PUBLIC TRUSTEE ACT 1941 - SECT 21

PUBLIC TRUSTEE ACT 1941 - SECT 21

21 .         Advisory trustees

        (1)         In the administration of any trust estate as trustee thereof the Public Trustee may act with an advisory trustee or advisory trustees to the extent herein provided.

        (2)         An advisory trustee or advisory trustees may be appointed —

            (a)         by order of the Court made on the application of any beneficiary or of any person on whose application the Court would have power to appoint a new trustee;

            (b)         by the trust instrument; or

            (c)         by any person having power to appoint new trustees.

        (3)         No such advisory trustee shall be liable as such for any act or thing done by the Public Trustee, whether with or without the advice of any such advisory trustee.

        (4)         Where the Public Trustee acts with advisory trustees the trust property shall be vested in the Public Trustee, and he shall have the sole management and administration of the estate and its trusts as fully and effectually as if he were the sole trustee.

        (4A)         On any matter relating to the trusts or the estate —

            (a)         the Public Trustee may consult the advisory trustees; and

            (b)         the advisory trustees may advise the Public Trustee.

        (5)         In cases of difference between the Public Trustee and the advisory trustees, either the Public Trustee or the advisory trustees may submit the matter in dispute in a summary manner to a Judge of the Court in chambers, whose decision thereon shall be final, and shall bind both the Public Trustee and the advisory trustees.

        (6)         No person dealing with the Public Trustee shall be concerned to inquire as to the concurrence or otherwise of the advisory trustees, or be affected by notice of the fact that the advisory trustees have not concurred.

        (7)         The power of appointing a new advisory trustee, when exercisable by the continuing advisory trustees, shall be exercised by them alone, but the Public Trustee shall have the same power of applying to the Court for the appointment of a new advisory trustee as is possessed by any other person.

        (8)         The regulations may provide for the remuneration, subject to the provisions of the trust instrument (if any), of advisory trustees out of the estate.

        [Section 21 amended: No. 19 of 2010 s. 51.]