New South Wales Consolidated Acts
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TRUSTEE ACT 1925 - SECT 70
70 New trustees
(1) The Court may make an order for the appointment of a new trustee or new
trustees either in substitution for or in addition to any existing trustee or
trustees, or although there is no existing trustee.
(2) The appointment may
be made whenever it is expedient to appoint a new trustee or new trustees, and
it is inexpedient difficult or impracticable so to do without the assistance
of the Court.
(3) In particular and without prejudice to the generality of
any other provision of this section, the Court may make an order for the
appointment of a new trustee in substitution for a trustee who is convicted of
a serious indictable offence, or is a bankrupt, or being a corporation is in
liquidation or is dissolved.
(4) In the case of any trust for a charity the
Court may make an order for the appointment of a new trustee on such evidence
of the trust as the Court deems sufficient.
(5) This section shall be deemed
to authorise the Court to make an order for the reappointment of the
continuing trustees alone as new trustees.
(6) An order under this section,
and any consequential vesting order or conveyance, shall not operate further
or otherwise as a discharge to any former or continuing trustee than an
appointment of new trustees under any power for that purpose contained in any
instrument would have operated.
(8) Every trustee appointed under this
section shall, as well before as after the trust property becomes vested in
the trustee, have the same powers authorities and discretions, and may in all
respects act as if the trustee had been originally appointed a trustee by the
instrument, if any, creating the trust.
(9) Nothing in this section shall
give power to appoint an executor or administrator.
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