Trustees Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Application of Act
3 Interpretation
Part II INVESTMENTS
4 Authorised investments
5 Purchase at premium of redeemable stocks; change of character of investments
6 Discretion of trustees
7 New powers of investment of trustees
8 Duty of trustees in choosing investments
9 Statutory powers of investment
10 Power to retain investment which has ceased to be authorised
11 Investment in bearer securities
12 Loans and investments by trustees not chargeable as breaches of trust
13 Liability for loss by reason of improper investment
14 Powers supplementary to powers of investment
15 Power to deposit at bank and to pay calls
Part III GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES
General Powers
16 Power of trustees for sale to sell by auction, etc.
17 Power to sell subject to depreciatory conditions
18 Power of trustees to give receipts
19 Power to compound liabilities
20 Powers of trustees of renewable leaseholds to renew and raise money for the purpose
21 Power to raise money by sale, mortgage, etc.
22 Protection to purchasers and mortgagees dealing with trustees
23 Devolution of powers or trusts
24 Power to insure
25 Application of insurance money where policy kept up under any trust, power or obligation
26 Deposit of documents for safe custody
27 Reversionary interests, valuations and audit
28 Power to employ agents
29 Power to concur with others
30 Power to delegate trusts during absence abroad
Indemnities
31 Protection against liability in respect of rents and covenants
32 Protection by means of advertisement
33 Protection in regard to notice
34 Exoneration of trustees in respect of certain powers of attorney
35 Implied indemnity of trustees
Maintenance, Advancement and Protective Trusts
36 Power to apply income for maintenance and to accumulate surplus income during a minority
37 Power of advancement
38 Protective trusts
Part IV APPOINTMENT AND DISCHARGE OF TRUSTEES
39 Limitation of the number of trustees
40 Power of appointing new or additional trustees
41 Supplemental provisions as to appointment of trustees
42 Evidence as to a vacancy in a trust
43 Retirement of trustee without a new appointment
44 Vesting of trust property in new or continuing trustees
Part V POWERS OF THE COURT
45 Power of court to appoint new trustees
46 Power to authorise remuneration
47 Powers of new trustee appointed by the court
Vesting Orders
48 Vesting orders of land
49 Orders as to contingent rights of unborn persons
50 Vesting order in place of conveyance by infant mortgagee
51 Vesting order consequential on order for sale or mortgage of land
52 Vesting order consequential on judgment for specific performance, etc.
53 Effect of vesting order
54 Power to appoint person to convey
55 Vesting orders as to stock and thing in action
56 Vesting orders of charity or society property
57 Vesting orders in relation to infant’s beneficial interest
58 Orders made upon certain allegations to be conclusive evidence
Jurisdiction to make other Order
59 Power of court to authorise dealing with trust property
60 Persons entitled to apply for orders
61 Power to give judgment in absence of a trustee
62 Power to charge costs on trust estate
63 Power to relieve trustee from personal liability
64 Power to make beneficiary indemnify for breach of trust
Payment into Court
65 Payment into court by trustees
Part VI CHARITABLE TRUSTS
66 Public Trustee may administer property of charitable trust without trustee
67 Validation of certain imperfect charitable trusts
Incorporation of Trustees
68 Grant of certificate of registration of trustees as corporate body
69 Estate to vest in corporate body
70 Particulars respecting application
71 Nomination of trustees and filling up vacancies
72 Liability of trustees and others, notwithstanding incorporation
73 Certificate to be evidence of compliance with requirements
74 Record of applications and documents to be kept, and supply of copies
75 Enforcement of conditions and directions
76 Applications and certificates to be stamped
77 Gifts to vest in corporate body
78 Common seal
79 Contracts not under seal to be binding in certain cases
80 Payments on transfers in reliance on corporate seal protected
81 Trustees to keep accounts and to render annual returns of accounts
82 Petition to decide question whether person is a member of a corporate body
83 Dissolution of corporate body
84 Penalty for false statement
85 Penalty for not filing returns, etc.
Part VII GENERAL PROVISIONS
86 Trust estates not affected by trustee becoming a convict
87 Indemnity
88 Cesser of application
Explanatory Statement
Expenditure of Public Money
Table of Derivations