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TRUSTEE ACT 1925 - As at 28 September 2020 - Act 14 of 1925

- As at 28 September 2020 - Act 14 of 1925

Table of Provisions

PART 1A - PRELIMINARY

  • 1 Name of Act and commencement
  • 2. (Repealed)
  • 3 Repeals
  • 4 Notes

PART 1 - INTERPRETATION

  • 5 Definitions

PART 2 - TRUSTEES

Division 1 - Appointment, retirement, disclaimer, and ceasing to be executor

  • 6 New trustee
  • 7 Additional trustee
  • 8 Retirement
  • 9 Vesting
  • 10 Renunciation of probate
  • 11 Ceasing to be executor
  • 12 Registration
  • 13 Protection of purchasers

Division 2 - Powers and duties

  • 14 Powers of investment
  • 14A Duties of trustee in respect of power of investment
  • 14B Law and equity preserved
  • 14C Matters to which trustee is to have regard when exercising power of investment
  • 14D Powers of trustee in relation to securities
  • 14DA Power to purchase dwelling-house as residence for beneficiary
  • 14DB Guidelines for trustees
  • 14E Advisory committee
  • 14F Investment in securities under Reserve Bank RITS system
  • 15, 16. (Repealed)
  • 17 Accepting a short title
  • 18 Ratio of loan to value
  • 19 Loss on mortgages
  • 20 Release of part of the security
  • 21 Arrangement with company
  • 21A Building societies and credit unions--transfers of engagements and amalgamations
  • 22 New shares in a company
  • 23 Calls on shares
  • 24 Accrued interest on debentures or stock sold or purchased
  • 25 Continued holding
  • 26 Powers incident to sale
  • 27 Duration of trust or power to sell
  • 27A. (Repealed)
  • 27B Postponement of sale
  • 27C Purchaser under a trust for sale
  • 28 Deferred payment on sale of land
  • 29 Sale or purchase under Conveyancing Act 1919
  • 30 Depreciatory conditions
  • 31 Sale of part of land
  • 32 Sale exchange and partition
  • 32A Power to purchase equity of redemption in lieu of foreclosure
  • 33 Sale after right of redemption barred
  • 34 Release of equity of redemption in discharge of mortgage debt
  • 35 Surrender of onerous lease
  • 36 Leasing
  • 37 Renewal of renewable leasehold
  • 38 Raising money
  • 39 Protection of purchasers or mortgagees
  • 39A Application of income by trustee-mortgagee in possession
  • 39B Validation of certain payments by trustee-mortgagee in possession
  • 40 Powers
  • 41 Insurance
  • 42 Application of insurance money
  • 42A Maintenance for adult beneficiaries
  • 43 Maintenance for infant beneficiaries and accumulation--instruments that came into operation on or after 1 March 1926
  • 43A Maintenance for infant beneficiaries and accumulation--instruments that came into operation before 1 March 1926
  • 44 Advancement
  • 45 Protective trusts
  • 45A Equitable life tenant--conditions on entry into possession
  • 46 Appropriation
  • 47 Payment to the NSW Trustee or a trustee company
  • 48 Receipts
  • 49 Compounding
  • 50 Deposit for safe custody
  • 51 Audit
  • 52 Valuation
  • 53 Employment of agents
  • 54 Banks, building societies and credit unions
  • 54A Banker may recognise certain signatures and endorsements
  • 55 Foreign property
  • 56 Undivided interests
  • 57 Two or more trustees
  • 58 Powers of attorney
  • 59 Implied indemnity
  • 60 Distribution after notice
  • 61 Distribution where estate comprises leaseholds, and in certain other cases
  • 61A Personal liability of legal representative or trustee
  • 62 Notice
  • 63 Advice

Division 3 - Delegation

  • 64 Execution of trust
  • 65 Consent to exercise of trust or power
  • 66 Persons dealing with delegate
  • 67 Power of attorney
  • 68 Registration

Division 4 - Statute of limitations

69. (Repealed)

PART 3 - POWERS OF THE COURT

Division 1 - New trustees and vesting orders

  • 70 New trustees
  • 71 Vesting orders
  • 72 Contingent rights of unborn persons
  • 73. (Repealed)
  • 74 Minor or insane mortgagee
  • 75 Deceased mortgagee
  • 76 Sale or mortgage of land
  • 77 Specific performance, and other matters
  • 78 Effect of vesting order
  • 79 Appointment of person to convey
  • 80 Trustees of charities

Division 2 - Dealings and improvements

  • 81 Advantageous dealings
  • 82 Improvements and repairs
  • 82A Improvement and repairs without the approval of the Court
  • 83. (Repealed)
  • 84 Sale of minor's property

Division 3 - Relief and indemnity

  • 85 Excusable breaches of trust
  • 86 Indemnity for breach of trust

Division 3A - Power of Court to vary trusts

  • 86A Court order to approve arrangement
  • 86B Court order to benefit person subject to application
  • 86C Court may direct notice of application to certain persons

Division 4 - Miscellaneous powers

  • 87 Division of chattels
  • 88 Order in absence of a trustee
  • 89 Proceedings under Mental Health Act 1958
  • 90 Court may take into account investment strategy in action for breach of trust
  • 90A Power of Court to set off gains and losses arising from investment

Division 5 - Applications and orders

  • 91 Defendants
  • 92 Persons entitled to apply
  • 93 Costs
  • 94. (Repealed)

PART 4 - PAYMENT INTO COURT

  • 95 Trustees
  • 96 Person liable to minor or person of unsound mind
  • 97 Life assurance companies
  • 98 Money or securities
  • 99 Trustee

PART 5 - MISCELLANEOUS PROVISIONS

  • 100 Escheat
  • 100A Limitation of liability of beneficiaries in respect of trustees
  • 101 Property vested in the NSW Trustee
  • 102 Account by fiduciary
  • 103 Indemnity
  • 104 Rules of Court
  • 104A Regulations
  • 105, 106. (Repealed)
  • 107 Savings and transitional provisions

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