TRUSTEE ACT 1958
Table of Provisions
PART IA--PRELIMINARY
- 1 Short title and commencement
- 2 Repeals, savings and application of Act
- 3 Definitions
PART I--INVESTMENTS
- 4 Application of Part
- 5 Investments of trust funds
- 6 Duties of trustee in respect of power of investment
- 7 Law and equity preserved
- 8 Matters to which trustee must have regard in exercising power of investment
- 9 Powers of trustee in relation to securities
- 9A Investment in securities under RITS system
- 10 Power of trustee as to calls on shares
- 11 Power to purchase dwelling house as residence for beneficiary
- 12 Power of trustee to retain investments
- 12A Loans and investments by trustees not breaches of trust in certain circumstances
- 12B Limitation of liability of trustee for loss on improper investments
- 12C Factors Court may take into account in action for breach of trust
- 12D Power of Court to set off gains and losses arising from investment
- 12E Housing loans by trustees
- 12F Transitional provision
PART II--GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES
Division 1--General powers
- 13 Power of trustees to sell by auction etc.
- 14 Duration of trust or power to sell
- 15 Power to sell subject to depreciatory conditions
- 16 Mortgage on sale of land
- 17 Deferred payment on sale of land
- 18 Power to trustees to give receipts
- 19 Power to compound liabilities
- 20 Power to raise money by sale, mortgage etc.
- 21 Protection to purchasers and mortgagees dealing with trustees
- 22 Devolution of powers or trusts
- 23 Power to insure
- 24 Application of insurance money where policy kept up under any trust power or obligation
- 25 Deposit of documents with bankers for safe custody
- 26 Reversionary interests and valuations
- 27 Audit
- 28 Power to employ agents
- 29 Power to concur with others
- 30 Power to delegate trusts during absence abroad[6]
- 31 Trustee's power of appropriation[7]
Division 2--Indemnities
- 32 Protection against liability in respect of rents and covenants
- 33 Protection by means of advertisements
- 34 Personal representatives relieved from personal liability in respect of calls made after transfer of shares
- 35 Protection in regard to notice when a person is trustee etc. of more than one estate or trust
- 36 Implied indemnity of trustees
Division 3--Maintenance advancement and protective trusts
- 37 Power to apply income for maintenance etc. and to accumulate surplus income during a minority
- 38 Use of capital for maintenance education advancement and benefit of beneficiaries
- 39 Protective trusts
PART III--APPOINTMENT AND DISCHARGE OF TRUSTEES
PART IV--POWERS OF THE COURT
Division 1--Appointment of new trustees
Division 2--Vesting orders
- 51 Vesting orders
- 52 In whom property to be vested etc.
- 53 Orders as to contingent rights of unborn persons
- 54 Vesting order in place of conveyance by minor or mortgagee with mental illness
- 55 Vesting orders in relation to minor's beneficial interests
- 56 Vesting order consequential on order for sale or mortgage of land
- 57 Vesting order consequential on judgment for specific performance etc.
- 58 Effect of vesting order
- 59 Directions etc. as to manner of transferring stock etc.
- 60 Power to appoint person to convey
- 61 Vesting orders of charity property
- 62 Commission concerning persons of unsound mind
Division 3--Jurisdiction to make other orders
- 63 Power of Court to authorize dealings with trust property
- 63A Power of Court to vary trusts
- 64 Persons entitled to apply for orders
- 65 Persons entitled to apply for trustee
- 66 Power to charge costs or to order payment
- 67 Power to relieve trustee from personal liability
- 68 Indemnity for breach of trust[13]
Division 4--Payment into Court
PART V--GENERAL PROVISIONS
- 70 Application of Act to Settled Land Act trustees
- 71 Appointment of certain corporations as custodian trustees
- 72 Trust estates not affected by trustee becoming a convict[15]
- 74 Application of income of settled residuary estate
- 75 Certain periodical payments to be applied as income
- 76 Payment to representative official on behalf of residents or subjects of countries outside Australia
- 77 Commission allowable to trustee of a settlement
- 78 Indemnity to banks etc.
