Victorian Consolidated Legislation

Trustee Act 1958 - SECT 42

Supplemental provisions as to appointment of trustees

42. Supplemental provisions as to appointment of trustees



(1) On the appointment of a trustee for the whole or any part of trust
property-

   (a)  the number of trustees may, subject to the restrictions imposed by
        this Act on the number of trustees, be increased; and

   (b)  a separate set of trustees, not exceeding four, may be appointed for
        any part of the trust property held on trusts distinct from those
        relating to any other part or parts of the trust property,
        notwithstanding that no new trustees or trustee are or is to be
        appointed for other parts of the trust property, and any existing
        trustee may be appointed or remain one of such separate set of
        trustees, or, if only one trustee was originally appointed, then, save
        as hereinafter provided, one separate trustee may be so appointed; and

   (c)  it shall not be obligatory, save as hereinafter provided, to appoint
        more than one new trustee where only one trustee was originally
        appointed, or to fill up the original number of trustees where more
        than two trustees were originally appointed, but, except where only
        one trustee was originally appointed, and a sole trustee when
        appointed will be able to give valid receipts for all capital money10,
        a trustee shall not be discharged from his trust unless there will be
        either a trustee company or at least two individuals to act as
        trustees to perform the trust; and

   (d)  any assurance or thing requisite for vesting the trust property, or
        any part thereof, in a sole trustee, or jointly in the persons who are
        the trustees, shall be executed or done.

(2) Nothing in this Act shall authorize the appointment of a sole trustee, not
being a trustee company, where the trustee when appointed would not be able to
give valid receipts for all capital money arising under the trust11.