New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SECT 21A

21A Building societies and credit unions--transfers of engagements and amalgamations

(1) Where a trustee has invested trust funds in a building society or credit union and may lawfully retain the investment, the trustee may, as if the trustee were beneficially entitled to the investment, concur in--

(a) a transfer of engagements of the building society or credit union to another building society or credit union, or

(b) a merger of the building society or credit union under the Financial Institutions (New South Wales) Code .

(2) Where the instrument creating a trust requires the consent of any person before an investment of the trust funds may be changed, the powers conferred by subsection (1) may not be exercised without the consent of that person.

(3) This section applies only if, and as far as, a contrary intention is not expressed in the instrument, if any, creating the trust, and has effect subject to the terms of that instrument and to the provisions therein contained.

(4) This section applies to trusts created before or after the commencement of Schedule 1 to the Trustee (Investment Powers) Amendment Act 1982 .