50B—Meaning of associated trust
(1) For the purposes
of this Part, a trust is an "associated trust of an institution if the
institution uses the trust to carry out its functions or activities and—
(a) the
institution has, directly or indirectly, any of the following powers:
(i)
a power to control the application of income of the trust
or the distribution of property of the trust;
(ii)
a power to obtain the beneficial enjoyment of the
property or income of the trust, with or without the consent of another
entity;
(iii)
a power to appoint or remove a trustee or beneficiary of
the trust;
(iv)
a power to determine the outcome of any other decision
about the trust's operations; or
(b) a
member or manager of the institution has, under the trust deed for the trust,
a power mentioned in paragraph (a); or
(c) a
trustee is accustomed to acting, or is under a formal or informal obligation
to act, according to the directions, instructions or wishes of the institution
or a member or manager of the institution.
(2) A reference in
Division 5 or Division 6 to an associated trust of an institution
includes a trust in relation to which an order is in force under
section 50J(5) (in relation to any abuse claim against the institution).