Victorian Consolidated Legislation

TRUSTEE ACT 1958

No. 6401 of 1958
Version incorporating amendments as at 17 December 2008

TABLE OF PROVISIONS

           Section Page

   PART IA-PRELIMINARY

   1.      Short title and commencement
   2.      Repeals, savings and application of Act
   3.      Definitions

   PARTS IB-1D-Repealed

           3A-3B. Repealed

   PART I-INVESTMENTS

   4.      Application of Part
   5.      Investments of trust funds
   6.      Duties of trustee in respect of power of investment
   7.      Law and equity preserved
   8.      Matters to which trustee must have regard in exercising power of investment
   9.      Powers of trustee in relation to securities
   9A.     Investment in securities under RITS system
   10.     Power of trustee as to calls on shares
   11.     Power to purchase dwelling house as residence for beneficiary
   12.     Power of trustee to retain investments
   12A.    Loans and investments by trustees not breaches of trust in certain circumstances
   12B.    Limitation of liability of trustee for loss on improper
           investments
   12C.    Factors Court may take into account in action for breach of
           trust
   12D.    Power of Court to set off gains and losses arising from investment
   12E.    Housing loans by trustees
   12F.    Transitional provision

   PART II-GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

           Division 1-General powers

   13.     Power of trustees to sell by auction etc.
   14.     Duration of trust or power to sell
   15.     Power to sell subject to depreciatory conditions
   16.     Mortgage on sale of land
   17.     Deferred payment on sale of land
   18.     Power to trustees to give receipts
   19.     Power to compound liabilities
   20.     Power to raise money by sale, mortgage etc.
   21.     Protection to purchasers and mortgagees dealing with trustees
   22.     Devolution of powers or trusts
   23.     Power to insure
   24.     Application of insurance money where policy kept up under any trust power or obligation
   25.     Deposit of documents with bankers for safe custody
   26.     Reversionary interests and valuations
   27.     Audit
   28.     Power to employ agents
   29.     Power to concur with others
   30.     Power to delegate trusts during absence abroad
   31.     Trustee's power of appropriation

           Division 2-Indemnities

   32.     Protection against liability in respect of rents and covenants
   33.     Protection by means of advertisements
   34.     Personal representatives relieved from personal liability in respect of calls made after transfer of shares
   35.     Protection in regard to notice when a person is trustee etc. of more than one estate or trust
   36.     Implied indemnity of trustees

           Division 3-Maintenance advancement and protective trusts

   37.     Power to apply income for maintenance etc. and to accumulate surplus income during a minority
   38.     Use of capital for maintenance education advancement and benefit of beneficiaries
   39.     Protective trusts

   PART III-APPOINTMENT AND DISCHARGE OF TRUSTEES

   40.     Limitation of the number of trustees
   41.     Power of appointing new or additional trustees
   42.     Supplemental provisions as to appointment of trustees
   43.     Evidence as to vacancy in a trust
   44.     Retirement of trustee without a new appointment
   45.     Vesting of trust property in new trustee or continuing trustees
   46.     Disclaimer of trusts on renunciation of probate
   47.     Trustee company obtaining grant to become trustee

   PART IV-POWERS OF THE COURT

           Division 1-Appointment of new trustees

   48.     Power of Court to appoint new trustees
   49.     Effect of order under the preceding section
   50.     Powers of new trustee appointed by the Court

           Division 2-Vesting orders

   51.     Vesting orders
   52.     In whom property to be vested etc.
   53.     Orders as to contingent rights of unborn persons
   54.     Vesting order in place of conveyance by minor or mentally ill mortgagee
   55.     Vesting orders in relation to minor's beneficial interests
   56.     Vesting order consequential on order for sale or mortgage of
           land
   57.     Vesting order consequential on judgment for specific performance etc.
   58.     Effect of vesting order
   59.     Directions etc. as to manner of transferring stock etc.
   60.     Power to appoint person to convey
   61.     Vesting orders of charity property
   62.     Commission concerning persons of unsound mind

           Division 3-Jurisdiction to make other orders

   63.     Power of Court to authorize dealings with trust property
   63A.    Power of Court to vary trusts
   64.     Persons entitled to apply for orders
   65.     Persons entitled to apply for trustee
   66.     Power to charge costs or to order payment
   67.     Power to relieve trustee from personal liability
   68.     Indemnity for breach of trust

           Division 4-Payment into Court

   69.     Payment into court by trustees

   PART V-GENERAL PROVISIONS

   70.     Application of Act to Settled Land Act trustees
   71.     Appointment of certain corporations as custodian trustees
   72.     Trust estates not affected by trustee becoming a convict
   73.     Repealed
   74.     Application of income of settled residuary estate
   75.     Certain periodical payments to be applied as income
   76.     Payment to representative official on behalf of residents or subjects of countries outside Australia
   77.     Commission allowable to trustee of a settlement
   78.     Indemnity to banks etc.
           __________________
           SCHEDULE 1-Repeals
           SCHEDULE 2-Notice by advertisement
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           ENDNOTES
           1. General Information
           2. Table of Amendments
           3. Explanatory Details