{"id":"a-1947-15","name":"Trustee Companies Act 1947","slug":"trustee-companies-act-1947","collection":"act","jurisdiction":"act","status":"in_force","isInForce":true,"actNumber":"15 of 1947","makingDate":null,"administeringDepartment":null,"currentVersion":{"id":24521,"registerId":"act-a-1947-15-current","compilationNumber":null,"startDate":"2026-04-01","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Trustee Companies Act 1947","content":"Australian Capital Territory\nTrustee Companies Act 1947\nA1947-15\nRepublication No 14\nEffective: 14 October 2015\nRepublication date: 14 October 2015\nLast amendment made by A2015-33\nAuthorised by the ACT Parliamentary Counsel\n\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAbout this republication\nThe republished law\nThis is a republication of the Trustee Companies Act 1947 (including any amendment made\nunder the Legislation Act 2001, part 11.3 (Editorial changes)) as in force on 14 October 2015.\nIt also includes any commencement, amendment, repeal or expiry affecting this republished law\nto 14 October 2015.\nThe legislation history and amendment history of the republished law are set out in endnotes 3\nand 4.\nKinds of republications\nThe Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the\nACT legislation register at www.legislation.act.gov.au):\n authorised republications to which the Legislation Act 2001 applies\n unauthorised republications.\nThe status of this republication appears on the bottom of each page.\nEditorial changes\nThe Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial\namendments and other changes of a formal nature when preparing a law for republication.\nEditorial changes do not change the effect of the law, but have effect as if they had been made\nby an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117).\nThe changes are made if the Parliamentary Counsel considers they are desirable to bring the law\ninto line, or more closely into line, with current legislative drafting practice.\nThis republication includes amendments made under part 11.3 (see endnote 1).\nUncommenced provisions and amendments\nIf a provision of the republished law has not commenced, the symbol U appears immediately\nbefore the provision heading. Any uncommenced amendments that affect this republished law\nare accessible on the ACT legislation register (www.legislation.act.gov.au). For more\ninformation, see the home page for this law on the register.\nModifications\nIf a provision of the republished law is affected by a current modification, the symbol M\nappears immediately before the provision heading. The text of the modifying provision appears\nin the endnotes. For the legal status of modifications, see the Legislation Act 2001, section 95.\nPenalties\nAt the republication date, the value of a penalty unit for an offence against this law is $150 for\nan individual and $750 for a corporation (see Legislation Act 2001, s 133).\n\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\ncontents 1\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAustralian Capital Territory\nTrustee Companies Act 1947\nContents\nPage\n1 Name of Act 2\n2 Dictionary 2\n3 Notes 2\n4 Company may act as executor and obtain probate 2\n5 Authorisation given to trustee company to act by person entitled to\nprobate 3\n6 Authorisation given to trustee company to act by 1 of several\nexecutors 3\n7 Authorisation given to trustee company to act by person entitled to\nadministration with will annexed 4\n8 Authorisation given to trustee company to act by person entitled to\nadministration on intestacy 5\n8A Capacity of trustee company to act 5\n9 Court to act on affidavit of managing director or manager in\napplications for probate or administration 6\n10 Assets of company to be liable for proper administration of estates 6\n\nContents\nPage\ncontents 2 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n11 Company may be appointed trustee, receiver or guardian of estate 6\n12 Company may act under power of attorney by managing director,\nmanager or 2 directors 7\n13 Company may be appointed to act as temporary executor or\nadministrator 8\n14 Executor or administrator may appoint company to discharge duties 8\n15 Application for consent under s 14 9\n16 Managing director or manager may attend on behalf of company 10\n17 Manager and directors personally responsible to court 10\n19 Trustee company to be subject to same duties as individual 11\n19A Company may hold property as joint tenant 11\n20 Company may be removed from office by court and provisions for\nrelief against company or directors 11\n23 Voluntary winding-up of company or disposal of shares may be\nrestrained by Supreme Court 12\n32 Act not to preclude other companies from applying for similar powers\nto those given by this Act 12\n33 Testators may appoint own lawyers 13\n34B Transfer determinations 13\n35 Regulation-making power 16\nDictionary 17\nEndnotes\n1 About the endnotes 18\n2 Abbreviation key 18\n3 Legislation history 19\n4 Amendment history 24\n5 Earlier republications 29\n\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 1\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAustralian Capital Territory\nTrustee Companies Act 1947\nAn Act relating to trustee companies\n\nSection 1\npage 2 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n1 Name of Act\nThis Act is the Trustee Companies Act 1947.\n2 Dictionary\nThe dictionary at the end of this Act is part of this Act.\nNote 1 The dictionary at the end of this Act defines certain terms used in this\nAct, and includes references (signpost definitions) to other terms\ndefined elsewhere.\nFor example, the signpost definition ‘books—see the Corporations Act,\nsection 9.’ means that the term ‘books’ is defined in that section and the\ndefinition applies to this Act.