A power in a trust deed to vary the 'trusts declared' does not extend to amending the identity of the Principal named in the schedule, where the Principal holds the structural power to appoint and remove trustees. Such a variation would destroy the substratum of the deed. A purported disclaimer under s 205 of the Property Law Act 1974 (Qld) that contemplates replacement of the disclaiming person in circumstances where that replacement is not authorised is not a valid disclaimer.
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