THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.1 - REQUIREMENT FOR TRUST DEED AND TRUSTEE

SECTION 260FD   EXISTING TRUSTEE CONTINUES TO ACT UNTIL NEW TRUSTEE TAKES OFFICE  

260FD     An existing trustee continues to act as the trustee until a new trustee is appointed and has taken office as trustee, despite any rule of law or equity to the contrary.

Note:

This section applies even if the existing trustee resigns.