New South Wales Consolidated Acts

CROWN LANDS ACT 1989 - SECT 121

121 Liability of reserve trust, members and other persons

(1) No matter or thing done or omitted to be done by:

(a) a reserve trust managed by a trust board or by an administrator,

(b) a member of a trust board, or an administrator in the course of managing the affairs of a reserve trust, or

(c) a person acting under the direction of a trust board, or of an administrator, in the course of managing the affairs of a reserve trust,

shall, if done or omitted to be done in good faith for the purposes of executing this or any other Act, subject a member, an administrator or a person so acting personally to any action, liability, claim or demand.

(2) If a reserve trust is managed by a corporation, the corporation is jointly and severally liable with the reserve trust:

(a) for any liability of the reserve trust, or

(b) if the corporation is managing the affairs of the reserve trust with another person or body in accordance with section 92 (6B), for the liability of the reserve trust to the extent only that the liability relates to the functions of the corporation as the manager of the reserve trust.