New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 2

2 Repeal and savings

(1) The several Acts mentioned in the First Schedule are hereby repealed.

(2)

(a) All rights, powers, capacities, authorities, duties, liabilities and obligations as executor, administrator, trustee, receiver, committee, manager or guardian, guarantee or surety, attorney or agent acquired or incurred by a trustee company under or in consequence of any of the Acts repealed by this Act shall, as from the commencement of this Act, continue in force and be exercisable by, binding upon and enforceable against the trustee company in the same manner and to the same extent as if they had been acquired or incurred by the trustee company under or in consequence of this Act.

(b) All authorisations, appointments and delegations given or made to and all demands made upon a trustee company under any of the Acts repealed by this Act shall, as from the commencement of this Act, have and take effect as if they had been given or made under this Act, and this Act shall apply to them accordingly.

(c) All suits, actions and proceedings pending, immediately before the commencement of this Act, by or against a trustee company which arose under or in consequence of any of the Acts repealed by this Act or which were in any way founded or dependent upon any of such Acts may, notwithstanding such repeal, be continued and completed and for the purpose shall, as from such commencement, be deemed to have arisen under or in consequence of or, as the case may be, to be founded or dependent upon the corresponding provision of this Act.

(d) Any person appointed under or by virtue of the provisions of any of the Acts repealed by this Act for any purpose specified in any such Act whose appointment was still effective immediately before the commencement of this Act, shall continue in such appointment as if this Act had been in force at the time the person was so appointed and the person had been appointed hereunder, and this Act shall apply to that person accordingly.

(e) Where, immediately before the commencement of this Act, a trustee company was acting as executor under any grant of probate or as administrator under any grant of letters of administration, then, as from such commencement, such grant shall continue in force, and such trustee company shall continue in the office of executor or administrator, as the case may be, as if this Act had been in force at the time the grant was made and this Act shall apply accordingly.

(f) All debentures or inscribed stock which, immediately before the commencement of this Act, were held by the Treasurer in trust for a trustee company under any of the Acts repealed by this Act, and all moneys and investments, which, immediately before such commencement, were standing to the credit of the testamentary and trust fund in trust for any estate shall as from such commencement continue to be so held or to stand to the credit of such fund as if this Act had been in force at the time when the debentures or inscribed stock were vested in the Treasurer, or as the case may be, the unclaimed moneys were paid into the State Treasury to be placed to the credit of the testamentary and trust fund, and this Act shall apply accordingly.

(g) Notwithstanding the repeal of the Acts referred to in subsection (1), the provisions contained in such Acts relating to the entitlement of a trustee company to receive commission, salary or remuneration shall continue to apply to and in respect of estates the administration of which were committed to a trustee company before the commencement of this Act.

(3) Except so far as expressly provided in this Act, a trustee company shall have the same rights, privileges and powers and be subject to the same restrictions, liabilities and penalties as it had and was subject to immediately before the commencement of this Act.

(4) Where in any document or in any other Act a reference is made to any of the Acts repealed by this Act or to any provision of any such Act that reference shall be construed as a reference to this Act, or to the corresponding provision, if any, of this Act.