182Section 29 amended (New subparts 5A and 5B of Part 6 inserted)

1. In section 29, after new section 431ZI, insert:

   Application of Trusts Act 2019

   431ZJApplication of Trusts Act 2019

   1. This section applies to a trust constituted (or to be constituted) for the purposes of section 431ZC.

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

   3. section 29 (general duty of care):
   4. section 39 (adviser must alert settlor to modification or exclusion of default duty):
   5. sections 45 to 48 (documents to be kept by trustees):
   6. sections 49 to 55 (giving information to beneficiaries):
   7. section 56 (general powers of trustee):
   8. section 72 (trustee’s liability for acts of delegate limited):
   9. sections 81 to 85 (trustees’ indemnities):
   10. sections 142 to 148 (alternative dispute resolution):
   11. sections 153 to 158 (investigation of condition and accounts of certain trust property).

   12. If this section commences before the commencement of the Trusts Act 2019 under section 2(1) of that Act, this section applies only on or after the commencement of that Act.