\nNote 2 A definition in the dictionary (including a signpost definition) applies to\nthe entire Act unless the definition, or another provision of the Act,\nprovides otherwise or the contrary intention otherwise appears (see\nLegislation Act, s 155 and s 156 (1)).\n3 Notes\nA note included in this Act is explanatory and is not part of this Act.\nNote See the Legislation Act, s 127 (1), (4) and (5) for the legal status of\nnotes.\n4 Company may act as executor and obtain probate\nIf a trustee company is named expressly or by implication as\nexecutor in the last will and testament or in the codicil to the last\nwill and testament of any testator, that company may act as\nexecutor, and may apply for and obtain probate of the will of the\ntestator and perform and discharge all the acts and duties of an\nexecutor.\n\nSection 5\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 3\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n5 Authorisation given to trustee company to act by person\nentitled to probate\n(1) If a person is named expressly or by implication as executor of the\nwill of a deceased person and is entitled to apply for and obtain\nprobate of the will without reserving leave to any other person to\napply for probate, that firstmentioned person may—\n(a) join with a trustee company in an application for a grant of\nprobate of the will to that person and the trustee company\njointly; or\n(b) instead of applying personally, authorise a trustee company to\napply for a grant of letters of administration with the will\nannexed.\n(2) If an application is made under subsection (1), the Supreme Court\nmay grant letters of administration with the will annexed in\naccordance with the application unless the testator by his or her will\nhas expressed the desire that—\n(a) the office of executor should not be delegated; or\n(b) a trustee company or that particular trustee company should\nnot act in the trusts of the will.\n6 Authorisation given to trustee company to act by 1 of\nseveral executors\n(1) If a person is named expressly or by implication as executor of the\nwill of a deceased person and is entitled to apply for and obtain\nprobate of the will jointly with any other person, that firstmentioned\nperson may—\n(a) join with a trustee company and any other person entitled to\napply for probate in an application for a grant of probate of the\nwill to that person, the trustee company and any other such\nperson jointly; or\n\nSection 7\npage 4 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(b) instead of applying personally, authorise a trustee company to\napply for a grant of probate of the will, either—\n(i) alone, with leave reserved for any person to come in and\nprove; or\n(ii) jointly with any other person entitled to apply for probate;\nin the same way as if the trustee company had been originally\nnamed as an executor of the will in addition to or in the place of that\nfirstmentioned person.\n(2) If an application is made under subsection (1), the Supreme Court\nmay grant probate of the will in accordance with the application\nunless the testator by his or her will has expressed the desire that—\n(a) the office of executor should not be delegated; or\n(b) a trustee company or that particular trustee company should\nnot act in the trusts of the will.\n7 Authorisation given to trustee company to act by person\nentitled to administration with will annexed\n(1) If a person is entitled to apply for and obtain a grant of letters of\nadministration with the will annexed of the estate of a deceased\nperson, the person may—\n(a) join with a trustee company in an application for a grant of\nletters of administration with the will annexed to the person\nand the trustee company jointly; or\n(b) instead of applying personally, authorise a trustee company to\napply for a grant of letters of administration with the will\nannexed.\n\nSection 8\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 5\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(2) If an application is made under subsection (1), the Supreme Court\nmay grant letters of administration with the will annexed in\naccordance with the application unless the testator by his or her will\nhas expressed the desire that the office of administrator should not\nbe held by a trustee company or that particular trustee company.\n8 Authorisation given to trustee company to act by person\nentitled to administration on intestacy\n(1) If a person is entitled to obtain administration of the estate of a\nperson who died intestate, the person may—\n(a) join with a trustee company in an application for a grant of\nletters of administration of the estate to the person and the\ntrustee company jointly; or\n(b) instead of applying personally, authorise a trustee company to\napply for a grant of letters of administration of the estate.\n(2) If an application is made under subsection (1), the Supreme Court\nmay grant letters of administration of the estate in accordance with\nthe application.\n8A Capacity of trustee company to act\nIf—\n(a) administration of an estate with or without the will annexed; or\n(b) probate of a will;\nis granted to a trustee company, either alone or jointly with another\nperson, the trustee company may perform and discharge all the acts\nand duties of administrator, administrator with the will annexed or\nexecutor, as the case may be.\n\nSection 9\npage 6 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n9 Court to act on affidavit of managing director or manager\nin applications for probate or administration\nIf a trustee company is empowered under this Act to apply for\nprobate or for letters of administration, the Supreme Court may\nreceive and act on an affidavit made by the managing director or\nmanager of the company in place of any affidavit required to be\nmade by persons making application for probate or for letters of\nadministration.