Trusts Act 2019
Sections and provisions with full text and the judgments that cite each one.
Section 104 — Compulsory removal of trustee
104 Compulsory removal of trustee (1) A person with the power to remove trustees must act to remove a trustee if— (a) a trustee loses the capacity to perform the functions of a trustee; and (b) that…
Section 105 — Optional removal of trustee
105 Optional removal of trustee (1) A person with the power to remove trustees may act to remove a trustee if— (a) it is desirable for the proper execution of the trust; and (b) 1 or more of the…
Section 106 — Notice of decision to remove
106 Notice of decision to remove (1) A person who makes a decision under section 103 to remove a trustee must give that trustee notice of the decision. (2) However, the person is not required to give…
Section 107 — Effect of notice
107 Effect of notice (1) This subsection applies in relation to a person who is removed under section 103(1) and who— (a) is subject to an order appointing a manager under section 31 of the…
Section 108 — Removal where notice cannot be given
108 Removal where notice cannot be given (1) If the person who makes the decision to remove a trustee is not required to give notice of the decision because section 106(2) applies, the person must…
Section 109 — Application to prevent removal
109 Application to prevent removal (1) A trustee may (unless section 107(1) applies) apply to the court for an order preventing the trustee’s removal. (2) The application must be made within 20…
Section 110 — Procedure on trustee’s application to prevent removal
110 Procedure on trustee’s application to prevent removal (1) An applicant under section 109 must produce evidence that raises a genuine dispute as to whether the removal decision was reasonably open…
Section 111 — Court may make order preventing removal
111 Court may make order preventing removal The court may make an order preventing the removal of the trustee only if the court is satisfied that none of the grounds for removal specified in section…
Section 112 — Court may make order for removal
112 Court may make order for removal Whenever it is necessary or desirable to remove a trustee and it is difficult or impracticable to do so without the assistance of the court, the court may make an…
Section 113 — How trustee is replaced
113 How trustee is replaced (1) If a trustee retires or is removed or dies while in office and it is necessary (because the trustee was a sole trustee or because the terms of the trust require it) to…
Section 114 — Court may appoint or replace trustee
114 Court may appoint or replace trustee (1) Whenever it is necessary or desirable to appoint a new trustee and it is difficult or impracticable to do so without the assistance of the court, the…
Section 115 — Replacing sole trustee with multiple trustees
115 Replacing sole trustee with multiple trustees If a sole trustee retires or is removed or dies while in office, the trustee may be replaced with more than 1 replacement trustee unless there is a…
Section 116 — Divesting and vesting of trust property on change of trustees
116 Divesting and vesting of trust property on change of trustees (1) This section applies if— (a) a new trustee of a trust is appointed; or (b) a trustee of a trust retires or is removed. (2) The…
Section 117 — Requirements to notify, register, or record divesting and vesting of trust property
117 Requirements to notify, register, or record divesting and vesting of trust property (1) If, or to the extent that, the divesting and vesting of trust property must be notified, registered, or…
Section 118 — Requirement to assist in transfer of trust property
118 Requirement to assist in transfer of trust property (1) The following persons must do all things necessary to assist in any transfer and any required notification, registration, or recording of…
Section 119 — Protection in relation to notifying, registering, or recording transfer of trust property
119 Protection in relation to notifying, registering, or recording transfer of trust property A person who, in good faith, notifies, registers, or records the transfer of property in reliance on…
Section 120 — Departing trustee must be given certain documents
120 Departing trustee must be given certain documents (1) A continuing or new trustee must give to a trustee who retires or is removed (the departing trustee ) a copy of any documents that…
Section 121 — Termination of trust by unanimous consent of beneficiaries
121 Termination of trust by unanimous consent of beneficiaries (1) A trustee must terminate the trust and distribute the trust property on being required to do so by all of the beneficiaries who…
Section 122 — Variation or resettlement of trust by unanimous consent of beneficiaries
122 Variation or resettlement of trust by unanimous consent of beneficiaries (1) A trustee may do either of the following on being required to do so by all of the beneficiaries who together hold all…
Section 123 — Beneficiary’s right to share of trust property
123 Beneficiary’s right to share of trust property (1) A trustee must transfer a fixed share of the trust property to the beneficiary of that fixed share if— (a) the beneficiary is absolutely…
Section 124 — Power of court to approve termination, variation, or resettlement of trust
124 Power of court to approve termination, variation, or resettlement of trust (1) The court may, on behalf of any of the beneficiaries described in subsection (2) who has an interest in the property…
Section 125 — Power of court to waive requirement of consent to termination, variation, or resettlement of trust
125 Power of court to waive requirement of consent to termination, variation, or resettlement of trust (1) The court may waive the requirement that a beneficiary consent to the termination of a trust…
Section 126 — Court may review trustee’s act, omission, or decision
126 Court may review trustee’s act, omission, or decision (1) The court may review the act, omission, or decision (including a proposed act, omission, or decision) of a trustee on the ground that the…
Section 127 — Procedure for court’s review of trustee’s act, omission, or decision
127 Procedure for court’s review of trustee’s act, omission, or decision (1) An applicant for a review under section 126 must produce evidence that raises a genuine and substantial dispute as to…
Section 128 — Court may take into account investment strategy in action for breach of trust
128 Court may take into account investment strategy in action for breach of trust In considering whether a trustee is liable, in respect of any investment made by that trustee, for any breach of…
