Queensland Consolidated Acts

TRUSTEE COMPANIES ACT 1968

TABLE OF PROVISIONS

           Long Title

           Contents

           Part 1--Preliminary

   1.      Short title
   4.      Definitions
   4AA.    Powers conferred on trustee companies are additional powers
   4A.     Subsidiaries, holding companies and related corporations

           Part 2--Duties, functions, offices

   5.      Trustee company may act as executor and obtain probate
   6.      Persons entitled to obtain probate of the will or administration with the will annexed may authorise trustee company to apply for administration with will annexed
   7.      Person entitled to obtain administration on intestacy may authorise trustee company to obtain administration
   8.      Saving rights of other persons to administration
   9.      Person entitled to probate may join with trustee company in applying for letters of administration to the trustee company
   10.     Trustee company may act as administrator notwithstanding its incorporation
   11.     Reseal of probate and letters of administration
   12.     Power of trustee companies to elect to administer small estates without grant of administration
   13.     Elections in respect of unadministered balance of an estate
   14.     Notice of filing of election
   15.     Operation of election to administer as regards property out of State
   16.     Revocation of elections filed in error
   17.     Effect of joint grant on application under s 6
   18.     Effect of disclaimer of trustee on authorisation under s 6
   19.     Effect of disclaimer of trustee on joint application under s 9
   20.     Executor or administrator may appoint trustee company in his or her place
   21.     Trustee company may be appointed trustee receiver etc.
   22.     Trustee company may act under power of attorney by an officer of the company etc.
   23.     A holder of certain offices and positions may appoint a trustee company to discharge duties
   24.     Trustee may appoint a trustee company a trustee
   25.     Property vested in trustee company and another as trustees to be held jointly
   26.     Payment of legacies of infants to trustee company
   27.     Appointment of trustee company where person whose consent is required refuses or is unable to consent

           Part 3--Powers

   28.     General powers of trustee company
   29.     Administrator carrying on intestate's business
   30.     Power of company in certain cases of devises of realty
   31.     Power to apply income, or capital, for maintenance etc.
   32.     Power to distribute assets of estate after notice on failure of action by claimant creditor
   33.     Power to distribute estate where possible claimants have not claimed
   34.     When trustee company may pay claims without legal proof
   35.     Shares of infants during infancy
   36.     Common funds
   36A.    Cash common fund
   37.     Contributory investments
   38.     Co-administrator may exercise powers of trustee company
   39.     Certificate by trustee company as to its legal status in any matter
   40.     Application of part 3

           Part 4--Commission, fees etc.

   41.     Commission chargeable by a trustee company
   42.     When commission payable
   43.     When legatee to bear commission on legacy
   44.     Additional fee for carrying on business
   45.     Fee for work and services
   45A.    Recovery of GST

           Part 5--Supervision by Court

   46.     Court to act upon affidavit of officer of trustee company
   47.     Application for consent to be by motion
   48.     An officer may attend on behalf of a trustee company, and be personally responsible
   49.     Removal from office
   50.     Filling and passing accounts by trustee company
   51.     Court may order account
   52.     Court may order audit
   53.     Court may restrain sale of shares or voluntary winding-up

           Part 6--Security for due administration

   54.     Quantum of paid-up capital of trustee companies
   55.     Capital and other assets of trustee company liable for proper discharge of functions
   56.     Investment of capital in name of Treasurer
   57.     No bond required in certain cases
   58.     Court may order winding-up
   59.     Trusts of s 56 moneys

           Part 7--Company regulation

   60.     Insolvent director to vacate office
   61.     Liability of directors
   62.     Appointment of attorney by trustee company
   63.     Provisions with respect to capital and liability of shareholders etc.
   64.     Separate accounts to be kept
   64A.    Trustee company to give information to Minister
   65.     Declaration as to state of trustee company's affairs to be made yearly
   66.     Balance sheet
   66A.    Borrowing by trustee company
   66B.    Liability under guarantee
   66C.    Loans etc. from estates to related corporations prohibited
   66D.    Investments may be retained
   66E.    Declaration by trustee company
   66F.    Insurance
   66G.    Trustee company's liability in unincorporated association limited

           Part 8--General

   67.     Penalty provisions
   68.     Settlors or testators may appoint own solicitors
   69.     Other companies may apply for similar powers
   70.     Evidence of failure to give notice to a trustee company
   71.     Delegations
   73.     Provisions relating to ex trustee companies
   73A.    Regulation-making power
           SCHEDULE 2
           Endnotes