\n10 Assets of company to be liable for proper administration\nof estates\n(1) This section applies if probate or letters of administration are\ngranted to a trustee company in relation to an estate.\n(2) The paid and unpaid capital and all other assets of the trustee\ncompany are liable for the proper administration of the estate.\n11 Company may be appointed trustee, receiver or guardian\nof estate\n(1) If any court or person has power to appoint any person as—\n(a) trustee; or\n(b) receiver; or\n(c) guardian of the estate of a child;\na trustee company may be so appointed.\n(2) Subject to this section, a trustee company may be appointed, or may\ncontinue to act, as sole trustee in all cases notwithstanding that it is\nprovided by the terms of the instrument (if any) creating the trust or\nof any power or otherwise that there shall be more than 1 trustee to\nperform the trust.\n\nSection 12\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 7\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(3) If a trustee company and 1 or more individuals are co-trustees, any\n1 or more of those individuals may retire, and the company shall, for\nthe purposes of any law relating to the retirement of trustees and the\nvesting of the trust property, be deemed to be equivalent to\n2 trustees.\n(4) A trustee company shall not be appointed in any case in which the\ninstrument creating the trust or power forbids the appointment of a\ntrustee company or of that particular trustee company.\n(5) A trustee company shall not be appointed or be entitled to act as sole\ntrustee in any case in which the instrument creating the trust or\npower expressly provides that there shall be another trustee in\naddition to a trustee company or that a trustee company or that\nparticular trustee company shall not be appointed or act as sole\ntrustee.\n(6) If a trustee company is appointed or acts in any of the offices\nmentioned in subsection (1), all the capital of the company, both\npaid and unpaid, and all other assets of the company and the\ndirectors, manager, and assistant manager and their respective\nestates shall be liable for the proper discharge of the duties of that\noffice.\n(7) No bond, recognisance, or other security for the proper discharge of\nsuch duties shall be required to be given by or on behalf of a trustee\ncompany.\n12 Company may act under power of attorney by managing\ndirector, manager or 2 directors\n(1) A trustee company may act under any power of attorney by which\nthe trustee company is appointed attorney by any person, and all the\npowers given to the trustee company by any such power of attorney\nmay be exercised and carried into execution by the managing\ndirector or manager or 2 of the directors of the trustee company, but\nin all cases the capital both paid and unpaid and all other assets of\n\nSection 13\npage 8 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nthe trustee company shall be liable for the due execution of the\npowers so given to the trustee company.\n(2) This section shall not authorise any person to give any power to a\ntrustee company that cannot be legally given to a private individual.\n13 Company may be appointed to act as temporary executor\nor administrator\nAn executor or administrator or trustee may appoint a trustee\ncompany to act as executor or administrator or trustee in his or her\nplace, and a trustee company if appointed by deed filed in\naccordance with any law providing for the filing of powers of\nattorney may act within the scope of the authority given to it as\neffectually as the executor or administrator or trustee could have\nacted and may exercise all discretionary and other powers delegated\nby the principal as fully as the principal could have exercised them,\nand after the filing of the deed and before the registration of the\ndeath of the principal or of the revocation of the authority given by\nthe principal every act of the trustee company within the scope of\nthe authority given shall, in favour of any person who deals with the\ntrustee company, bona fide, and without notice of the death of the\nprincipal or of his or her revocation of the authority, be valid and\neffectual notwithstanding the revocation by, or death of, the\nprincipal.\n14 Executor or administrator may appoint company to\ndischarge duties\n(1) An executor or administrator acting under any probate or letters of\nadministration, whether granted before or after the date when this\nAct comes into operation, or a trustee, receiver or guardian of a\nchild may, with the consent of the Supreme Court, appoint a trustee\ncompany to exercise and discharge all the acts and duties of that\nexecutor, administrator, trustee, receiver or guardian.\n\nSection 15\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 9\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(2) The trustee company may, on being so appointed, exercise and\ndischarge all the acts and duties of the executor, administrator,\ntrustee, receiver or guardian.\n(3) In every such case, all the capital both paid and unpaid and all other\nassets of the trustee company shall be liable for the proper\ndischarge, from the date of the appointment, of the acts and duties of\nthe executor, administrator, trustee, receiver or guardian, and the\nexecutor, administrator, trustee, receiver or guardian shall be\nreleased from liability in relation to all acts done by, or omitted to\nbe done by, the trustee company acting under an appointment under\nthis section.\n15 Application for consent under s 14\n(1) A person who intends to apply for consent under section 14 must\ngive public notice, at least 7 days before the day the application is\nmade, of—\n(a) the intention to apply; and\n(b) the intended date of the application.