TRUSTEES ACT 1962
Table of Provisions
PART I -- Preliminary
- 1 Short title
- 2 Commencement
- 4 Repeals
- 5 Application
- 6 Terms used
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 for life etc. or 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 persons 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
