South Australian Current Acts South Australian Current Acts28B—General power of trustee to raise money
(1) Where a trustee is
authorised by the instrument, if any, creating the trust or by law to pay or
apply capital money for any purpose or in any manner, he shall have and shall
be deemed always to have had power to raise the money required by sale,
conversion, calling in, or mortgage of all or any part of the trust property
for the time being in possession held upon the same trusts as the capital
money.
(2) Where a trustee
holds land in respect of which moneys are due and payable for rates or taxes
or in respect of which the trustee is under a statutory obligation to expend
moneys and the trustee has no moneys subject to the same trusts as such land
wherewith to pay such rates or taxes or discharge such statutory obligation
the trustee shall have and shall be deemed always to have had power to raise
the money required to make such payment or discharge such obligation by sale
or mortgage of the whole or part of such land or by sale, conversion, calling
in or mortgage of all or any part of the trust property for the time being in
possession held upon the same trusts as such land.
(3) This section shall
apply notwithstanding anything to the contrary contained in the instrument, if
any, creating the trust but shall not apply to a trustee of property held for
charitable purposes.
(4) This section
applies to trusts created either before or after the commencement of the
Trustee Act Amendment Act 1941 .