\nNote Public notice means notice on an ACT government website or in a daily\nnewspaper circulating in the ACT (see Legislation Act, dict, pt 1).\n(2) The Supreme Court may require any person entitled to the\nimmediate receipt of any of the income or corpus of the estate in\nrelation to which the application is made to be served with notice of\nthe application.\n(3) The costs of the application shall be in the discretion of the Supreme\nCourt and may be ordered to be paid out of the estate.\n(4) The Supreme Court shall not give consent in the case of any will in\nwhich the testator has expressed his or her wish that the trusts of the\nwill should not be delegated or that a trustee company or the\nparticular trustee company in relation to which the application is\nmade should not act in the trusts of the will.\n\nSection 16\npage 10 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n16 Managing director or manager may attend on behalf of\ncompany\nIf the personal attendance of an executor, administrator, trustee,\nreceiver or guardian is required, a trustee company may attend in the\nperson of its managing director or manager and the personal duties\nof executor, administrator, trustee, receiver or guardian may be\ndischarged on behalf of the company by the managing director or\nmanager.\n17 Manager and directors personally responsible to court\n(1) If a trustee company obtains probate or letters of administration or is\nappointed and acts as trustee, receiver or guardian, the manager and\ndirectors shall be individually and collectively in their own proper\npersons responsible to the Supreme Court, and shall in their own\nproper persons be liable, by process of attachment, commitment for\ncontempt or by other process, to all courts having jurisdiction in that\nbehalf for the proper discharge of their duties and for obedience to\nthe rules, orders and decrees of those courts in the same way and to\nthe same extent as if the manager and directors had personally\nobtained probate or letters of administration and had acted as\nexecutor, administrator, trustee, receiver or guardian.\n(2) Notwithstanding anything contained in subsection (1), the capital,\nboth paid and unpaid, and all the assets of the company shall remain\nliable for any pecuniary loss that is occasioned or that happens\nthrough the imperfect or improper discharge, or through the neglect\nof the trustee company concerned, or of any of its officers, of any\nact or duty in relation to any office, appointment or engagement\nheld or entered on by the company.\n\nSection 19\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 11\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n19 Trustee company to be subject to same duties as\nindividual\n(1) A trustee company shall, subject to the provisions of this Act, in\nevery case in which it is appointed or acts as an executor,\nadministrator, trustee, receiver or guardian, in addition to the\nliabilities and restrictions imposed by this Act be subject to the same\nrespective rights, duties and obligations to which an individual\nacting as executor, administrator, trustee, receiver or guardian would\nbe subject.\n(2) If any individual acting in any such capacity would be liable in his\nor her own proper person to attachment, commitment or other\nprocess, the managers and directors of a trustee company shall, if\nthe company is acting in any of those capacities, be liable each for\nhis or her own individual act and not further or otherwise in his or\nher own proper person to attachment, commitment or other process.\n19A Company may hold property as joint tenant\n(1) A trustee company is capable of acquiring and holding property as a\njoint tenant with an individual in the same way as an individual may\nacquire and hold property as a joint tenant.\n(2) If a trustee company that is a joint tenant of property is dissolved,\nthe property devolves on the other joint tenant.\n20 Company may be removed from office by court and\nprovisions for relief against company or directors\n(1) If a trustee company is appointed or acts as executor, administrator,\ntrustee, receiver, guardian or attorney, it shall, in addition to the\nliabilities and restrictions imposed by this Act, be subject in all\nrespects to the same control and liable to removal as a private\nindividual who acts as executor, administrator, trustee, receiver,\nguardian or attorney.\n\nSection 23\npage 12 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(2) Any person claiming relief against a trustee company for any act\ndone or assumed to be done, or in relation to any act omitted to be\ndone, by the company, its directors or officers, under any of the\npowers given by this Act, may proceed in the Supreme Court\nagainst the trustee company or against any of its directors or\nofficers.\n(3) In any such proceedings, the Supreme Court may make any order\nthat it considers appropriate.\n23 Voluntary winding-up of company or disposal of shares\nmay be restrained by Supreme Court\n(1) So long as an estate in relation to which a trustee company is\nexecutor, administrator, trustee, receiver or guardian remains in\nwhole or in part unadministered, the company shall not, except with\nthe approval of the Supreme Court, be voluntarily wound up.\n(2) Any person interested in the estate or who has a claim in relation to\nthe estate may apply to the Supreme Court to restrain a director or\nshareholder from disposing of any share that the person holds in the\ncompany or to restrain the winding-up voluntarily of the company,\nand the court may on any such application make any order that the\ncourt considers appropriate.