TRUSTEE ACT 1958 - SECT 2 Repeals, savings and application of Act

TRUSTEE ACT 1958 - SECT 2

    (1)     The Acts mentioned in the First Schedule to this Act to the extent thereby expressed to be repealed are hereby repealed accordingly.

    (2)     Except as in this Act expressly or by necessary implication provided—

        (a)     all persons things and circumstances appointed or created by or under any of the repealed Acts or existing or continuing under any of the repealed Acts immediately before the commencement of this Act shall under and subject to this Act continue to have the same status operation and effect as they respectively would have had under the repealed Acts if they had not been so repealed; and

        (b)     in particular and without affecting the generality of the last preceding paragraph, such repeal shall not affect any debenture or stock issued or any vesting order or appointment made or other thing done under any of such Acts and any order or appointment so made may be revoked or varied in like manner as if it had been made under this Act, and such repeal shall not affect any limitation imposed in respect of instruments executed before the passing of the Statute of Trusts 1864 if such limitation is operative at the commencement of this Act, and the provisions of the Trustee Act 1931 in relation to converted securities and the discretions authorities immunities protections rights powers and obligations of trustees shall continue in operation as though the said Act had not been repealed.

S. 2(3) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 57), 45/1994 s. 42(Sch. item 12.1).

    (3)     This Act, except where otherwise expressly provided shall apply to trusts including, so far as this Act applies thereto, executorships and administratorships constituted or created either before or after the commencement of this Act.

The powers and discretions conferred and the duties imposed on, and the directions given and indemnities immunities and protection allowed to, trustees and other persons by this Act shall be in addition to the powers discretions duties directions indemnities immunities and protection set out in the instrument (if any) creating the trust, but the powers discretions duties and directions provided for in this Act, unless otherwise stated, shall apply if and so far only as a contrary intention is not expressed in the instrument (if any) creating the trust, and shall have effect subject to the terms of that instrument.

This Act shall not affect the legality or validity of anything done before the commencement of this Act, except as otherwise hereinafter expressly provided.

Nothing in this Act shall affect the operation of section 8 of the State Trustee (State Owned Company) Act 1994 .

No. 5770 s. 3.