Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 13

Appointment as trustee etc.

13. Appointment as trustee etc.



(1) Where probate or letters of administration are granted to a trustee
company, the capital, and all other assets (including the reserve fund) of the
trustee company shall be liable for the proper administration of the estate
committed to the trustee company.

(2) Where a trustee company keeps invested $20 000 or more in its reserve
fund, the liability of the capital and assets (including the reserve fund) of
the trustee company shall be deemed, in the case of letters of administration
granted to the trustee company, to be sufficient security in place and stead
of the guarantee taken in the case of private individuals to whom letters of
administration may be granted.