Trustee Act 1925

Where any leasehold or freehold land is vested in a trustee and in the opinion of the trustee it is expedient in the interest of all persons beneficially interested in the land to expend capital moneys subject to the trust for any one or more of the purposes specified in paragraphs (a) to (f) both inclusive of subsection (1) of section 82 the trustee may, without the authority of the Court, expend on all or any of such purposes capital moneys subject to the trust not exceeding in all the prescribed amount.

For the purpose of subsection (1), the prescribed amount is—

in the case of a trustee other than the NSW Trustee or a trustee company—$50,000 or 30% of the value of the land, whichever is the greater, or

in the case of the NSW Trustee or a trustee company—

$50,000 (or such other amount as may be prescribed by the regulations) or 30% of the value of the land, whichever is the greater, or

if all the persons beneficially interested in the land are able to give a good discharge, an amount agreed upon between the NSW Trustee or the trustee company and all those persons,

Where in the opinion of the trustee it is expedient to exercise the power conferred by subsection (1) the trustee may without the authority of the Court exercise any of the powers specified in subsection (4) of section 82, and the trustee shall throw upon the respective interests of the persons beneficially interested a proper proportion of the moneys so expended.

Subsection (8) of section 82 shall apply mutatis mutandis to any sale or mortgage made by a trustee in exercise of the powers conferred by this section.

This section applies to trusts created either before or after the commencement of the Conveyancing, Trustee and Probate (Amendment) Act 1938.