\n32 Act not to preclude other companies from applying for\nsimilar powers to those given by this Act\nNothing in this Act shall entitle a trustee company to oppose the\ngranting of any powers similar to those given to certain companies\nby this Act to any other company or to corporations generally, or to\nclaim or to seek compensation in consequence of the powers being\ngiven to any other company or to corporations generally.\n\nSection 33\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 13\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n33 Testators may appoint own lawyers\n(1) This section applies if—\n(a) a trustee company is the executor or administrator (or an\nexecutor or administrator) of the estate of a deceased person\n(the testator); and\n(b) the testator has directed by will that a particular lawyer conduct\nthe legal business of the testator’s estate.\n(2) The lawyer is entitled to conduct that legal business as directed by\nthe testator.\n(3) However—\n(a) the trustee company is not liable for any misconduct of the\nlawyer; and\n(b) the lawyer may be removed by order of the Supreme Court on\nthe application of the trustee company or of anyone interested\nin the estate.\n(4) If a lawyer is removed under subsection (3) (b), the Supreme Court\nmay appoint a lawyer nominated by the trustee company.\n(5) In this section:\nwill includes codicil or other testamentary writing.\nmisconduct includes negligence, misfeasance and nonfeasance.\n34B Transfer determinations\n(1) This section applies if—\n(a) ASIC cancels the licence of a trustee company (the\ntransferring company) and makes a determination under the\nCorporations Act, section 601WBA that there is to be a\ntransfer of estate assets and liabilities from the transferring\ncompany to another licensed trustee company (the receiving\ncompany); and\n\nSection 34B\npage 14 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(b) 4 ASIC issues a certificate of transfer under that Act,\nsection 601WBG for the transfer; and\n(c) either the transferring company or the receiving company (or\nboth) is registered in the ACT.\nNote 1 Under the Corporations Act, s 601WBA 5 ASIC may make—\n(a) a compulsory transfer determination if 5 ASIC has cancelled the\nlicence of the transferring company; or\n(b) a voluntary transfer determination if the transferring company has\napplied for the determination.\nNote 2 A reference to a law (including a Cwlth Act) includes a reference to the\nAct as originally made and as amended (see Legislation Act, s 102).\n(2) When the certificate of transfer comes into force, the receiving\ncompany is taken to be the successor in law in relation to estate\nassets and liabilities of the transferring company, to the extent of the\ntransfer.\nNote The Corporations Act, s 601WBG requires the certificate of transfer to\nstate when it is to come into force.\n(3) Without limiting subsection (2)—\n(a) if the transfer is a total transfer—all of the assets and liabilities\nof the transferring company become assets and liabilities of the\nreceiving company (without the need for any further\nconveyance, transfer, assignment or assurance); and\n(b) if the transfer is a partial transfer—the assets and liabilities\nlisted as referred to in the Corporations Act,\nsection 601WBG (2) (c) of the transferring company become\nassets and liabilities of the receiving company (without the\nneed for any further conveyance, transfer, assignment or\nassurance); and\n(c) to the extent of the transfer—the duties, obligations,\nimmunities, rights and privileges applying to the transferring\ncompany apply to the receiving company; and\n\nSection 34B\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n(d) if the certificate includes provisions of the kind referred to in\nthe Corporations Act, section 601WBG (3) specifying—\n(i) that particular things are to happen or are taken to be the\ncase—those things are taken to happen, or to be the case,\nin accordance with those provisions; and\n(ii) a mechanism for determining things that are to happen or\nare taken to be the case—things determined in accordance\nwith the mechanism are taken to happen, or to be the case,\nas determined in accordance with that mechanism.\n(4) The operation of this section is not to be regarded as—\n(a) a breach of contract or confidence or otherwise as a civil\nwrong; or\n(b) a breach of any instrument (including, without limitation, any\nprovision prohibiting, restricting or regulating the assignment\nor transfer of assets or liabilities); or\n(c) an event of default under any contract or other instrument; or\n(d) giving rise to any remedy by a party to a contract or other\ninstrument, or as causing or permitting the termination of, or\nexercise of rights under, any contract or other instrument.\n(5) In this section:\nASIC means the Australian Securities and Investments Commission\nunder the Australian Securities and Investments Commission\nAct 2001 (Cwlth).\n\nSection 35\npage 16 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n35 Regulation-making power\n(1) The Executive may make regulations for this Act.\nNote Regulations must be notified, and presented to the Legislative\nAssembly, under the Legislation Act 2001.\n(2) The regulations may prescribe offences for contraventions of the\nregulations and prescribe maximum penalties of not more than 10\npenalty units for offences against the regulations.\n\nDictionary\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 17\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nDictionary\n(see s 2)\nNote 1 The Legislation Act contains definitions and other provisions relevant to\nthis Act.\nNote 2 For example, the Legislation Act, dict, pt 1, defines the following terms:\n Act\n appoint\n bank\n corporation\n Corporations Act\n Executive\n lawyer\n Minister (see s 162)\n person (see s 160)\n Supreme Court.