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CORPORATIONS ACT 2001 - SECT 283AE Replacement of trustee

CORPORATIONS ACT 2001 - SECT 283AE

Replacement of trustee

Related party of existing trustee may be appointed as a new trustee

  (1)   In addition to any other powers of appointment under the terms of the debentures or provisions of the trust deed, the borrower may appoint a body corporate that is related to the existing trustee as trustee in place of the existing trustee if:

  (a)   the body corporate can be a trustee under section   283AC; and

  (b)   the existing trustee consents in writing to the appointment .

The appointment has effect despite any terms of the debentures or provisions of the trust deed.

Appointment by Court

  (2)   The Court may:

  (a)   appoint a person who may be a trustee under section   283AC as trustee on the application of the borrower, a debenture holder or ASIC if:

  (i)   a trustee has not been validly appointed; or

  (ii)   the trustee has ceased to exist; or

  (b)   terminate the existing trustee's appointment and appoint a person who may be a trustee under section   283AC as trustee in the existing trustee's place on the application of the borrower, the existing trustee, a debenture holder or ASIC if:

  (i)   the existing trustee cannot be trustee under section   283AC; or

  (ii)   the existing trustee fails, or refuses, to act.

 

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