TRUSTEE ACT 1925 - SECT 49 Compounding

TRUSTEE ACT 1925 - SECT 49

    (1)     The trustees or a majority acting together, or a sole trustee if the trust instrument or a Territory law authorises a sole trustee to act, may—

        (a)     accept any property before the time at which it is made transferable or payable; and

        (b)     sever and apportion any blended trust funds or property; and

        (c)     accept any composition or any security, real or personal, for any debt or for any property claimed; and

        (d)     allow any time for payment for any debt; and

        (e)     compromise, compound, abandon, submit to arbitration, or otherwise settle any debt, account, claim or thing relating to the estate or trust; and

        (f)     for any of those purposes, enter into, give or execute any agreement, instrument or arrangement, or do anything, considered appropriate by the trustees, majority of trustees, or trustee.

    (3)     A trustee is not responsible for loss resulting from anything done honestly under this section.

    (4)     This section applies to a trust except so far as the contrary intention appears in the trust instrument.