TRUSTS ACT 1973 - As at 24 November 2017 - Act 24 of 1973
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 (Repealed)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 (Repealed)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
