Trustees Act(CHAPTER 337)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Application of Act
3 Interpretation
Part IA STATUTORY DUTY OF CARE
3A Trustees’ statutory duty of care
Part II INVESTMENTS
4 General power of investment
5 Standard investment criteria
6 Advice
7 Power to retain investment which has ceased to be authorised
8 (Repealed)
9 Loans and investments by trustees not chargeable as breaches of trust
10 Liability for loss by reason of improper investment
11 Powers supplementary to powers of investment
12 Power to deposit at bank, to pay calls and to purchase dwelling-house for beneficiary
Part III GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES
General Powers
13 Power of trustees for sale to sell by auction, etc.
14 Power to sell subject to depreciatory conditions
15 Power of trustees to give receipts
16 Power to compound liabilities
17 Powers of trustees of renewable leaseholds to renew and raise money for the purpose
18 Power to raise money by sale, mortgage, etc.
19 Protection to purchasers and mortgagees dealing with trustees
20 Devolution of powers or trusts
21 Power to insure
22 Application of insurance money where policy kept up under any trust, power or obligation
23 (Repealed)
24 Reversionary interests, valuations and audit
25 (Repealed)
26 Power to concur with others
27 Delegation of trustee’s functions by power of attorney
Indemnities
28 Protection against liability in respect of rents and covenants
29 Protection by means of advertisement
30 Protection in regard to notice
31 Exoneration of trustees in respect of certain powers of attorney
32 Implied indemnity of trustees
Maintenance, Advancement and Protective Trusts
33 Power to apply income for maintenance and to accumulate surplus income during a minority
34 Power of advancement
35 Protective trusts
Part IV APPOINTMENT AND DISCHARGE OF TRUSTEES
36 Limitation of the number of trustees
37 Power of appointing new or additional trustees
38 Supplemental provisions as to appointment of trustees
39 Evidence as to a vacancy in a trust
40 Retirement of trustee without a new appointment
41 Vesting of trust property in new or continuing trustees
Part IVA AGENTS, NOMINEES AND CUSTODIANS
41A Application of this Part
Agents
41B Power to appoint agents
41C Persons who may act as agents
41D Linked functions, etc.
41E Terms of agency
41F Asset management — special restrictions
Nominees and custodians
41G Power to appoint nominees
41H Power to appoint custodians
41I Investment in bearer securities
41J Persons who may be appointed as nominees or custodians
41K Terms of appointment of nominees and custodians
Review of and liability for agents, nominees and custodians, etc.
41L Application of sections 41M and 41N
41M Review of agents, nominees and custodians, etc.
41N Liability for agents, nominees and custodians, etc.
Supplementary
41O Effect of trustees exceeding their powers
Part IVB REMUNERATION
41P Application of this Part
41Q Trustee’s entitlement to payment under trust instrument
41R Remuneration of certain trustees
41S Trustees’ expenses
41T Remuneration and expenses of agents, nominees and custodians
Part V POWERS OF COURT
42 Power of court to appoint new trustees
43 Power to authorise remuneration
44 Powers of new trustee appointed by the court
Vesting Orders
45 Vesting orders of land
46 Orders as to contingent rights of unborn persons
47 Vesting order in place of conveyance by infant mortgagee
48 Vesting order consequential on order for sale or mortgage of land
49 Vesting order consequential on judgment for specific performance, etc.
50 Effect of vesting order
51 Power to appoint person to convey
52 Vesting orders as to stock and thing in action
53 Vesting orders of charity or society property
54 Vesting orders in relation to infant’s beneficial interest
55 Orders made upon certain allegations to be conclusive evidence
Jurisdiction to make other Order
56 Power of court to authorise dealings with trust property
57 Persons entitled to apply for orders
58 Power to give judgment in absence of trustee
59 Power to charge costs on trust estate
60 Power to relieve trustee from personal liability
61 Power to make beneficiary indemnify for breach of trust
Payment into Court
62 Payment into court by trustees
Part VI CHARITABLE TRUSTS
63 Public Trustee may administer property of charitable trust without trustee
64 Validation of certain imperfect charitable trusts
Incorporation of Trustees
65 Grant of certificate of registration of trustees as body corporate
66 Estate to vest in body corporate
67 Particulars respecting application
68 Nomination of trustees and filling up vacancies
69 Liability of trustees and others, notwithstanding incorporation
70 Certificate to be evidence of compliance with requirements
71 Record of applications and documents to be kept, and supply of copies
72 Enforcement of conditions and directions
73 (Repealed)
74 Gifts to vest in body corporate
75 Common seal
76 Contracts not under seal to be binding in certain cases
77 Payments on transfers in reliance on corporate seal protected
78 Trustees to keep accounts and to render annual returns of accounts
79 Petition to decide question whether person is a member of a body corporate
80 Dissolution of body corporate
81 Penalty for false statement
82 Penalty for not filing returns, etc.
Part ?? UNIT TRUST SCHEMES
83 (Repealed)
84 (Repealed)
Part VIII GENERAL PROVISIONS
85 Indemnity
86 Avoidance of dispositions and trusts created to defraud creditors
87 Effect of Bankruptcy Act on transactions at undervalue and unfair preferences
88 Accumulation of income for duration of trusts
89 Perpetuity period applicable to trusts
90 Validity of certain trusts
91 Savings, transitional and further consequential provisions
Legislative Source Key
Legislative History
Comparative Table