Victorian Consolidated Legislation

TRUSTEE COMPANIES ACT 1984

No. 10168 of 1984
Version incorporating amendments as at 21 May 2009

TABLE OF PROVISIONS

           Section Page

   PART I-PRELIMINARY

   1.      Short title
   2.      Commencement
   3.      Repealed
   4.      Definitions
   5.      Acquisition or disposal of and entitlement to shares

   PART II-AUTHORIZATION OF TRUSTEE COMPANIES

   6.      Trustee companies
   7.      Authorization as trustee company
   8.      Suspension or revocation of authority

   PART III-POWERS OF TRUSTEE COMPANIES

   9.      Trustee company may act as executor or administrator
   10.     Authority for trustee company to obtain probate
   11.     Authority for trustee company to obtain letters of
           administration
   11A.    Election by trustee company to administer estate
   12.     Court may act on affidavit of manager etc.
   13.     Appointment as trustee etc.
   14.     Trustee company may be appointed trustee, receiver or
           guardian of estate
   15.     Trustee company may act under power of attorney
   16.     Trustee company may be appointed to act as temporary
           executor, administrator or trustee
   17.     Executor or administrator may appoint trustee company
   18.     Application for consent
   19.     Managing director or manager may act
   20.     Certain voting rights not exercisable
   20A.    Preparation of wills

   PART IV-COMMISSIONS AND CHARGES

   21.     Commission chargeable by trustee company
   21A.    Fee for administering perpetual trust
   22.     Supreme Court may allow additional commission
   23.     Certain commissions prohibited
   24.     Fees for services etc.

   PART V-ADMINISTRATION OF ESTATES

   25.     Trustee company to be subject to same duties as individual
   26.     Trustee company may be removed from office by Supreme
           Court
   27.     Order for account
   28.     Supreme Court may order audit of estate
   29.     No winding up where estate unadministered
   30.     Winding up by the Court and transfer to new trustee
   31.     Borrowing by trustee company
   32.     Loans from estates to related corporations prohibited
   33.     Liability under guarantee
   34.     Separate accounts of each estate to be kept
   35.     Trustee company to give information to Minister

   PART VI-RESERVE LIABILITY AND RESERVE FUND

   36.     Reserve liability and reserve fund
   37.     Reserve fund
   38.     Investments of moneys in reserve fund
   39.     Payments out of reserve fund

   PART VII-COMMON FUNDS AND INVESTMENTS

   40.     Common funds
   41.     Cash common fund
   41A.    Investment of money
   42.     Regulations regulating common funds

   PART VIII-CLAIMS AND DISTRIBUTION

   43.     Refusal of claim
   44.     Power to make distribution if claimants fail to claim

   PART IX-ACQUISITION OF SHARES IN TRUSTEE COMPANIES

   45.     Restriction on acquisition of shares
   46.     Acquisitions to which section 45 does not apply
   47.     Orders where prohibited acquisitions take place
   48.     Acquisition of shares in trustee companies other than
           Victorian companies
   49.     Trustee company not to refuse to register shares

   PART X-GENERAL

   50.     Convening of meetings
   51.     Reduction of share capital
   52.     Declaration by trustee company
   53.     Act not to preclude other companies from applying for
           similar powers
   54.     Testators may appoint their own lawyers
   54A.    Offences by directors
   55.     Regulations
           __________________
           SCHEDULE 1-Repealed
           SCHEDULE 2-Trustee companies
           SCHEDULE 3-Repealed
           ---------------
           ENDNOTES
           1. General Information
           2. Table of Amendments
           3. Explanatory Details