Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 17

Executor or administrator may appoint trustee company

17. Executor or administrator may appoint trustee company



(1) It shall be lawful-

   (a)  for an executor or administrator acting under any probate or letters
        of administration, whether granted before or after the commencement of
        this section;

   (b)  for a trustee;

   (c)  with the consent of the Victorian Civil and Administrative Tribunal,
        for an administrator appointed under the
        Guardianship and Administration Act 1986; or



   (d)  with the consent of the Supreme Court, for the guardian of a minor-

to appoint a trustee company to perform and discharge all the acts and duties
of the executor, administrator, trustee or guardian and the trustee company
shall have power to perform and discharge those acts and duties.

(2) Where a trustee company is appointed under subsection (1)-

   (a)  the capital and all other assets of the trustee company shall be
        liable for the proper discharge of the duties referred to in
        subsection (1);



   (b)  the executor, administrator, trustee or guardian that appointed the
        trustee company shall be released from liability in respect of all
        acts done, or omitted to be done, by the trustee company acting under
        that appointment.