New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 24

24 Court may restrain sale of shares or voluntary winding-up

(1) So long as any estate in respect of which a trustee company is executor, administrator, trustee, receiver, committee, manager or guardian, remains in whole or in part unadministered it shall not be lawful to proceed to wind up the trustee company voluntarily unless with the sanction of the Court.

(2) Any person interested in an estate or who has any claim in respect of any such estate may apply to the Court:

(a) to restrain any director or shareholder from disposing of any shares such director or shareholder may hold in the trustee company,

(b) to restrain the voluntary winding-up of the trustee company.