601WBK
CurrentLiabilities for breach of trust and other matters not affected by this Part
Volume 3Chapter 5A, Part 5A.1 to Chapter 6D, Part 6D.5 sections 601 to 742
Chapter 5DLicensed trustee companies
Part 5D.6ASIC‑approved transfers of estate assets and liabilities
Division 2Transfer of estate assets and liabilities
601WBK Liabilities for breach of trust and other matters not affected by this Part
(1)
Nothing in this Part applies to or affects liabilities of the transferring company, or of an officer or employee of the transferring company, for:
(a)
any breach of trust; or
(b)
any other misfeasance or nonfeasance; or
(c)
any exercise of, or failure to exercise, any discretion.
(2)
Nothing in this Part affects any rights of the transferring company, or of an officer or employee of the transferring company, to indemnity in respect of such liabilities.
This Act’s bill:Explanatory memorandumSecond reading speech
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