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Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I am selling units in a trust. The Deed dictates a time line

Customer Question

I am selling units in a trust. The Deed dictates a time line of how many days the Sales Notice is be offered to existing unit holders, followed then by further specific days the units can be offered to non unit holders. Prior to the first offering to existing unit holders, the Secretary to the Trust noted that I was actually offering for sale 300 more units than I actually held. I subsequently confirmed in writing back to the Secretary that it was an arithmetic error in the Sales Notice. (The value per unit is only $2.00). The deadline in the first offering to existing unit holders has just expired, with the Trust's Chairman only now advising that I need to reissue an accurate Sales Notice, suggesting that the time period (of 30 days) recommence. Legally, is there a method of addressing the error in the Sales Notice without having to recommence the offer period to existing unit holders, in order that I can now offer a corrected Sales Notice to another purchaser? Regards CD
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.

Good Afternoon

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.

The notice has to be correct and must comply with the trust deed.

You have to re-issue a correct notice and start again. You cannot amend the one that has been issues.