New South Wales Consolidated Acts
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TRUSTEE ACT 1925 - SECT 37
Renewal of renewable leasehold
37 Renewal of renewable leasehold
(1) Where a leasehold for lives or for years is vested in a trustee and the
lease is renewable from time to time, either under any covenant or contract,
or by custom or usual practice, the trustee may obtain from time to time the
renewal on the accustomed and reasonable terms.
(2) If required in writing by
any person having any beneficial interest present future or contingent in the
leasehold, the trustee shall use his or her best endeavours to obtain from
time to time the renewal on such terms.
(3) The trustee may from time to time
make or concur in making a surrender of the lease for the time being
subsisting, and may do all such other acts as are requisite for the renewal.
(4) If by the terms of the instrument, if any, creating the trust the person
in possession for the person's life or other limited interest is entitled to
enjoy the same without any obligation to renew or to contribute to the expense
of renewal, this section shall not apply unless the consent in writing of that
person is obtained to the renewal.
(5) The trustee may pay or apply capital
money subject to the trust for the purpose of obtaining the renewal.
section applies only if and as far as a contrary intention is not expressed in
the instrument, if any, creating the trust, and shall have effect subject to
the terms of that instrument and to the provisions therein contained.
This section applies to trusts created either before or after the commencement
of this Act.
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