Queensland Consolidated Acts Queensland Consolidated Acts(1) A trustee may, with the consent of the public trustee, pay any moneys or transfer any investment held by the trustee on trust for any infant, whether the interest of the infant therein be vested or contingent, to the public trustee and by writing direct the public trustee to hold such moneys or investments and account therefor according to law.
(2) A trustee who is holding any moneys or investment, not exceeding in the aggregate, in the opinion of the public trustee, $75000 in value, for any person (other than an infant) who, in the opinion of the public trustee, on evidence produced to the public trustee by such trustee or otherwise, is incapable of giving a discharge therefor or whose whereabouts or whether the person is alive or dead are unknown to such trustee may, with the consent of the public trustee, pay such moneys or transfer such investment to the public trustee and furnish such writing as is referred to in subsection (1).
(3) The trustee shall furnish the public trustee with a copy of any relevant trust instrument.
(4) The writing shall declare whether the moneys or investment is the whole amount or the whole remaining amount or part only of the amount to which such infant or other person is entitled, and how much of the amount is capital and how much is income and, in the case of moneys or investment to which an infant is contingently entitled, the person or persons who will become solely entitled thereto, or so much thereof as remains, in the event of the infant failing to attain a vested interest therein, and the shares and interests of these persons; and such other matters as the public trustee may require.
(5) The writing shall be certified correct by the trustee and the public trustee shall not be under any obligation to inquire into the accuracy of the certificate nor shall the public trustee incur any liability through acting upon any statement contained in the writing.
(6) Upon subsections (1) to (5) being complied with, the writing shall vest in the public trustee all the powers of the trustee in respect of the moneys or investment, whether conferred by the trust instrument or by statute or in any other manner, in addition to the powers conferred upon the public trustee by this Act (including, in a case to which it is applicable, the provisions of section 19).
(7) The public trustee when acting under this section shall be liable only in respect of moneys or investments actually received by the public trustee, and shall not be liable for any act, omission or payment done or made by the public trustee on the faith of the facts stated in the written direction referred to in this section.