(1) Where a disposition of property is made to a minor for consideration and a
certificate in respect of the disposition is given in accordance with this
section, the disposition is presumptively binding on the minor.
(2) A
certificate for the purposes of this section in respect of a
disposition of property made to a minor for consideration must:
(a) be given
before, but not more than seven days before, the making of the disposition,
and
(b) be given:
(i) by a solicitor instructed and employed independently of
any other party to the disposition, or
(ii) by the NSW Trustee and Guardian,
and
(c) state that the person giving the certificate is satisfied that:
(i)
the minor understands the true purport and effect in law of the disposition,
and
(ii) the minor takes the disposition freely and voluntarily, and
(d)
state that the person giving the certificate has received a written statement
from an independent and appropriately qualified valuer or other financial
adviser to the effect that the consideration for the disposition is not
manifestly excessive, and
(e) have annexed to the certificate a copy of the
written statement referred to in paragraph (d).
(4) Where the
burden of, or arising under, a covenant or other promise runs with property so
as to impose an obligation or restriction on a person to whom a disposition of
the property is made in any manner or circumstances, this section does not
make presumptively binding on a minor a disposition of that property made to
the minor in that manner or those circumstances.