New South Wales Bills Explanatory Notes New South Wales Bills Explanatory Notes[Index] [Search] [Download] [Bill] [Help]
TRUSTEE COMPANIES (AMENDMENT) BILL 1990
NEW SOUTH WALES
EXPLANATORY NOTE
(This Explanatory Note relates to this Bill as introduced into Parliament)
The object of this Bill is to amend the Trustee Companies Act 1964 and the Wills,
Probate and Administration Act 1898.
The amendment to the Trustee Companies Act 1964 will enable:
*
a trustee company to expend capital or income or both on the repair of
estate property as may presently be done by the Public Trustee
*
a trustee company to certify, as the Public Trustee may presently do, that it
has taken out representation or is entitled to administer an estate, either
alone or jointly, and for that certificate to be prima facie evidence of that
fact and of the death of the deceased
*
the name of Austrust Limited to be entered in the Schedule of trustee
companies in place of Elder's Trustee and Executor Company, Limited
National Australia Trustees Limited and NZ Guardian Trust Australia
*
Limited to each act as a trustee company, these companies being required
to maintain indemnity insurance or a bank guarantee as approved by the
Attorney General
The amendments to the Wills, Probate and Administration Act 1898 will enable:
* a trustee company to be appointed as executor or co-executor of a will in
place of a nominated executor (as has formerly been the case) in the same
manner as may occur with the Public Trustee
a trustee company to be appointed, as the Public Trustee may be, as a special
*
administrator if the appointed executor or administrator is residing outside
the jurisdiction
Clause 2 provides that the proposed Act is to commence on a day or days to be
appointed by proclamation.
Clauses 3 and 4 are formal provisions that give effect to the Schedules of
amendments to the Trustee Companies Act 1964 and the Wills, Probate and
Administration Act 1898
Clause 5 contains a provision validating any appointments of trustee companies
as executors or co-executors in place of nominated executors if the appointments
would have been valid had one of the amendments to be made by the proposed Act
been in force when they were made.
SCHEDULE l - AMENDMENT OF TRUSTEE COMPANIES ACT 1964
General powers of trustee company (proposed section 15C (g))
Schedule 1 (1) enables a trustee company to apply the capital or income of an
estate under its administration, or a portion of each, to the repair of estate property.
Certificate of trustee company to be evidence (proposed section 32A)
Schedule 1 (2) provides that a certificate of a trustee company as to its
appointment as legal personal representative, either alone or with another person,
or its entitlement to administer an estate is to be accepted as prima facie evidence
of the death of the deceased and such appointment or entitlement without
production of other proof.
Indemnities (section 36A)
Schedule 1 (3) requires National Australia Trustees Limited and NZ Guardian
Trust Australia Limited to secure and maintain indemnity insurance or a bank
guarantee as approved by the Attorney General.
Trustee Company (Third Schedule - First Part)
Schedule 1 (4) records the change of name of Elder's Trustee and Executor
Company, Limited to Austrust Limited and proposes that National Australia
Trustees Limited and NZ Guardian Trust Australia Limited be included in the
Schedule of trustee companies.
SCHEDULE 2 - AMENDMENT OF WILLS, PROBATE AND
ADMINISTRATION ACT 1898
Delegation (section 75A)
Schedule 2 (I) proposes that the provision which enables a nominated executor
to appoint the Public Trustee in his or her place be amended to provide the
alternative of appointment of a trustee company.
2
Trustee Companies (Amendment) 1990
Appointment of special administrator if executor or administrator out of
jurisdiction (section 76)
Schedule 2 (2) proposes that the provision which enables the Public Trustee to
appointed as a special administrator if the appointed executor or administrator
is out of the jurisdiction be amended to provide the alternative of appointment of
a trustee
Making of affidavit by special administrator (section 77)
Schedule 2 (3) provides that, in applying for a special grant when an appointed
executor or administrator is out of the jurisdiction, the Public Trustee or a trustee
company will not be required to swear that such absence is delaying the getting in
of assets to which the Public Trustee or trustee company is entitled.
3