Australian Capital Territory Numbered Acts

TRUSTEE (AMENDMENT) ACT 1999 (NO. 28 OF 1999) - SECT 19

    The Principal Act is amended by adding at the end the following Part:

“ PART 6—TRANSITIONAL PROVISIONS

“104.     Investments

“(1)     A trustee, or a person permitted or required by a provision (however expressed) of any other Act or any instrument to invest money in investments authorised by this Act, may invest, or keep an investment, in any security authorised by section 14 as in force immediately before the commencement of this section for a period of up to 2 years after that commencement.

“(2)     Subsection (1) applies to a trustee if the trustee is not expressly forbidden from investing in such a security by the instrument (if any) creating the trust or any law of the Territory.

“(3)     This section expires 2 years after it commences.

“105.     Application of certain sections to existing and new trusts

“(1)     To remove any doubt, it is declared that the following sections apply to a trust created before or after the commencement of this section:
•     section 14 (Powers of investment)
•     section 14A (Duties of trustee)
•     section 14B (Law and equity preserved)
•     section 14C (Exercise of power of investment)
•     section 14D (Powers of trustee in relation to securities)
•     section 14E (Power to buy house as residence for beneficiary)

              •     section 14F (Investment in securities under RITS system).

“(2)     This section expires 2 years after it commences.

“106.     Securities

“(1)     To remove any doubt, it is declared that section 14D applies in relation to securities acquired before or after the commencement of this section, subject to the instrument (if any) creating the trust.

“(2)     This section expires 2 years after it commences.”.