\nbooks—see the Corporations Act, section 9.\nfirst valuation day, in relation to a common trust fund, means the\nday determined under section 25B (6) for the purpose of valuing the\nfund.\nofficer, of a trustee company, means an officer of the company\nunder the Corporations Act.\nNote Officer of a corporation is defined in the Corporations Act, s 9.\ntrustee company means a licensed trustee company within the\nmeaning of the Corporations Act, chapter 5D.\nNote A reference to a law (including a Cwlth Act) includes a reference to the\nAct as originally made and as amended (see Legislation Act, s 102).\nvaluation day, in relation to a common trust fund, means—\n(a) a day mentioned in section 25F (1) (a) (i) or (ii); or\n(b) any other day when, under section 25F (1) (b), a valuation of\nthe fund is carried out.\n\nEndnotes\n1 About the endnotes\npage 18 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nEndnotes\n1 About the endnotes\nAmending and modifying laws are annotated in the legislation history and the\namendment history. Current modifications are not included in the republished\nlaw but are set out in the endnotes.\nNot all editorial amendments made under the Legislation Act 2001, part 11.3 are\nannotated in the amendment history. Full details of any amendments can be\nobtained from the Parliamentary Counsel’s Office.\nUncommenced amending laws are not included in the republished law. The\ndetails of these laws are underlined in the legislation history. Uncommenced\nexpiries are underlined in the legislation history and amendment history.\nIf all the provisions of the law have been renumbered, a table of renumbered\nprovisions gives details of previous and current numbering.\nThe endnotes also include a table of earlier republications.\n2 Abbreviation key\nA = Act NI = Notifiable instrument\nAF = Approved form o = order\nam = amended om = omitted/repealed\namdt = amendment ord = ordinance\nAR = Assembly resolution orig = original\nch = chapter par = paragraph/subparagraph\nCN = Commencement notice pres = present\ndef = definition prev = previous\nDI = Disallowable instrument (prev...) = previously\ndict = dictionary pt = part\ndisallowed = disallowed by the Legislative r = rule/subrule\nAssembly reloc = relocated\ndiv = division renum = renumbered\nexp = expires/expired R[X] = Republication No\nGaz = gazette RI = reissue\nhdg = heading s = section/subsection\nIA = Interpretation Act 1967 sch = schedule\nins = inserted/added sdiv = subdivision\nLA = Legislation Act 2001 SL = Subordinate law\nLR = legislation register sub = substituted\nLRA = Legislation (Republication) Act 1996 underlining = whole or part not commenced\nmod = modified/modification or to be expired\n\nEndnotes\nLegislation history 3\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 19\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n3 Legislation history\nThis Act was originally a Commonwealth ordinance—the Trustee Companies\nOrdinance 1947 No 15 (Cwlth).\nThe Australian Capital Territory (Self-Government) Act 1988 (Cwlth), s 34 (4)\nconverted most former Commonwealth ordinances in force in the ACT into ACT\nenactments. This allowed the ACT Legislative Assembly to amend and repeal the\nlaws. This Act was converted into an ACT enactment on 11 May 1989 (self-\ngovernment day).\nAs with most ordinances in force in the ACT, the name was changed from\nOrdinance to Act by the Self-Government (Citation of Laws) Act 1989 A1989-21,\ns 5 on 11 May 1989 (self-government day).\nBefore 11 May 1989, ordinances commenced on their notification day unless\notherwise stated (see Seat of Government (Administration) Act 1910 (Cwlth),\ns 12).\nAfter 11 May 1989 and before 10 November 1999, Acts commenced on their\nnotification day unless otherwise stated (see Australian Capital Territory (Self-\nGovernment) Act 1988 (Cwlth) s 25).\nLegislation before becoming Territory enactment\nTrustee Companies Act 1947 A1947-15\nnotified 18 December 1947\ncommenced 18 December 1947\nas amended by\nCompanies Ordinance 1954 Ord1954-14\nnotified 20 August 1954\ncommenced 1 October 1954\nTrustee Companies Ordinance 1954 Ord1954-16\nnotified 26 August 1954\ncommenced 26 August 1954\nTrustee Companies Ordinance 1960 Ord1960-7\nnotified 22 September 1960\ncommenced 22 September 1960\nTrustee Companies Ordinance 1961 Ord1961-19\nnotified 27 July 1961\ncommenced 27 July 1961\n\nEndnotes\n3 Legislation history\npage 20 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nCompanies Ordinance 1962 Ord1962-7\nnotified 21 June 1962\ncommenced 1 July 1962\nTrustee Companies Ordinance 1962 Ord1962-11\nnotified 13 September 1962\ncommenced 13 September 1962\nTrustee Companies Ordinance 1965 Ord1965-4\nnotified 6 May 1965\ncommenced 6 May 1965\nTrustee Companies Ordinance 1966 Ord1966-12\nnotified 4 August 1966\ncommenced 4 August 1966\nOrdinances Revision (Decimal Currency) Ordinance 1966 Ord1966-19\nnotified 23 December 1966\ncommenced 23 December 1966\nTrustee Companies Ordinance 1968 Ord1968-8\nnotified 18 April 1968\ncommenced 18 April 1968\nOrdinances Revision (Companies Amendments) Ordinance 1982\nOrd1982-38\nnotified 30 June 1982\ncommenced 1 July 1982\nOrdinances Revision (Companies Amendments) Ordinance (No 2)\n1982 Ord1982-93\nnotified 17 December 1982\ncommenced 17 January 1983 (Cwlth Gaz 1983 No S7)\nTrustee Companies (Amendment) Ordinance 1984 Ord1984-6\nnotified 15 March 1984\ncommenced 15 March 1984\nTrustee Companies (Amendment) Ordinance 1985 Ord1985-34\nnotified 20 August 1985\ncommenced 20 August 1985\n\nEndnotes\nLegislation history 3\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 21\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nAdministrative Arrangements (Consequential Amendments)\nOrdinance 1988 Ord1988-17 sch 2\nnotified 22 