New South Wales Consolidated Acts

BURNS PHILP TRUSTEE COMPANY LIMITED ACT 1990 - SECT 8

8 Common trust funds to be retained by Burns Philp

(1) Nothing in this Act:

(a) vests in the new Trustee any investment funds invested in a Burns Philp common trust fund, or

(b) is taken to appoint the new Trustee, instead of Burns Philp, as trustee in respect of those investment funds.

(2) Trust funds invested in a Burns Philp common trust fund may remain in the fund after the funds vest in the new Trustee under section 5, and if so:

(a) the trust funds are to be administered by Burns Philp on behalf of the new Trustee, and

(b) Burns Philp is to account to the new Trustee for the funds whenever required to do so by the new Trustee, and

(c) Burns Philp is to remit the whole or part of the funds to the new Trustee if the new Trustee so requests.

(3) Nothing in this section requires Burns Philp:

(a) to account to the new Trustee for funds invested in a common trust fund, or

(b) to remit those funds to the new Trustee,

otherwise than in accordance with the rules (if any) of the common trust fund that applied on 19 October 1990.

(4) In this section:
"Burns Philp common trust fund" means a common trust fund established by Burns Philp under section 16 of the Trustee Companies Act 1964 .
"investment funds" means funds other than trust funds.
"trust funds" means funds held by Burns Philp in the capacity of trustee immediately before the date of assent to this Act and does not include funds deposited in a Burns Philp common trust fund pursuant to a prospectus issued in relation to that common trust fund.