South Australian Consolidated Acts South Australian Consolidated Acts14A—Appointment of separate trustees
(1) Where trustees or
a sole trustee or the representatives of the last surviving or continuing
trustee deem it expedient that a separate set of trustees or a separate sole
trustee should be appointed for any part of the trust property held on trusts
distinct from those relating to any other part of the trust property, then the
person or persons nominated for the purpose of appointing new trustees by the
instrument (if any) creating the trust, or if there is no such person or no
such person able and willing to act, then the trustees for the time being or
the representatives of the last surviving or continuing trustee, may by
writing appoint—
(a) a
separate set of trustees for any part of the trust property held on trusts
distinct from those relating to any other part or parts of the trust property;
or
(b) if
only one trustee was originally appointed, a separate sole trustee for the
first mentioned part of the trust property.
(2) When the
appointment of a separate trustee is required to be made by, or with the
consent of a person other than a trustee of the trust property, that person
may appoint himself or, as the case may be, consent to the appointment of
himself as a separate trustee or as one of a set of separate trustees.
(2a) In
subsection (2) the words "beneficiary" and
"beneficiaries" mean the person or persons having a beneficial interest in the
property held on distinct trusts as aforesaid.
(3) Where two or more
trustees were originally appointed the number of separate trustees shall be
not less than two: Provided that the Public Trustee or a trustee company may
in any case and irrespective of the original number of trustees be appointed
as a sole separate trustee. Notwithstanding any other Act it shall not be
necessary to obtain the consent of the Supreme Court to an appointment of the
Public Trustee under this section.
(4) On the appointment
of a separate set of trustees or a separate trustee any assurance or thing
requisite for vesting the trust property or any part thereof jointly in the
separate trustees or solely in the separate trustee, as the case may require,
shall be executed or done.
(5) Every trustee
appointed under this section, as well before as after the part of the trust
property for which he is appointed becomes by law or by assurance or otherwise
vested in him shall have in relation to that part of the trust property the
same powers, authorities and discretion and may in all respects act as if he
had been originally appointed trustee by the instrument, if any, creating the
trust. Where the original trustee or trustees were entitled to remuneration,
the remuneration of the separate trustee or trustees shall be calculated on
the value of the part of the trust property for which he is or they are
appointed.
(6) The provisions of
this section relative to a continuing trustee include a refusing or retiring
trustee if willing to act in the execution of the provisions of this section.
(7) This section
applies only if and as far as a contrary intention is not expressed in the
instrument (if any) creating the trust, and shall have effect subject to the
terms of that instrument and to any provisions therein contained.
(8) This section
applies to trusts created either before or after the commencement of the
Trustee Act Amendment Act 1941 .
(9) Nothing in this
section shall give power to appoint an executor or administrator.