, it is declared that subsection (4) does not limit the operation of the Retirement Villages Act 1999 or any other Act. (sec.75-ssec.6) Despite section 69 , a trust instrument can not forbid the exercise of, or otherwise limit, a trustee’s power under this section. (sec.75-ssec.7) In this section— residence includes— a building or part of a building designed, or converted or capable of being converted, for use as a residence; and amenities or facilities for use in association with the use of a residence; and an interest in a residence.