Hi,
Hoping for some advice.
wrt the trust conditions below:
As a trustee, I am looking at purchasing a property on behalf of a trust. There are 3 trustees. Is it legal for me to be the sole signatory to the property contract. ie. can the decision to purchase simply be minuted in the trust records showing agreement by the trustees or must a majority of trustees sign the property contract?
Overriding general powers
26. The trustee has all the powers in relation to the assets of the trust that it is possible to give a trustee, including all the powers that an individual would have as the legal and beneficial owner of the assets.
More than one trustee
74. If there is more than one trustee at any time, the powers and discretions exercisable by the trustee are only exercisable unanimously or by a majority of the trustees.
Hoping for some advice.
wrt the trust conditions below:
As a trustee, I am looking at purchasing a property on behalf of a trust. There are 3 trustees. Is it legal for me to be the sole signatory to the property contract. ie. can the decision to purchase simply be minuted in the trust records showing agreement by the trustees or must a majority of trustees sign the property contract?
Overriding general powers
26. The trustee has all the powers in relation to the assets of the trust that it is possible to give a trustee, including all the powers that an individual would have as the legal and beneficial owner of the assets.
More than one trustee
74. If there is more than one trustee at any time, the powers and discretions exercisable by the trustee are only exercisable unanimously or by a majority of the trustees.