Section 172 — Trusts Act 2019: Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions)

172 Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions) (1) In section 550(1)(d) , replace “regulations” with “regulations; and” . (2) After section 550(1)(d) , insert: (e) subsection (2)(h), have regard to the purpose and principles of the Trusts Act 2019 and be satisfied that the extent to which that Act is disapplied is not broader than is reasonably necessary to address the matters that gave rise to the regulations. (3) After section 550(2)(g) , insert: (h) section 548(1)(ha) (regulations may disapply provisions of Trusts Act 2019).