Victorian Current Acts Victorian Current Acts(1) Upon the commencement of this Part, the trust business of the Old Trustee as at that commencement shall be transferred to and vest in the New Trustee.
(2) In each case where the Old Trustee acts in the capacity of trustee the New Trustee is hereby appointed in its stead to act in the capacity of trustee and the New Trustee—
(a) shall be entitled and obliged to exercise and discharge all rights powers capacities authorities duties and obligations of the Old Trustee in respect of and arising from every such appointment; and
(b) to the extent provided in this Act shall discharge the liabilities and obligations of the Old Trustee in respect of and arising from every such appointment.
(3) The Old Trustee shall account to the New Trustee for all assets and liabilities and obligations held or to which it is subject in its business of acting in the capacity of trustee.
(4) Any appointment or nomination of the Old Trustee as trustee executor or otherwise in the capacity of trustee in any will or instrument whether such appointment or nomination is in effect on the commencement of this Part or takes effect after that commencement or has taken effect previously but where some further act or thing is necessary to perfect the appointment or undertaking of the office shall be deemed to be an appointment or nomination of the New Trustee.
(5) The production of a copy of this Part printed by the Government Printer shall on and after the commencement of this Part be conclusive evidence in all courts and proceedings of the transfer of the trust business of the Old Trustee and all property held by the Old Trustee on trust in the capacity of trustee to the New Trustee and of their vesting in the New Trustee and without prejudice to the generality of the foregoing any such copy of this Act shall in relation to all land and all marketable securities operate as a duly executed transfer by the Old Trustee to the New Trustee of such land or such securities.
(6) If any portion of the undertaking or property held by the Old Trustee in the capacity of trustee cannot be or is not vested in the New Trustee by virtue of this Act whether because transfers of that portion are governed otherwise than by the law of the State of Victoria or otherwise notwithstanding that such portion relates to the trust business of the Old Trustee in Victoria then the Old Trustee shall do all such things necessary after the commencement of this Part for the purpose of securing that such portion is effectively and promptly transferred to the New Trustee.
(7) Where, on the application of the New Trustee, it appears to any court to be necessary or proper having regard to the provisions of this Act, the New Trustee may be joined as a party to any legal proceedings in addition to or in lieu of the Old Trustee.