New South Wales Repealed Acts

This legislation has been repealed.

PUBLIC TRUSTEE ACT 1913 - SECT 43

43 Shares and stock

(1) Where the estate of any person which is being administered by the Public Trustee consists wholly or partly of shares, stock, or property in any body, whether corporate or not, or in any association, or where such shares, stock, or property are vested in the Public Trustee under the terms of any settlement, or are purchased by the Public Trustee in the exercise of any trust, direction, or authority imposed or conferred upon the Public Trustee, then, notwithstanding any law or provisions affecting the registration of persons holding shares, stock, or property as trustees, or in any other representative capacity, the Public Trustee shall be entitled to be registered in the Public Trustee’s corporate name as the proprietor of such shares, stock, or property as trustee, or in any other representative capacity, as the Public Trustee may require; but under no circumstances shall the Public Trustee’s liability in respect of such shares, stock, or property exceed the value of the other assets which, at the time when any demand is made for the satisfaction of any such liability the Public Trustee holds in trust for the person beneficially entitled to such shares, stock, or property.
If such assets are insufficient to meet such liability, then such body or corporation and any person lawfully acting on its behalf shall, in respect of any unpaid balance of such liability, have the same rights and remedies against any such person so beneficially entitled as if the latter were the registered proprietor of such shares, stock, or property.

(2) The Public Trustee, upon registration, shall for all purposes, excepting as to liability as aforesaid, be deemed to be the registered proprietor of any such shares, stock, or property; and neither the body nor association aforesaid, nor any person dealing with the Public Trustee, shall be concerned to see or inquire whether any acts, dealings, or transactions by or with the Public Trustee are or are not within the Public Trustee’s powers.

(3) Nothing in the Companies (New South Wales) Code affects the provisions of this section.