New South Wales Consolidated Acts

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Court order to approve arrangement

86A Court order to approve arrangement

(1) If property is held in trust under any instrument creating the trust, the Court may, if it thinks fit, by order approve any arrangement to--
(a) vary or revoke all or any of the trust, or
(b) enlarge the powers of the trustees for the purpose of managing or administering any of the property subject to the purpose of the trust.
(2) An order under this section may be made by the Court only on behalf of--
(a) any person under the trust having an interest directly or indirectly, or vested or contingent, who by reason of being a minor or other incapacity is incapable of assenting, or
(b) any person who may become entitled, directly or indirectly, to an interest under the trust, and the entitlement is contingent on a future date or event that has not occurred at the time of application for an order under this section, or
(c) any unborn person, or
(d) any person in respect of any discretionary interest of the person under protective trusts where the interest of the principal beneficiary has not failed or determined.
(3) This section--
(a) extends to a trust created before the commencement of this section, and
(b) does not apply to trusts affecting property created by another Act, and
(c) does not limit the operation of section 81.
(4) In this section--

"discretionary interest" , in relation to protective trusts, means an interest arising under section 45(6).

"principal beneficiary" has the same meaning as in section 45.

"protective trusts" has the same meaning as in section 45.

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