283AD
In forceExisting trustee continues to act until new trustee takes office
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 2LDebentures
Part 2L.1Requirement for trust deed and trustee
283AD Existing trustee continues to act until new trustee takes office
An existing trustee continues to act as the trustee until a new trustee is appointed and has taken office as trustee, despite any rule of law or equity to the contrary.
Note:
This section applies even if the existing trustee resigns.
This Act’s bill:Explanatory memorandumSecond reading speech
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