TRUSTEE ACT 1936
TRUSTEE ACT 1936
TABLE OF PROVISIONS
Long Title
PART A1--Preliminary
1. Short title
4. Interpretation
PART 1--Investments
5. Application of Part
6. Power of trustee to invest
7. Duties of trustee in respect of power of investment
8. Law and equity preserved
9. Matters to which trustee must have regard in exercising power of investment
9A. Charitable trustees to consider certain advice etc
10. Powers of trustee in relation to securities
11. Power of trustee as to calls on shares
12. Power to purchase dwelling house as residence for beneficiary
13. Power of trustee to retain investments
13A. Loans and investments by trustees not breaches of trust in certain circumstances
13B. Limitation of liability of trustee for loss on improper investments
13C. Court may take into account investment strategy in action for breach of trust
13D. Power of court to set off gains and losses arising from investment
13E. Transitional provision
PART 2--Powers and duties of trustees
Division 1--Appointment of new trustees
14. Power of appointing new trustees
14A. Appointment of separate trustees
14B. Appointment of additional trustees
15. Retirement of trustees
16. Vesting of trust property in new or continuing trustees
Division 2--Power of trustee to delegate etc
17. Trustee's power of delegation
17A. Power of delegation of members of fighting forces
18. Revocation of power of attorney not effectual as against person in ignorance
19. Trustee's ADI account
19A. Power of fiduciaries as to cheques
Division 3--Purchase and sale
20. Power of trustees for sale to sell by auction and convey and to set apart roads and reserves
21. Power to sell subject to depreciating conditions
23. Power to take mortgage for part purchase money
23A. Deferred payment on sale of land
23B. Sale after right of redemption barred
23C. Power to purchase equity of redemption in lieu of foreclosure
Division 4--Miscellaneous powers and liabilities
24. Power to authorise receipt of money by banker or solicitor
25. Powers of trustee as to insurance
25A. Repairs to trust property
25B. Power of Court to authorise alterations and repairs
25C. Power of trustee as to granting leases
26. Power of trustees of renewable leaseholds to renew and raise money for the purpose
26A. Power to surrender leases with onerous covenants
27. Power of trustee to give receipts
28. Power for executors and trustees to compound etc
28A. Power to release equity of redemption in satisfaction of mortgage debt
28B. General power of trustee to raise money
28C. Application of income by trustee-mortgagee in possession
29. Distribution of estate after notice by representative or trustee
30. Liability of trustee in respect of rents, covenants etc
31. Shares with contingent liability
32. Powers of two or more trustees
33. Powers of trustees as to maintenance and accumulation
33A. Power to apply capital towards advancement and benefit
34A. Notice where trustee acts in two or more trusts
35. Liability of trustees
35A. Investment of pecuniary bequest
35B. Variation of employees' benefit fund
PART 3--Powers of the Court
Division 1--Appointment of new trustees and vesting orders
36. Power of the Court to appoint new trustee
37. Vesting order as to land
38. Contingent rights of unborn trustees
39. Effects of vesting order
40. Power to appoint person to convey
41. Vesting orders as to stock and choses in action
42. Persons entitled to apply for vesting orders
43. Powers of new trustee appointed by Court
44. Power to charge costs on trust estate
45. Trustees of charities
46. Orders made upon certain allegations to be conclusive evidence
Division 2--Payment into Court by trustees and mortgagees
47. Payment into Court by trustees and mortgagees
Division 3--Sales of trust property
48. Trustee to have power to sell or convey in certain cases
49. Power for Court to authorise purchase of trust property by trustee
50. Power to sanction sale of land or minerals separately
51. Power of trustees to dispose of land held in trust for a church
52. Power to apply proceeds of sale, mortgage, or lease
53. Power of association holding land in trust for religious purposes to dispose of same
54. Restriction of application of Act
55. Trustee may sell land with consent of Court
Division 4--Relief from liability for breach of trust
56. Jurisdiction of Supreme Court in cases of breach of trust
57. Power to make beneficiary indemnify for breach of trust
Division 5--Miscellaneous
58. Power to give judgment in absence of a trustee
59B. Advantageous dealings
59C. Power of Court to authorise variations of trust
PART 4--Charitable trusts procedure
60. Applications to Supreme Court
61. Application to be accompanied by affidavit
62. Application to be heard in open court
63. Evidence may be brought by affidavit or otherwise
64. Service of application and copy of affidavit
65. Attorney-General may address court at hearing
66. Person may address court with permission of Judge
67. Powers of court in dealing with application
68. Court may order costs
69. Powers of Supreme Court may be exercised by a single Judge
69A. Inclusion of non-charitable and invalid purposes not to invalidate a trust
69B. Alteration of purposes of charitable trust
69C. Recreational charities
69D. Trusts may be charitable despite connection to government
PART 5--Special provisions as to appointment of new trustees
70. This Part to be permissive
71. Application of this Part
72. Interpretation
73. Form of appointment of new trustee
74. Extension of power of appointing new trustees
75. Appointment of new trustees may be registered
76. Registration to vest estates in new trustees
77. Registered proprietors
78. Registration with power of disposition to lesser number of joint owners
79. Form of memorandum of appointment of new trustee
80. Verification of memorandum
81. Verification of memorandum in special case
82. Preservation of powers of Registrar-General
83. Preservation of liability of trustee
84. False affidavit or declaration
PART 5A--Records to be kept by trustees and investigations
84A. Interpretation
84B. Records to be kept by trustee
84C. Appointment of inspector
84D. Powers of an inspector
84E. Reports to be made to Attorney-General
84F. Confidentiality
PART 6--Miscellaneous and supplemental
85. Commission concerning person of unsound mind
86. Provisions of Act in addition to unrepealed Act
87. Application to trustee under Settled Estates Act of provisions as to appointment of trustees
89. Registration of vesting order or transfer
90. Parties entitled may apply to Court by summons
91. Advice and directions of court and commission
92. Power to make order in action or matter
93. Indemnity
94. Regulations
SCHEDULE 1--Appointment of new trustees
SCHEDULE 2--Memorandum of the appointment of new trustees
SCHEDULE 3--Verification of memorandum of appointment of new trustees
Legislative history
