South Australian Current Acts

TRUSTEE ACT 1936 - SECT 49

49—Power for Court to authorise purchase of trust property by trustee

        (1)         The Supreme Court, on the application of—

            (a)         a trustee; or

            (b)         the Public Trustee; or

            (c)         any beneficiary interested in the trust property with respect to which the application is made; or

            (d)         a next friend on behalf of any such beneficiary who is not sui juris ,

and on being satisfied, by such evidence as the said court deems sufficient, that it will be advantageous to the beneficiaries, may authorise a sale of that property, or any part thereof, by the trustee to himself, or to himself and any other person, for his or their own use and benefit, notwithstanding that the property so to be sold has not been offered for sale by public auction or otherwise: Provided that the power conferred by this section shall not be exercised contrary to any express prohibition contained in the instrument whereby the trust was created.

        (2)         The Supreme Court may require that notice be given of an application under subsection (1) to any person who has, in the opinion of the Court, a proper interest in the matter (but an order may be made, if the Court thinks fit, although no notice has been given of the application).