Queensland Consolidated Acts

TRUSTS ACT 1973 - SECT 7

Subject to any order or direction of the court, in exercising any power under this Act, a statutory trustee--

(a) shall have regard to the interests of all parties beneficially interested in the property;

(b) shall be in the position of a trustee, and, in relation to the exercise of any power, have--

(i) all the duties and liabilities of a trustee for the parties beneficially interested in the property; and

(ii) all the rights of a trustee and be entitled to all the indemnities and protection of a trustee;

(c) shall, in order to its being invested or otherwise applied in accordance with this Act, pay or procure the payment of any capital money arising on any sale, mortgage, or other dealing with any land--

(i) into court; or

(ii) to a trustee appointed by the court under section 80; or

(iii) otherwise as the court may direct;

(d) shall not, in relation to any such exercise of power, be liable to impeachment of waste.