DUTIES ACT 2001 - SECT 224 Exemption—change of trustee
DUTIES ACT 2001 - SECT 224
Exemption—change of trustee224 Exemption—change of trustee
Corporate trustee duty is not imposed on a relevant acquisition for the sole purpose of giving effect to a change of a trustee if—
(a) the acquisition is not part of an arrangement—(i) involving a change in the rights or interest of a beneficiary of the trust; or(ii) terminating the trust; and
(b) the acquisition is not part of an arrangement to avoid the imposition of duty; and
(c) transfer duty has been paid on all trust acquisitions for which transfer duty is imposed for the trust before the acquisition.