New South Wales Repealed Acts

This legislation has been repealed.

PROTECTED ESTATES ACT 1983 - SECT 28

28 Disposition of money in hands of Protective Commissioner

(1) The Protective Commissioner may apply money comprising the whole or any part of the estate of a protected person or protected missing person towards any one or more of the following purposes:

(a) the payment of the debts and engagements of the protected person or protected missing person and the repayment of expenses chargeable to the estate of the protected person or protected missing person,

(b) in the event of the death of the protected person or protected missing person, the person’s funeral expenses,

(c) the maintenance of the spouse of the protected person or protected missing person or any child, parent or other person dependent upon the protected person or protected missing person, or for whose maintenance the protected person or protected missing person provided when not a protected person or protected missing person or would be expected to provide,

(d) the payment of all proper costs incurred in or about the care, protection, recovery, sale, mortgage, leasing, disposal and management of the estate of the protected person or protected missing person,

(e) the preservation and improvement of the estate of the protected person or protected missing person,

(f) the taking up of rights to issues of new shares, or options for new shares, to which the protected person or protected missing person may become entitled by virtue of any shareholdings,

(g) the investment of money, being money not required for the time being for a purpose referred to in paragraphs (a)-(f) above:

(i) in any form of investment, or

(ii) if the Protective Commissioner is aware that the protected person or protected missing person prefers a particular form of investment, in the form of investment preferred by that person.

(1AA) In addition to the purposes set out in subsection (1), the Protective Commissioner may apply money comprising the whole or part of the estate of a protected person towards the maintenance, clothing, medicine and care, past and future, of the protected person.

(1A) The power to invest money under subsection (1) (g) (i) is to be exercised in accordance with the Trustee Act 1925 .

(2) Despite section 14DA of the Trustee Act 1925 , the Protective Commissioner may purchase real estate under subsection (1) (g) (i) if it appears to the Protective Commissioner to be desirable for the purpose of:

(a) protecting the estate from injury or deterioration in value,

(b) increasing the value or facilitating the sale of other lands of the estate, or

(c) providing a home for the protected person or any dependants of the protected person or protected missing person.

(3) For the purpose of ascertaining whether or not a protected person or protected missing person prefers a particular form of investment, the Protective Commissioner may have regard to the following matters:

(a) any investments made by the protected person or protected missing person before his or her estate became subject to management under this Act, being investments of which the Protective Commissioner is aware,

(c) any statements made to the Protective Commissioner by relatives of the protected person or protected missing person, and verified by statutory declaration, as to the views expressed to them by the protected person or protected missing person, either before or after his or her estate became subject to management under this Act, regarding his or her preferred forms of investment.

(4) In addition to the matters set out in subsection (3), for the purposes of ascertaining whether a protected person prefers a particular form of investment, the Protective Commissioner may have regard to any views expressed to the Protective Commissioner by the protected person regarding the person’s preferred form of investment.