s 73 Duty of borrower to replace trustee
(1) A borrower shall take all reasonable steps to replace a trustee as soon as is practicable after becoming aware that— (a) the trustee has ceased to exist; (b) the trustee has not been validly appointed; (c) the trustee is not eligible to be appointed or to act as trustee under section 69; (d) the trustee has failed or has refused to act as trustee in accordance with the provisions or covenants of the trust deed or the provisions of this Act; (e) a receiver is appointed over the whole or a substantial part of the assets or undertaking of the existing trustee and has not ceased to act under that appointment, or a petition is presented for the winding up of the existing trustee (other than for the purpose of and followed by a reconstruction, unless during or following such reconstruction the existing trustee becomes or is declared to be insolvent); or (f) the trustee is under investigation for conduct that contravenes the Trust Companies Act 1949, the Trustee Act 1949, the Companies Act 1965 or any securities law. (2) A borrower who contravenes subsection (1) shall be guilty of an offence.