South Australian Current Acts South Australian Current Acts50O—Satisfaction of liability by trustee of associated trust
(1) This section
applies in relation to a liability that, under section 50L, 50M or 50N,
may be satisfied out of the assets of an associated trust of an institution.
(2) The trustee of the
associated trust may pay an amount in satisfaction of the liability and, for
that purpose, may realise assets of the trust.
(3) The satisfaction
of the liability is a proper expense for which the trustee may be indemnified
out of the trust property, irrespective of any limitation on any right of
indemnity the trustee may have.
(4) The liability of
the trustee of the associated trust as the institution's nominee is limited to
the value of the trust property.
(5) The trustee is not
liable for a breach of trust only because of doing anything authorised by this
section.