Victorian Consolidated Legislation

Trustee Act 1958 - SECT 63A

Power of Court to vary trusts

63A. Power of Court to vary trusts



(1) Where property, whether real or personal, is held on trusts arising,
whether before or after the commencement of this Act, under any will
settlement or other disposition, the Court may if it thinks fit by order
approve on behalf of-

   (a)  any person having, directly or indirectly, an interest, whether vested
        or contingent, under the trusts who by reason of minority or other
        incapacity is incapable of assenting; or

   (b)  any person (whether ascertained or not) who may become entitled,
        directly or indirectly, to an interest under the trusts as being at a
        future date or on the happening of a future event a person of any
        specified description or a member of any specified class of persons,
        so however that this paragraph shall not include any person who would
        be of that description, or a member of that class (as the case may be)
        if the said date had fallen or the said event had happened at the date
        of the application to the Court; or

   (c)  any person unborn; or

   (d)  any person in respect of any discretionary interest of his under
        protective trusts where the interest of the principal beneficiary has
        not failed or determined-

any arrangement (by whomsoever proposed and whether or not there is any other
person beneficially interested who is capable of assenting thereto) varying or
revoking all or any of the trusts, or enlarging the powers of the trustees or
managing or administering any of the property subject to the trusts: Provided
that except by virtue of paragraph (d) of this subsection the Court shall not
approve an arrangement on behalf of any person unless the carrying out thereof
would be for the benefit of that person.

(2) In the foregoing subsection protective trusts means trusts specified in
paragraphs (a) and (b) of subsection (1) of section thirty-nine of this Act or
any like trusts, the principal beneficiary has the same meaning as in the said
subsection (1) and discretionary interest means an interest arising under the
trust specified in paragraph (b) of the said subsection (1) or any like trust.

(3) Notice of an application to the Court for an order pursuant to subsection
(1) of this section shall be given to such persons as the Court may direct.

(4) Nothing in the foregoing provisions of this section shall apply to trusts
affecting property settled by Act of Parliament.

(5) Nothing in this section shall limit the powers conferred by section
sixty-three of this Act section sixty-four of the Settled Land Act 1958 or
section one hundred and seventy-one of the Property Law Act 1958.