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DUTIES ACT 2001 - SECT 224 Exemption—change of trustee

DUTIES ACT 2001 - SECT 224

Exemption—change of trustee

224 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.