Bowmil Nominees Pty Ltd [2004] NSWSC 161

Bowmil Nominees Pty Ltd [2004] NSWSC 161

Amendment of the trust deed to permit payment of pension benefits and to remove the requirement for principal employer consent is a 'transaction' within s 81 Trustee Act 1925 (NSW), is expedient in the management and administration of the trust, and, with the informed consent of all sui juris beneficiaries, the Court may (and here does) declare such amendment expedient and authorises the trustee to act accordingly.

Jurisdiction
Australia
Judgment Date
12 March 2004
Procedural Posture
Application by Trustee for Advice and Authority / Judgment
Outcome
Application granted; declaration made as to expediency of proposed amendment.
Legal Topics
["court's Power to Authorise Transaction in Trust Management" 'variation of Trust Deed' 'section 81 of Trustee Act 1925 (nsw)' 'beneficiary Consent to Trust Variation']
['equity' 'trusts and Trustees' 'superannuation'] ["court's Power to Authorise Transaction in Trust Management" 'variation of Trust Deed' 'section 81 of Trustee Act 1925 (nsw)' 'beneficiary Consent to Trust Variation']

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Procedural Posture

Application by Trustee for Advice and Authority / Judgment

Legal Issues

  1. 1 ['Whether amendment of trust deed to allow pension payments and remove the requirement for the principal employer’s consent can be authorised or declared expedient by the Court' "Whether such amendment is a 'transaction' within the meaning of s 81 Trustee Act 1925 (NSW)"]

Ratio Decidendi

Amendment of the trust deed to permit payment of pension benefits and to remove the requirement for principal employer consent is a 'transaction' within s 81 Trustee Act 1925 (NSW), is expedient in the management and administration of the trust, and, with the informed consent of all sui juris beneficiaries, the Court may (and here does) declare such amendment expedient and authorises the trustee to act accordingly.

Court Disposition

Application granted; declaration made as to expediency of proposed amendment.

Orders

  • ['Declaration that the proposed amendment contained in the deed annexed to the affidavit of Mark Wilkinson sworn 18 February 2004 to the trust deed of the Williamson Superannuation Fund as amended to date is expedient and that upon execution of that deed it will be appropriate for the trustee to act in accordance...