Business Trusts Act 2004 · 2020 Revised Edition · Part 4 · Trust Deed
30. Trust deed to be legally enforceable
Feedback & supportThe trustee‑manager of a registered business trust must ensure that the trust deed of the registered business trust is contained in a document that is legally enforceable as between the unitholders of the registered business trust and the trustee‑manager.
trustee‑manager
“trustee‑manager”, in relation to a registered business trust, includes a replacement trustee‑manager and temporary trustee‑manager;
The unenforceability of the trust deed of a registered business trust does not operate so as to avoid or affect any agreement, transaction or arrangement entered into by the trustee‑manager on behalf of the trust, whether the agreement, transaction or arrangement was entered into before or after the point in time when the trust deed became unenforceable.
deed
“deed” means any deed which creates a trust or provides for the governance of the affairs of the trust and the conduct of its business and includes any instrument amending or affecting the deed;
The trustee‑manager of a registered business trust must make a copy of the trust deed available to the public without charge.
registered business trust
“registered business trust” means a business trust that is registered by the Authority under section 4(1);
Any trustee‑manager of a registered business trust which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
Any trustee‑manager of a registered business trust which contravenes subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.