This document is a template form of consent of unit holders of unit trust to acquisition of an investment.
In the unit trust, most decisions which require financial outlay require the unit holders consent prior to the trustee being able to take action and deal with the funds or the assets of the unit trust.
This form is to be used by a trustee of a unit trust in order to obtain the unit holders consent to the trustee acquiring a particular investment, whilst limiting the trustee’s liability and the unit holders’ ability to take legal action against the trustee regardless of the financial performance of the investment and waiving any other obligations the trustee would usually have in relation to investing the funds of the unit trust.
For a discussion of the "prudent person" investment rules in the Trustee Acts of all Australian states and territories, see section 14C of the Trustee Act 1925 (NSW) and the equivalent sections in the Trustee Acts of other states and the territories.
This precedent should be used in association with the precedent “Unit trust deed”.
This document has been authored for Lexis Nexis by Selwyn L Black Peter D Carroll, Carroll & O’Dea and updated by Jane Garber-Rosenzweig, Gable Lawyers.
This document is prepared with the assistance of Specialist Editor Stephen Newman, Executive Counsel, Ponte Earle.