TRUSTS ACT 1973 - As at 24 November 2017 - Act 24 of 1973

Table of Provisions

• Long Title

PART 1 - PRELIMINARY

• 1 Short title
2. (Repealed) 3. (Repealed)
• 4 Application
• 5 Definitions
• 5A Meaning of investment etc. on the security of property
• 6 Exercise of powers
• 7 Exercise of powers by statutory trustee
• 7A Effect of exercise of powers
• 8 Application to court to review acts and decisions
• 9 Effect of conversion of property under statutory power

PART 2 - APPOINTMENT AND DISCHARGE OF TRUSTEES—DEVOLUTION OF TRUSTS

• 10 Application of part
• 11 Limitation of the number of trustees
• 12 Power of appointing new trustees
• 13 Evidence as to a vacancy in a trust
• 14 Retirement of trustee without a new appointment
• 15 Vesting of trust property in new and continuing trustees
• 16 Devolution of trust assets and trust powers upon death
• 17 Devolution of mortgage estates on death
• 18 Disclaimer of trusts on renunciation of probate
• 19 Custodian trustees

PART 3 - INVESTMENTS

• 20 Application of particular provisions
• 21 Power of trustee to invest
• 22 Duties of trustee in relation to power of investment
• 23 Law and equity preserved
• 24 Matters to which trustee must have regard in exercising power of investment
• 25 Powers of trustee in relation to securities
• 26 Investment in securities under RITS
• 27 Power of trustee as to calls on shares
• 28 Power to purchase dwelling house as residence for beneficiary
• 29 Power of trustee to retain investments
• 30 Loans and investments by trustees not breaches of trust in particular circumstances
• 30A Limitation of liability of trustee for loss on improper investments
• 30B Court may take into account investment strategy etc. in action for breach of trust
• 30C Power of court to set off gains and losses arising from investment

PART 4 - GENERAL POWERS OF TRUSTEES

• 31 Application of part
• 32 Powers to sell, exchange, partition, postpone, lease etc.
• 33 Miscellaneous powers in respect of property
• 34 Power of trustee to sell by auction etc.
• 35 Power to sell subject to depreciatory conditions
• 36 Mortgage on sale of land
• 37 Deferred payment on sale of property
• 38 Surrender of onerous leases or property
• 39 Power to renew leases
• 40 Power to purchase equity of redemption in lieu of foreclosure
• 41 Release of equity of redemption in discharge of mortgage debt
• 42 Application of income by trustee-mortgagee in possession
• 43 Power of trustee to give receipts
• 44 Power to compound liabilities
• 45 Power to raise money by sale or mortgage
• 46 Protection to purchasers and mortgagees dealing with trustees
• 47 Insurance
• 48 Application of insurance money
• 49 Deposit of documents for safe custody
• 50 Reversionary interests
• 51 Valuations
• 52 Audit
• 53 Power to concur with others
• 54 Power to employ agents
• 55 Protection of financial institutions
• 56 Power to delegate trusts
• 57 Power to carry on business
• 58 Power to convert business into a company
• 59 Trustee may sue himself or herself in a different capacity

PART 5 - MAINTENANCE, ADVANCEMENT AND PROTECTIVE TRUSTS

• 60 Application of part
• 61 Power to apply income for maintenance etc. and to accumulate surplus income during a minority
• 62 Power to apply capital for advancement etc.
• 63 Conditional advances for maintenance etc.
• 64 Protective trusts

PART 6 - INDEMNITIES AND PROTECTION OF TRUSTEES ETC.

• 65 Application of part
• 66 Protection against liability in respect of rents and covenants
• 67 Protection of trustees by means of advertisements
• 68 Barring of claims
• 69 Protection in regard to notice when a person is trustee etc. of more than 1 estate or trust
• 70 Exoneration of trustees in respect of certain powers of attorney
• 71 Implied indemnity of trustees
• 72 Reimbursement of trustee out of trust property
• 73 Delivery of chattels to life tenant
• 74 Delivery of chattels to infant
• 75 Personal representatives relieved from personal liability in respect of calls made after transfer of shares
• 76 Power of court to relieve trustee from personal liability
• 77 Power of court to make beneficiary indemnify for breach of trust
• 78 Abolition of rule in Allhusen v Whittell

PART 7 - FURTHER POWERS OF THE COURT

Division 1 - Application of part

• 79 Application of part

Division 2 - Appointment of new trustees

• 80 Power of court to appoint new trustees
• 81 Powers of new trustee

Division 3 - Vesting orders

• 82 Vesting orders
• 83 In whom property to be vested etc.
• 84 Orders as to contingent rights of unborn persons
• 85 Vesting order in place of conveyance by mortgagee under disability
• 86 Contracts by guardians on behalf of infants
• 87 Vesting orders etc. in relation to infant’s beneficial interests
• 88 Vesting order consequential on order for sale or mortgage of land
• 89 Vesting order consequential on judgment for specific performance
• 90 Effect of vesting order
• 91 Directions etc. as to transferring stock etc.
• 92 Power to appoint persons to convey
• 93 Vesting orders of charity property

Division 4 - Jurisdiction to make other orders

• 94 Court’s jurisdiction to make other orders
• 95 Power of court to authorise variations of trust
• 96 Right of trustee to apply to court for directions
• 97 Protection of trustees while acting under direction of court
• 98 Persons entitled to apply to court
• 99 Power of court to make orders in absence of parties
• 100 Power of court to charge costs on trust estate
• 101 Remuneration of trustee
• 102 Payment into court by trustee

PART 8 - CHARITIES

• 103 Meaning of charity
• 104 Inclusion of non-charitable purpose not to invalidate trust
• 105 Occasions for applying property cy pres
• 106 Proceedings in case of charitable trust

PART 9 - GIFTS BY PARTICULAR TRUSTS FOR PHILANTHROPIC PURPOSES

• 107 Definitions for pt 9
• 108 Prescribed trust—trust instrument containing express power to give to eligible recipients
• 109 Prescribed trust—trust instrument not containing express power to give to eligible recipients
• 110 Ancillary provisions

PART 10 - MISCELLANEOUS

• 111 Application of part
• 112 Indemnity
• 113 Remedies for wrongful distribution of trust property
• 114 Fees and commission deemed a testamentary expense
• 115 Costs of inquiring regarding beneficiaries
• 116 Local governments may be trustee for certain purposes
• 117 Requirement upon certain transfers to local government
• 118 Approval of forms

PART 11 - TRANSITIONAL PROVISION FOR TRUSTS (INVESTMENTS) AMENDMENT ACT 1999

• 119 Transitional provision for Trusts (Investments) Amendment Act 1999

PART 12 - TRANSITIONAL PROVISIONS FOR CRIMINAL PROCEEDS CONFISCATION AND OTHER ACTS AMENDMENT ACT 2009

• 120 Definitions for pt 12
• 121 Application of pt 9 to existing trusts
• 122 Validation

PART 13 - VALIDATION PROVISION FOR COURT AND CIVIL LEGISLATION AMENDMENT ACT 2017

• 123 Validation of execution of power of attorney for s 56