New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SCHEDULE 2

SCHEDULE 2 – Savings and transitional provisions

(Section 107)

Part 1 - Preliminary

1 Regulations

(1) The regulations may contain provisions of a savings or transitional nature consequent on the enactment of the following Acts--

Trustee Amendment (Discretionary Investments) Act 1997

any other Act that amends this Act

(2) Any such provision may, if the regulations so provide, take effect from the date of assent to the Act concerned or a later date.

(3) To the extent to which any such provision takes effect from a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as--

(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date of its publication, or

(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication.

Part 2 - Provisions consequent on enactment of Trustee Amendment (Discretionary Investments) Act 1997

2 Definition

In this Part,
"amending Act" means the Trustee Amendment (Discretionary Investments) Act 1997 .

3 Application of sections 14-14DB

Sections 14- 14DB apply to trusts created before or after the commencement of Schedule 1 [2[#93] to the amending Act.

4 Transitional provision

(1) A trustee, or a person empowered 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 maintain an investment, in any security authorised by section 14A (2) of this Act as in force immediately before the commencement of Schedule 1 [2[#93] to the amending Act for a period of up to 2 years (or such other period as may be prescribed by the regulations) after that commencement.

(2) Subclause (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 provision of or made under this or any other Act.

5 Trustee not liable

A trustee who continues to invest money in securities in accordance with clause 4 (1) is taken to have complied with section 14A as inserted by the amending Act.

Part 3 - Provision consequent on enactment of Courts and Crimes Legislation Amendment Act 2010

6 Saving of existing regulation

A regulation made for the purposes of section 18 (3) of the Act that is in force on the commencement of this clause is taken to be a regulation made for the purposes of section 18 (7) of the Act.