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…