166New section 110A and cross-heading inserted

1. After section 110, insert:

   Application of Trusts Act 2019

   110AApplication of Trusts Act 2019

   1. This section applies to a trust constituted (or to be constituted) under a trust deed for a debt security if the trust deed—

   2. has been lodged under section 103; or
   3. has been or will be entered into with the intention that the deed will be lodged under section 103.

   4. The following provisions of the Trusts Act 2019 do not apply to a trust referred to in subsection (1):

   5. section 25 (duty to act honestly and in good faith):
   6. section 29 (general duty of care):
   7. section 39 (adviser must alert settlor to modification or exclusion of default duty):
   8. sections 40 to 42 (exemption and indemnity clauses):
   9. section 43 (adviser must alert settlor to liability exclusion or indemnity clause):
   10. section 44 (court consideration of gross negligence):
   11. sections 45 to 48 (documents to be kept by trustees):
   12. sections 49 to 55 (giving information to beneficiaries):
   13. section 56 (general powers of trustee):
   14. sections 67 to 73 (exercise or performance of trustee powers and functions by others):
   15. sections 74 to 76 (special trust advisers):
   16. sections 81(2) and (3) and 82 to 85 (trustees’ indemnities):
   17. sections 92 to 115 (appointment and discharge of trustees):
   18. sections 121 to 123 (termination and variation of trusts):
   19. sections 142 to 148 (alternative dispute resolution):
   20. sections 153 to 158 (investigation of condition and accounts of certain trust property).