Section 184 — Trusts Act 2019: New section 105A inserted (Regulations exempting from provisions of Trusts Act 2019)

184 New section 105A inserted (Regulations exempting from provisions of Trusts Act 2019) After section 105 , insert: 105A Regulations exempting from provisions of Trusts Act 2019 (1) The Governor-General may, by Order in Council, make regulations exempting any trust, trustee, statutory supervisor, operator, or other person, or any class of trust or person, from the application of any provision or provisions of the Trusts Act 2019 and prescribing the terms and conditions (if any) of the exemption. (2) Regulations may only be made under this section on the recommendation of the Minister, and the Minister may make a recommendation only if satisfied that— (a) the application of the provision or provisions of the Trusts Act 2019 would, in the circumstances, be unnecessary in respect of the trust or class of trust, or would require the trustee, statutory supervisor, operator, or other person or class of person to comply with requirements that were unduly onerous or burdensome; and (b) having regard to the purpose and principles of the Trusts Act 2019 and the purpose of this Act, the extent to which the application of the provisions of the Trusts Act 2019 is disapplied is not broader than is reasonably necessary to address the matters that gave rise to the regulations.