April 1988\ncommenced 22 April 1988\nSelf-Government (Consequential Amendments) Ordinance 1989\nOrd1989-38 sch 1\nnotified 10 May 1989 (Cwlth Gaz 1989 No S160)\ns 1, s 2 commenced 10 May 1989 (s 2 (1))\nsch 1 commenced 11 May 1989 (s 2 (2) and see Cwlth Gaz 1989\nNo S164)\nLegislation after becoming Territory enactment\nStatute Law Revision (Miscellaneous Provisions) Act 1992 A1992-23\nsch 1\nnotified 4 June 1992 (Gaz 1992 No S71)\ncommenced 4 June 1992\nTrustee Companies (Amendment) Act 1992 A1992-49\nnotified 1 September 1992 (Gaz 1992 No S148)\nss 1-3 commenced 1 September 1992 (s 2 (1))\nremainder commenced 1 December 1992 (s 2 (2) and Gaz 1992\nNo 47)\nTrustee Companies (Amendment) Act 1993 A1993-53\nnotified 27 August 1993 (Gaz 1993 No S165)\ncommenced 27 August 1993 (s 2)\nStatute Law Revision Act 1994 A1994-26 sch, note\nnotified 31 May 1994 (Gaz 1994 No S93)\ncommenced 31 May 1994 (s 2)\nStatute Law Revision Act 1995 A1995-46 sch\nnotified 18 December 1995 (Gaz 1995 No S306)\namdts commenced 18 December 1995 (s 2)\nLegal Practitioners (Consequential Amendments) Act 1997 A1997-96\nsch 1\nnotified 1 December 1997 (Gaz 1997 No S380)\ns 1, s 2 commenced 1 December 1997 (s 2 (1))\nsch 1 commenced 1 June 1998 (s 2 (2))\n\nEndnotes\n3 Legislation history\npage 22 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nStatute Law Revision (Penalties) Act 1998 A1998-54 sch\nnotified 27 November 1998 (Gaz 1998 No S207)\ns 1, s 2 commenced 27 November 1998 (s 2 (1))\nsch commenced 9 December 1998 (s 2 (2) and Gaz 1998 No 49)\nFinancial Sector Reform (ACT) Act 1999 A1999-33 sch\nnotified 25 June 1999 (Gaz 1999 No S34)\ns 1, s 2, dict commenced 25 June 1999 (s 2 (1))\nsch commenced 1 July 1999 (s 2 (2) and Cwlth Gaz 1999 No S283)\nStatute Law Amendment Act 2000 A2000-80 amdt 3.28\nnotified 21 December 2000 (Gaz 2000 No S69)\ncommenced 21 December 2000 (s 2)\nLegislation (Consequential Amendments) Act 2001 A2001-44 pt 396\nnotified 26 July 2001 (Gaz 2001 No 30)\ns 1, s 2 commenced 26 July 2001 (IA s 10B)\npt 396 commenced 12 September 2001 (s 2 and see Gaz 2001\nNo S65)\nStatute Law Amendment Act 2001 (No 2) A2001–56 pt 3.50\nnotified 5 September 2001 (Gaz 2001 No S65)\ncommenced 5 September 2001 (s 2 (1))\nSexuality Discrimination Legislation Amendment Act 2004 A2004-2\nsch 1 pt 1.18\nnotified LR 18 February 2004\ns 1, s 2 commenced 18 February 2004 (LA s 75 (1))\nsch 1 pt 1.18 commenced 22 March 2004 (s 2 and CN2004-4)\nJustice and Community Safety Legislation Amendment Act 2005\n(No 3) A2005-43 sch 1 pt 1.15\nnotified LR 30 August 2005\ns 1, s 2 commenced 30 August 2005 (LA s 75 (1))\nsch 1 pt 1.15 commenced 1 October 2005 (s 2 (3) and CN2005-18)\nStatute Law Amendment Act 2009 A2009-20 sch 3 pt 3.72\nnotified LR 1 September 2009\ns 1, s 2 commenced 1 September 2009 (LA s 75 (1))\nsch 3 pt 3.72 commenced 22 September 2009 (s 2)\n\nEndnotes\nLegislation history 3\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 23\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nJustice and Community Safety Legislation Amendment Act 2009\n(No 4) A2009-54 sch 1 pt 1.5\nnotified LR 18 December 2009\ns 1, s 2 commenced 18 December 2009 (LA s 75 (1))\nsch 1 pt 1.5 commenced 13 August 2010 (s 2 (1) and CN2010-9)\nJustice and Community Safety Legislation Amendment Act 2010\nA2010-13 sch 1 pt 1.8\nnotified LR 31 March 2010\ns 1, s 2 commenced 31 March 2010 (LA s 75 (1))\nsch 1 pt 1.8 commenced 13 August 2010 (s 2 (2) (a) and see\nA2009-54 s 2 (1) and CN2010-9)\nJustice and Community Safety Legislation Amendment Act 2012\nA2012-13 sch 1 pt 1.9\nnotified LR 11 April 2012\ns 1, s 2 commenced 11 April 2012 (LA s 75 (1))\nsch 1 pt 1.9 commenced 12 April 2012 (s 2 (1))\nStatute Law Amendment Act 2012 A2012-21 sch 3 pt 3.50\nnotified LR 22 May 2012\ns 1, s 2 commenced 22 May 2012 (LA s 75 (1))\nsch 3 pt 3.50 commenced 5 June 2012 (s 2 (1))\nRed Tape Reduction Legislation Amendment Act 2015 A2015-33\nsch 1 pt 1.65\nnotified LR 30 September 2015\ns 1, s 2 commenced 30 September 2015 (LA s 75 (1))\nsch 1 pt 1.65 commenced 14 October 2015 (s 2)\n\nEndnotes\n4 Amendment history\npage 24 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n4 Amendment history\nDictionary\ns 2 orig s 2 am Ord1985-34\nom A1992-23 sch 1\n(prev s 3) am Ord1954-16; Ord1982-38; Ord1985-34;\nOrd1988-17 sch 2\nrenum as s 2 A2001-44 amdt 1.4109\nsub A2005-43 amdt 1.43\ndef bank om A1999-33 sch\ndef books am A1995-46 sch\ndef financial institution am A2001-44 amdt 1.4108\ndef first valuation day ins A1992-49 s 4\ndef officer am A1995-46 sch\ndef related corporation om A1995-46 sch\ndef related body corporate ins A1995-46 sch\ndef trustee company am A1992-23 sch 1; A1995-46 sch\ndef valuation day ins A1992-49 s 4\nNotes\ns 3 ins A2001-44 amdt 1.4110\nsub A2005-43 amdt 1.43\nChange of name\ns 3A ins A1993-53 s 4\nom A2009-54 amdt 1.9\nAuthorisation given to trustee company to act by person entitled to probate\ns 5 sub A1992-49 s 5\nam A2005-43 amdt 1.44\nAuthorisation given to trustee company to act by 1 of several executors\ns 6 hdg sub A1994-26 note\ns 6 sub A1992-49 s 5\nAuthorisation given to trustee company to act by person entitled to\nadministration with will annexed\ns 7 sub A1992-49 s 5\nAuthorisation given to trustee company to act by person entitled to\nadministration on intestacy\ns 8 sub A1992-49 s 5\nCapacity of trustee company to act\ns 8A ins A1992-49 s 5\nAssets of company to be liable for proper administration of estates\ns 10 am Ord1966-19; Ord1985-34\nsub A2005-43 amdt 1.45\n\nEndnotes\nAmendment history 4\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 25\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nCompany may be appointed trustee, receiver or guardian of estate\ns 11 am Ord1985-34; A1994-26 sch; A2005-43 amdt 1.46\nCompany may act under