Treatment of trusts
22 Treatment of trusts
This Act and the regulations apply to a trust as if it were a person, but with the changes set out in this section.
Trusts with a single trustee
If the trust has a single trustee:
an obligation that would otherwise be imposed on the trust by this Act or the regulations is imposed on the trustee instead; and
if this Act or the regulations would otherwise permit something to be done by the trust, the thing may be done by the trustee.
Trusts with multiple trustees
If the trust has 2 or more trustees:
an obligation that would otherwise be imposed on the trust by this Act or the regulations is imposed on each trustee instead, but may be discharged by any of the trustees; and
if this Act or the regulations would otherwise permit something to be done by the trust, the thing may be done by one or more of the trustees on behalf of the trust.
This provision refers to the regulations (the regulations
). Made under this Act:
This Act’s bill:Explanatory memorandumSecond reading speech
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