New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SECT 14DA

14DA Power to purchase dwelling-house as residence for beneficiary

(1) Without limiting section 14C and subject to the instrument (if any) creating the trust, a trustee may--

(a) purchase a dwelling-house for a beneficiary to use as a residence, or

(b) enter into any other agreement or arrangement to secure for a beneficiary a right to use a dwelling-house as a residence.

(2) Despite the terms of the instrument (if any) creating the trust, a trustee may, if to do so would not unfairly prejudice the interests of other beneficiaries, retain as part of the trust property a dwelling-house for a beneficiary to use as a residence.

(3) A dwelling-house purchased, retained or otherwise secured for use by the beneficiary as a residence may be made available to the beneficiary for that purpose on such terms and conditions consistent with the trust and the extent of the beneficiary's interest as the trustee thinks fit.

(4) The trustee may retain a dwelling-house or any interest or rights in respect of a dwelling-house acquired under this section after the use of the dwelling-house by the beneficiary has ceased.

(5) In this section,
"dwelling-house" includes--

(a) any building or part of a building designed, or converted or capable of being converted, for use as a residence, and

(b) any amenities or facilities for use in association with the use of a dwelling-house.