Western Australian Current Acts

WEST AUSTRALIAN TRUSTEES LIMITED (MERGER) ACT 1989 - SECT 11

11 .         Appointment of new trustee

        (1)         Except in the case of a trust that has been constituted by a deed approved under the Companies (Western Australia) Code , Perpetual Trustees may at any time within 6 months after the appointed day by instrument executed under its seal declare that a corporation, that is a subsidiary of Perpetual Trustees and is named in the instrument as the new trustee of such trusts as are specified in the instrument, is appointed in the place of another corporation that is a subsidiary of Perpetual Trustees and is named in the instrument as the retiring trustee of those trusts.

        (2)         Upon any such instrument being so executed and notice thereof being published in the Government Gazette —

            (a)         the retiring trustee shall be wholly discharged as trustee of all the property vested by virtue of paragraph (c) in the new trustee;

            (b)         the new trustee shall be trustee of each trust specified in the instrument in the place of the retiring trustee and shall have the same powers in relation to each trust as the retiring trustee had immediately before being discharged; and

            (c)         all property in, or subject to the laws of, the State, held pursuant to the trusts specified in the instrument and vested in the retiring trustee shall be vested in the new trustee.

        (3)         Any discharge or appointment of a trustee and any vesting of property by virtue of this section shall have effect notwithstanding anything to the contrary in any instrument or in any written or other law.

        (4)         In this section, a reference to a corporation holding as trustee includes a reference to a corporation acting as trustee as defined in the Trustees Act 1962 , and as a custodian trustee, a nominee and a person charged with the management or administration of property.

        (5)         Without prejudice to the generality of subsections (1) to (4) and notwithstanding anything to the contrary in any written or other law, where any registered estate or interest in land (being land under the Transfer of Land Act 1893 ) is by virtue of this section vested in a corporation, that corporation shall be deemed to be the registered proprietor of that estate or interest and the estate or interest may be dealt with accordingly and upon the appropriate application under section 242 of the Transfer of Land Act 1893 being made the Registrar of Titles shall record and register the change in the appropriate manner.