Victorian Current Acts Victorian Current Acts(1) Subject to the provisions of this Act, the following persons shall be trustees of a settlement for the purposes of this Act, and are in this Act referred to as the trustees of the settlement or trustees of a settlement, namely—
(a) the persons (if any) who are for the time being under the settlement, trustees with power of sale of the settled land (subject or not to the consent of any person), or with power of consent to or approval of the exercise of such a power of sale, or if there are no such persons; then
(b) the persons (if any) for the time being, who are by the settlement declared to be trustees thereof for the purposes of the Settled Land Act 1928 or any corresponding previous enactment, or this Act, or if there are no such persons; then
(c) the persons (if any) who are for the time being under the settlement trustees with power of or upon trust for sale of any other land comprised in the settlement and subject to the same limitations as the land to be sold or otherwise dealt with, or with power of consent to or approval of the exercise of such a power of sale, or, if there are no such persons; then
(d) the persons (if any) who are for the time being under settlement trustees with future power of sale, or under a future trust for sale of the settled land, or with power of consent to or approval of the exercise of such future power of sale, and whether the power or trust takes effect in all events or not, or, if there are no such persons; then
(e) the persons (if any) appointed by deed to be trustees of the settlement by all the persons who at the date of the deed were together able, by virtue of their beneficial interests or by the exercise of a power, to dispose of the settled land in equity for the whole estate the subject of the settlement.
(2) Paragraphs (a)(c) and (d) of the last preceding subsection shall take effect in like manner as if the powers therein referred to had not by this Act been made exercisable by the tenant for life or statutory owner.
S. 30(3) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 48), 45/1994 s. 42(Sch. item 8.3(a)(b)).
(3) Where a settlement is created by will, or a settlement has arisen by the effect of an intestacy, [9] and apart from this subsection there would be no trustees for the purposes of this Act of such settlement, then the personal representatives of the deceased shall, until other trustees are appointed, be by virtue of this Act the trustees of the settlement, but where there is a sole personal representative, not being a trustee company, it shall be obligatory on him to appoint an additional trustee to act with him for the purposes of this Act, and the provisions of the Trustee Act 1958 , relating to the appointment of new trustees and the vesting of trust property shall apply accordingly.
No. 3771 s. 31.