sM�^��= q�P;�u�qn�W��]��>��Z�(4 Exercise of powers by statutory trustee 7A. site, Application, and relationship of Act with trust terms, common law and equity, and other enactments, Inherent jurisdiction of court not affected, Transitional, savings, and related provisions, Application of maximum duration rule to resettlements, Distribution of trust property on expiry of trust, Trustees’ duties and information obligations, Duty to act in accordance with terms of trust, Duty to act for benefit of beneficiaries or to further permitted purpose of trust, Duty to exercise powers for proper purpose, Duty not to exercise power for own benefit, Duty not to bind or commit trustees to future exercise of discretion, Adviser must alert settlor to modification or exclusion of default duty, Subpart 2—Exemption and indemnity clauses, Invalidity of exemption clause or indemnity clause, Adviser must alert settlor to liability exclusion or indemnity clause, Subpart 3—Trustees’ obligations to keep and give trust information, Keeping documents where there is more than 1 trustee, Documents must be kept for duration of trusteeship, Definitions for purposes of sections 50 to 55, Purpose and application of sections 51 to 55, Presumption that trustee must notify basic trust information, Presumption that trustee must give information on request, Procedure for deciding whether presumption applies, Procedure when trustee decides to give no information, Beneficiary may be required to pay cost of giving information, Status of provisions on specific powers of trustee, Matters which trustee may consider in exercising power to invest, Power to determine treatment of returns and accounts, Power to determine whether return on investment is income or capital, Apportionment of receipts and outgoings between income and capital, Powers to apply trust property for beneficiary’s welfare, Trustee’s power to pay or apply income for child beneficiary’s welfare, Trustee’s powers with respect to income of child beneficiary, Trustee’s power to pay or apply capital for beneficiary’s welfare, Trustee may impose conditions on payment for beneficiary’s welfare, Trustee not liable for certain losses in relation to amounts paid or applied for beneficiary’s welfare, Exercise of trustee powers and functions by others, Trustee’s power to appoint others to exercise or perform certain powers or functions, Trustee’s duties to keep appointments under review and to fulfil general duty of care, Trustee’s liability for acts of appointee limited, Trustee’s power to delegate powers and functions in specified circumstances, Notice of delegation of trustee’s powers and functions, Trustee’s liability for acts of delegate limited, Application to Public Trust to consent to become delegate, Role and appointment of special trust advisers, Reliance on special trust adviser’s advice, Application of insurance money for loss or damage of trust property, Trustee’s power to adjust interests in trust property of portfolio investment entity, Trustee’s liability limited where notice given to distribute trust property without regard to unknown claims, Protection of purchasers and mortgagees dealing with trustees, Trustee’s liability for expenses and liabilities incurred, and trustee’s right to indemnity, Indemnification of trustee with agreement of beneficiaries where indemnity impaired, Power of court to approve indemnification, Power of court to waive requirement of consent to indemnification, Creditor’s limited claim to trust property through trustee’s indemnity, Trustee’s lien on insurance money for premiums, Trustee’s indemnity for rent, covenant, or agreement under lease, Protection of trustee in handing over personal property to life tenant, Protection of trustee in handing over personal property to child, Protection relating to notice when person trustee of more than 1 trust, Who may remove trustee and appoint replacement, Person with power to remove or appoint trustee may apply to court for directions, Duty to exercise power to remove or appoint trustee honestly and for proper purpose, Application to review exercise of power to remove or to appoint trustee, How trustee accepts or rejects appointment, Acts of trustee not invalidated by defect in appointment, Procedure on trustee’s application to prevent removal, Replacing sole trustee with multiple trustees, Divesting and vesting of trust property on change of trustees, Requirements to notify, register, or record divesting and vesting of trust property, Requirement to assist in transfer of trust property, Protection in relation to notifying, registering, or recording transfer of trust property, Departing trustee must be given certain documents, Termination of trust by unanimous consent of beneficiaries, Variation or resettlement of trust by unanimous consent of beneficiaries, Beneficiary’s right to share of trust property, Power of court to approve termination, variation, or resettlement of trust, Power of court to waive requirement of consent to termination, variation, or resettlement of trust, Court may review trustee’s act, omission, or decision, Procedure for court’s review of trustee’s act, omission, or decision, Court may take into account investment strategy in action for breach of trust, Court may set off gains and losses arising from investment, Power of court to vary or extend trustees’ powers in relation to property, Court may relieve trustee from personal liability, Court may make beneficiary indemnify trustee for breach of trust, Trustee may apply to court for directions, Protection of trustee while acting under direction of court, Trustee may apply to court to allow distribution of missing beneficiaries’ shares, Trustee may sue self in different capacity, Court may order payment of remuneration to trustee, Definitions for purposes of sections 143 to 148, Power of trustee to refer matter to alternative dispute resolution process, ADR process for internal matter if trust has beneficiaries who are unascertained or lack capacity, Power of court to order ADR process for internal matter, Trustee may give undertakings for purposes of ADR settlement or arbitration agreement and any arbitral award, Trustee’s liability in relation to ADR settlement or arbitration agreement and any arbitral award limited, Transfer to the Crown of non-distributable trust property, Financial products transferred to the Crown, Administration by the Crown of transferred property, Public notice of property transferred to the Crown, Investigation of condition and accounts of certain trust property, Application to Public Trust for investigation of condition and accounts of trust property, Appointment of investigator by Public Trust, How investigator is to conduct and report on investigation, Application to court to determine who bears costs of investigation, Application to court to cease investigation, Life tenant to have powers of trustee in certain cases, Regulations providing for transitional matters, Subpart 1—Amendments to Arbitration Act 1996, New section 10A inserted (Arbitration of trust matters), Subpart 2—Amendments to Financial Markets Conduct Act 2013, Amendments to Financial Markets Conduct Act 2013, New section 110A and cross-heading inserted, Section 112 amended (General duties applying in exercise of supervisor’s functions), Section 143 amended (General duties applying in exercise of manager’s functions), Section 153 amended (General duties applying in exercise of supervisor’s functions), New section 155A and cross-heading inserted, Section 550 amended (Procedural requirements for regulations relating to exemptions, exclusions, and definitions), Section 556 amended (FMA may grant exemptions), Section 557 amended (Restriction on FMA’s exemption power), Subpart 3—Amendments to Financial Advisers Act 2008, Amendments to Financial Advisers Act 2008, New section 77TA and cross-heading inserted, Section 154 amended (General regulations), Subpart 4—Amendment to Financial Markets Authority Act 2011, Amendment to Financial Markets Authority Act 2011, Subpart 5—Amendments to Financial Services Legislation Amendment Act 2019, Amendments to Financial Services Legislation Amendment Act 2019, Section 29 amended (New subparts 5A and 5B of Part 6 inserted), Subpart 6—Amendment to Retirement Villages Act 2003, Amendment to Retirement Villages Act 2003, New section 105A inserted (Regulations exempting from provisions of Trusts Act 2019), Regulations exempting from provisions of Trusts Act 2019, Provisions that apply except as modified or excluded in accordance with section 5(4), Amendments consequential on repeal of Trustee Act 1956, Amendments consequential on repeal of Perpetuities Act 1964 and abolition of rule against perpetuities.
In Queensland, the statutory rights and obligations of Trustees are contained in the Trusts Act 1973 (Qld)(Trust Act).). Meaning of investment etc.

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