THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.2 - DUTIES OF BORROWER

SECTION 260GD   DUTY TO REPLACE TRUSTEE  

260GD     The borrower must take all reasonable steps to replace the trustee under section 260FE as soon as practicable after the borrower becomes aware that the trustee:

(a)  has ceased to exist; or

(b)  has not been validly appointed; or

(c)  cannot be a trustee under section 260FC; or

(d)  has failed or refused to act as trustee.