Western Australian Consolidated Acts

TRUSTEES ACT 1962

TABLE OF PROVISIONS

           Long Title

   PART I -- Preliminary  

   1.      Short title  
   2.      Commencement  
   4.      Repeals  
   5.      Application  
   6.      Terms used in this Act  

   PART II -- Appointment and discharge of trustees  

   7.      New trustees, appointment of  
   8.      New trustee, protection for people dealing with in good faith  
   9.      Trustee may retire without replacement in some cases  
   10.     Trust property, vesting of in new or continuing trustees  
   11.     Corporation may act as trustee in some cases  
   12.     Renouncing probate etc., effect of  
   13.     Trustee corporation obtaining probate etc., effect of  
   14.     Advisory trustees, appointment and functions of  
   15.     Custodian trustees, appointment and functions of  

   PART III -- Investments  

   16.     Application of Part  
   17.     Trust funds, investment of  
   18.     Investment power of trustees, exercise of  
   19.     Investment power of trustees, rules of law and equity apply  
   20.     Investment by trustee, matters to be considered  
   21.     Company shares etc. held in trust, trustees’ powers as to  
   22.     Choses in action under RITS system, presumptions as to  
   23.     Calls on shares, trustees’ powers as to  
   24.     Residence for beneficiary, power to invest in etc.  
   25.     Retained authorised investments, no liability for  
   26.     Loans secured against property, trustees’ liability for  
   26A.    Improper loans, trustees’ limited liability for  
   26B.    Breach of trust as to investments, factors to be considered by Court  
   26C.    Breach of trust as to investments, Court may set off losses against gains  
   26D.    Housing loans, trustees’ liability for  
   26E.    Authorised trustee investments, meaning of  

   PART IV -- General powers of trustees  

   27.     Property, powers to sell, lease, exchange, etc.  
   28.     Trust or power to sell property, duration of  
   28A.    Option to purchase land, trustees’ liability for grant of  
   29.     Rule against perpetuities, application of  
   30.     Property, miscellaneous powers as to  
   31.     Trust or power to sell, ancillary powers to  
   32.     Depreciatory conditions of sale, effect of  
   33.     Land may be sold and proceeds secured by mortgage  
   34.     Property may be sold on terms of deferred payment  
   35.     Onerous leases or property may be surrendered  
   36.     Leases may be renewed  
   37.     Equity of redemption may be purchased instead of foreclosing  
   38.     Property may be sold after right of redemption barred  
   39.     Equity of redemption may be released in discharge of mortgage debt  
   40.     Trustee as mortgagee in possession, application of income by  
   41.     Receipts may be given  
   42.     Property, debts, etc., miscellaneous powers as to  
   43.     Capital money may be raised by sale, mortgage, etc. of trust property  
   44.     Purchasers etc. dealing with trustees, protection for  
   45.     Trustees dying, devolution of powers or trusts  
   46.     Insuring trust property  
   47.     Insurance money, application of  
   48.     Trust’s documents may be put in safe custody  
   49.     Reversionary interests, powers as to  
   50.     Valuation of trust property, powers as to  
   51.     Trust’s accounts, audit of  
   52.     Co-owners, power to act in conjunction with  
   53.     Agents, attorneys, etc., power to employ  
   54.     Delegation of trustees’ powers during absence from State or incapacity  
   55.     Business, trade, etc. of deceased, power to carry on  
   56.     Business, power to convert into, or sell to, a company  
   57.     Trustee may sue himself in a different capacity  

   PART V -- Maintenance, advancement and protective trusts  

   58.     Infant beneficiary, application of income until  
   59.     Capital may be applied for maintenance, education, etc.  
   60.     Advances for maintenance etc. may be made conditionally  
   61.     Protective trusts, rules as to  

   PART VI -- Indemnities and protection of trustees, etc.  

   62.     Leases etc., trustees’ liability under  
   63.     Deceased estate, advertising for claims against, trustees’ protection  
   64.     Claims etc., procedure for barring  
   65.     Deceased estate, claims made after distribution of, tracing, following assets  
   66.     Unknown beneficiaries, advertising for, distribution of shares of  
   67.     Service of notices etc. under s. 30(1)(k), 64 and 66  
   68.     Trustee of more than one trust, protection as to notice  
   69.     Powers of attorney, protection for trustees relying on  
   70.     Trustees liable for own defaults etc. only  
   71.     Trustees’ expenses, reimbursement out of trust property  
   72.     Chattels, bequest of life etc. interest in, trustees’ protection  
   73.     Chattels bequeathed to infant, dealing with  
   74.     Shares, trustees’ liability for calls on after transfer of  
   75.     Breach of trust, Court may relieve trustee from personal liability for  
   76.     Breach of trust, Court may order beneficiary to give indemnity for  

   PART VII -- Further powers of the Court  

           Division 1 -- Appointment of new trustees  

   77.     New trustees, Court may appoint  

           Division 2 -- Vesting orders  

   78.     Vesting orders, when Court may make  
   79.     Vesting orders, terms of etc.  
   80.     Contingent rights of unborn persons, orders as to  
   81.     Mortgagee under a disability, orders as to  
   82.     Infant’s beneficial interest, orders as to  
   83.     Order for sale or mortgage of land, effect of etc.  
   84.     Orders for conveyance of land etc., consequential declarations and orders as to  
   85.     Vesting orders, effect of  
   86.     Vested stock etc., directions as to transfer of etc.  
   87.     Person may be appointed to convey instead of vesting order  
   88.     Charities etc., vesting property in  

           Division 3 -- Jurisdiction to make other orders  

   89.     Additional powers, Court may confer on trustee etc.  
   90.     Varying or revoking certain trusts, Court’s powers as to  
   91.     Periodic payments, Court may vary amount of  
   92.     Directions, trustee may ask Court for  
   93.     Applications to Court, who may make  
   94.     Review of trustee’s acts by Court etc.  
   95.     Trustee acting under Court’s direction, protection of  
   96.     Absence etc. of parties, Court may proceed in  
   97.     Costs of court proceedings, orders as to  
   98.     Trustees’ remuneration  
   99.     Payment into Court by trustees  

   PART VIII -- Miscellaneous  

   100.    Indemnity to people acting under this Act etc.  
   101.    Bankers acting on trustees’ authority, protection of  
   102.    Non-charitable and invalid purposes, inclusion does not invalidate a trust  
   103.    Interest bearing securities, apportionment of interest on sale etc.  
   104.    Residuary estate of deceased, application of income from  
   105.    Residuary estate of deceased, application of income pending sale etc.  
   106.    Annuities etc., to be applied as income in some cases  
   107.    Trustees’ remuneration deemed testamentary expenses  
   108.    Missing beneficiaries etc., costs of inquiries as to  
   109.    Life tenant etc. to have powers of a trustee in certain cases  
   110.    Regulations  
           FIRST SCHEDULE
           SECOND SCHEDULE
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