Trustee (Amendment) Act 1929 (NSW)

TRUSTEE (AMENDMENT) ACT.

Act No. 60, 1929.

An Act to amend the law with respect to trusts and powers; to cure defects in titles; to amend the Trustee Act, 1925, and certain other Acts; and for purposes connected therewith. [Assented to, 24th December, 1929.]

BE i t enacted by the K i n g ' s Most Exce l l en t by a n d wi th t h e advice and consent of t h e Legis­

Majesty ,

la t ive Counci l	a n d	Legis la t ive	Assembly of N e w	Sou th
Wales in	P a r l i a m e n t	assembled,	and by t h e au thor i ty	of

t h e same, as follows :—
This Ac t may be cited as the " T r u s t e e (Amend­ in subsect ion one of section twenty-seven after t he word " n o t w i t h s t a n d i n g " the words " a n y lapse of t ime or ."

1 .

m e n t )	Act ,	1929 . "
2 .	The Trus tee Ac t , 1 9 2 5 , is amended by	inser t ing
3 .

The Trus tee Ac t , 1925 , is amended by inser t ing

af ter section twen ty - seven the following new sections :—
27A . (1) The rule of law k n o w n as t h e ru le

(2) This section applies to t rus t s or powers created, and to t he execut ion or exercise thereof, e i ther before or af ter t h e commencemen t of th i s Ac t . 27B.

aga ins t perpe tu i t i es shal l not render void—

(a)	a trust or power to sell property in any case whe re a t r u s t of t h e proceeds of sale is valid ;
(b)	a trust or power to lease or to exchange p roper ty in any case where the lease or e x c h a n g e directed or author ised by t h e t rus t or power is anci l lary to t he ca r ry ing out of
a valid t rus t .

27B. (1) A power to postpone sale shal l h e

implied in every t r u s t for sale, unless a con t r a ry

in ten t ion appears .

(2) W h e r e the re is a power to pos tpone sale, t h e n (subject to a n y express direction to the con t ra ry in t he i n s t r u m e n t , if any, c rea t ing t he t r u s t for sale) t h e t rus tee for sale shal l not be l iable in any way for pos tponing the sale, in t h e exercise of his discret ion, for any indefinite period ; no r shal l a purchase r be concerned in any case wi th any directions respect ing t he pos tponement of sale.

(3) The provisions of subsections one and

two of th i s section app ly to t rus t s created	e i ther
before or after t he commencemen t of th is Ac t .

(4) W h e r e a disposition or se t t l ement

coming in to opera t ion after t he commencemen t of t he Trus tee (Amendmen t ) Ac t , 1929, conta ins a t rus t e i the r to re ta in or sell any proper ty , t h e same shal l be cons t rued as a t r u s t to sell t h e p roper ty wi th power to postpone the sale.

27c. (1) A t r u s t for sale shal l , so far as regards t h e safety and protect ion of a n y purchaser , h e deemed to subsist no twi th s t and ing any lapse of t ime un t i l the proper ty is conveyed to or u n d e r t h e direct ion of t h e persons interested in the proceeds of sale, and in the case of land u n t i l t h e conveyance

is duly	regis tered .
(2) N o t h i n g in th i s section shal l p r even t

any cou r t from m a k i n g an order r e s t r a in ing a sale.

(3) This section appl ies to t r u s t s created

and to t h e execut ion thereof e i ther before or after

t h e	c o m m e n c e m e n t	of	th is	Act .
4 .	A n y	a l te ra t ion	of t h e law by th is Act shal l	no t

affect any ac t ion or proceeding concluded before or

p e n d i n g a t the c o m m e n c e m e n t of th is Act .

C O - O P E R A T I O N