Section 129 — Court may set off gains and losses arising from investment
129 Court may set off gains and losses arising from investment (1) This section applies to a proceeding for breach of trust in relation to an investment by a trustee if a loss has been or is…
Section 130 — Power of court to vary or extend trustees’ powers in relation to property
130 Power of court to vary or extend trustees’ powers in relation to property (1) The court may vary or extend the powers of the trustees of a trust if— (a) the court considers that the variation or…
Section 131 — Court may relieve trustee from personal liability
131 Court may relieve trustee from personal liability (1) The court may relieve a trustee who is or may be personally liable for any breach of trust from personal liability for the breach if it…
Section 132 — Court may make beneficiary indemnify trustee for breach of trust
132 Court may make beneficiary indemnify trustee for breach of trust (1) This section applies if a trustee commits a breach of trust at the instigation or request or with the written consent of a…
Section 133 — Trustee may apply to court for directions
133 Trustee may apply to court for directions (1) A trustee may apply to the court for directions about— (a) the trust property; or (b) the exercise of any power or performance of any function by the…
Section 134 — Protection of trustee while acting under direction of court
134 Protection of trustee while acting under direction of court (1) A trustee acting under any direction of the court must be treated as having discharged the trustee’s duties as a trustee in…
Section 135 — Trustee may apply to court to bar claims
135 Trustee may apply to court to bar claims (1) The court may, on an application by a trustee,— (a) bar a claim by any person that directly or indirectly affects the trust property, including a…
Section 136 — Trustee may apply to court to allow distribution of missing beneficiaries’ shares
136 Trustee may apply to court to allow distribution of missing beneficiaries’ shares (1) The court may, on application by a trustee, make an order authorising the trustee to distribute trust…
Section 137 — Trustee may sue self in different capacity
137 Trustee may sue self in different capacity (1) Despite any rule of law or practice to the contrary, a trustee in that capacity may sue, and be sued by, the trustee in any other capacity,…
Section 138 — Court may appoint receiver for trust
138 Court may appoint receiver for trust (1) The court may, on an application by an interested person or on its own motion, appoint a receiver to administer a trust. (2) The court must be satisfied…
Section 139 — Court may order payment of remuneration to trustee
139 Court may order payment of remuneration to trustee (1) Despite section 37 (duty to act for no reward), the court may order that reasonable remuneration be paid out of the trust property to a…
Section 140 — Court may charge costs on trust property
140 Court may charge costs on trust property The court may order that the costs of an application to the court under this Act— (a) be paid or raised out of— (i) the trust property to which the…
Section 141 — Jurisdiction of Family Court
141 Jurisdiction of Family Court (1) This section applies where the Family Court has jurisdiction under section 11 of the Family Court Act 1980 to hear and determine a proceeding. (2) The Family…
Section 142 — Definitions for purposes of sections 143 to 148
142 Definitions for purposes of sections 143 to 148 In sections 143 to 148 ,— ADR process means an alternative dispute resolution process (for example, mediation or arbitration) designed to…
Section 143 — Power of trustee to refer matter to alternative dispute resolution process
143 Power of trustee to refer matter to alternative dispute resolution process (1) This section applies if there is no provision in the terms of a trust that requires or empowers a trustee to refer a…
Section 144 — ADR process for internal matter if trust has beneficiaries who are unascertained or lack capacity
144 ADR process for internal matter if trust has beneficiaries who are unascertained or lack capacity (1) If a trust has any beneficiaries who are unascertained or lack capacity, then, for a matter…
Section 145 — Power of court to order ADR process for internal matter
145 Power of court to order ADR process for internal matter (1) The court may, at the request of a trustee or a beneficiary or on its own motion,— (a) enforce any provision in the terms of a trust…
Section 146 — Trustee may give undertakings for purposes of ADR settlement or arbitration agreement and any arbitral award
146 Trustee may give undertakings for purposes of ADR settlement or arbitration agreement and any arbitral award Despite section 33 (duty not to bind or commit trustees to future exercise of…
Section 147 — Trustee’s liability in relation to ADR settlement or arbitration agreement and any arbitral award limited
147 Trustee’s liability in relation to ADR settlement or arbitration agreement and any arbitral award limited (1) This section applies to a proceeding brought by or on behalf of a beneficiary and…
Section 148 — Application of Arbitration Act 1996
148 Application of Arbitration Act 1996 If arbitration is the ADR process to which a matter is referred under this Act or under the terms of the trust, the Arbitration Act 1996 applies to the…
Section 149 — Transfer to the Crown of non-distributable trust property
149 Transfer to the Crown of non-distributable trust property (1) A trustee who is administering trust property that the trustee is not able to distribute in accordance with the terms of the trust…
Section 150 — Financial products transferred to the Crown
150 Financial products transferred to the Crown (1) The Secretary to the Treasury may at any time sell, or convert into money, any financial products transferred to the Crown under section 149 . (2)…
Section 151 — Administration by the Crown of transferred property
151 Administration by the Crown of transferred property (1) The Secretary to the Treasury must hold trust money transferred to the Crown under section 149 in a Trust Bank Account established under…
Section 152 — Public notice of property transferred to the Crown
152 Public notice of property transferred to the Crown (1) The Secretary to the Treasury must arrange, before 31 March in each year, for a notice to be published on an Internet site maintained by or…
Section 153 — Application to Public Trust for investigation of condition and accounts of trust property
153 Application to Public Trust for investigation of condition and accounts of trust property (1) A trustee or a beneficiary of a trust may apply to Public Trust for the conduct of an investigation…