power of attorney by managing director, manager\nor 2 directors\ns 12 am Ord1985-34\nCompany may be appointed to act as temporary executor or administrator\ns 13 am A1993-53 sch\nApplication for consent under s 14\ns 15 hdg sub A2005-43 amdt 1.47\ns 15 am Ord1985-34; A1993-53 sch; A1994-26 sch; A2005-43\namdt 1.48; A2009-20 amdt 3.210; A2015-33 amdt 1.229\nManager and directors personally responsible to court\ns 17 am Ord1985-34\nEstate fees\ns 18 am Ord1954-16; Ord1966-19; Ord1985-34\nsub A1992-49 s 6\nom A2009-54 amdt 1.10\nFees for preparation of returns\ns 18A ins A1992-49 s 6\nam A2005-43 amdt 1.49\nom A2009-54 amdt 1.11\nFees generally\ns 18B ins A1992-49 s 6\nom A2009-54 amdt 1.12\nTrustee company to be subject to same duties as individual\ns 19 am A1993-53 sch\nCompany may hold property as joint tenant\ns 19A ins Ord1954-16\nCompany may be removed from office by court and provisions for relief\nagainst company or directors\ns 20 am A2005-43 amdt 1.50\nOrder for account on application of trustee etc\ns 21 am A1993-53 sch; A2004-2 amdt 1.58, amdt 1.59; A2005-43\namdt 1.51, amdt 1.52\nom A2009-54 amdt 1.13\nSupreme Court may order audit in any estate committed to the company\ns 22 am Ord1985-34; A1993-53 sch; A1998-54 sch; A2005-43\namdt 1.53, amdt 1.54\nom A2009-54 amdt 1.14\n\nEndnotes\n4 Amendment history\npage 26 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nVoluntary winding-up of company or disposal of shares may be restrained\nby Supreme Court\ns 23 am A1993-53 sch; A2005-43 amdts 1.55-1.57\nRestriction on classes of business\ns 24 am Ord1954-14; Ord1962-7; Ord1966-19; Ord1982-93;\nOrd1985-34; A1995-46 sch; A1998-54 sch; ss renum R5 LA;\nA2005-43 amdt 1.58\nom A2009-54 amdt 1.15\nSeparate accounts of each estate to be kept\ns 25 om A2009-54 amdt 1.16\nContributory investments\ns 25A ins Ord1985-34\nam A1994-26 sch; A2001-56 amdt 3.858\nom A2009-54 amdt 1.17\nCommon trust funds\ns 25B ins A1992-49 s 7\nam A1994-26 sch\nom A2009-54 amdt 1.18\nCrediting of money to common trust fund\ns 25C ins A1992-49 s 7\nom A2009-54 amdt 1.19\nInvestment in and withdrawal from common trust fund\ns 25D ins A1992-49 s 7\nom A2009-54 amdt 1.20\nBeneficial interest in common trust fund\ns 25E ins A1992-49 s 7\nom A2009-54 amdt 1.21\nValuation of common trust fund\ns 25F ins A1992-49 s 7\nom A2009-54 amdt 1.22\nPayment of income\ns 25G ins A1992-49 s 7\nom A2009-54 amdt 1.23\nRealisation and acquisition of investments of common trust fund\ns 25H ins A1992-49 s 7\nom A2009-54 amdt 1.24\nTrustee company acting jointly with another person\ns 25I ins A1992-49 s 7\nom A2009-54 amdt 1.25\n\nEndnotes\nAmendment history 4\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 27\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nFees in relation to common trust fund\ns 25J ins A1992-49 s 7\nom A2009-54 amdt 1.26\nImproper dealings with money\ns 26 am Ord1966-19; Ord1985-34; A1998-54 sch\nom A2009-54 amdt 1.27\nPower to deposit amounts with banks\ns 27 am Ord1985-34\nsub A2005-43 amdt 1.59\nom A2009-54 amdt 1.28\nPayment of money unclaimed\ns 28 am Ord1966-19; Ord1985-34; Ord1988-17 sch 2; A1993-53\nsch; A1998-54 sch; ss renum R5 LA; A2005-43 amdt 1.60\nom A2009-54 amdt 1.29\nPersons entitled may apply subsequently\ns 29 am Ord1985-34; Ord1988-17 sch 2; A2005-43 amdt 1.61\nom A2009-54 amdt 1.30\nOrder for account on application of Minister\ns 30 am Ord1985-34; Ord1988-17 sch 2; A1993-53 sch; A2005-43\namdts 1.62-1.64\nom A2009-54 amdt 1.31\nQuarterly financial declarations\ns 31 am Ord1966-19; Ord1985-34; Ord1988-17 sch 2; A1998-54\nsch; A2001-44 amdt 1.4111, amdt 1.4112; pars renum R5 LA\nom A2009-54 amdt 1.32\nInformation etc for Minister\ns 31A ins Ord1985-34\nam Ord1988-17 sch 2; A1993-53 sch; A1998-54 sch\nom A2009-54 amdt 1.33\nInquiries and audits\ns 31B ins Ord1985-34\nam Ord1988-17 sch 2; A1998-54 sch; A2005-43 amdt 1.65\nom A2009-54 amdt 1.34\nTestators may appoint own lawyers\ns 33 am A1993-53 sch; A1997-96 sch 1\nsub A2005-43 amdt 1.66\nIncorporation and powers of company except so far as specifically altered to\nremain\ns 34 om A2009-54 amdt 1.35\n\nEndnotes\n4 Amendment history\npage 28 Trustee Companies Act 1947\nEffective: 14/10/15\nR14\n14/10/15\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\nApproved forms\ns 34A ins A2001-44 amdt 1.4113\n(4)-(7) exp 12 September 2002 (s 34A (7))\nom A2009-54 amdt 1.36\nTransfer determinations\ns 34B hdg sub A2012-13 amdt 1.41\ns 34B ins A2010-13 amdt 1.34\nam A2012-13 amdt 1.42; A2012-21 amdt 3.196, amdt 3.197\nRegulation-making power\ns 35 am Ord1966-19; Ord1985-34; Ord1988-17 sch 2; Ord1989-38\nsch 1; A1998-54 sch\nsub A2001-44 amdt 1.4114\nTransitional\ns 36 ins A2000-80 amdt 3.28\nom A2009-54 amdt 1.37\nTransitional—def trustee company\ns 37 ins A2009-54 amdt 1.38\nexp 13 August 2011 (s 37 (2) (a))\nSpecified trustee companies\nsch 1 hdg sub Ord1985-34\nsub A2001-44 amdt 1.4115\nsch 1 am Ord1954-16; Ord1960-7; Ord1961-19; Ord1962-11;\nOrd1965-4; Ord1966-12; Ord1968-8; Ord1984-6\nom A2009-54 amdt 1.39\nQuarterly financial declaration\nsch 2 am Ord1966-19\nsub Ord1985-34\nam A1994-26 sch; A1995-46 sch\nom A2001-44 amdt 1.4116\nDictionary\ndict ins A2005-43 amdt 1.67\nam A2009-20 amdt 3.211; A2015-33 amdt 1.230\ndef books ins A2005-43 amdt 1.67\ndef first valuation day ins A2005-43 amdt 1.67\ndef officer ins A2005-43 amdt 1.67\ndef trustee company ins A2005-43 amdt 1.67\nsub A2009-54 amdt 1.40; A2010-13 amdt 1.35\ndef valuation day ins A2005-43 amdt 1.67\n\nEndnotes\nEarlier republications 5\nR14\n14/10/15\nTrustee Companies Act 1947\nEffective: 14/10/15\npage 29\nAuthorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au\n5 Earlier republications\nSome earlier republications were not numbered. The number in column 1 refers to\nthe publication order.\nSince 12 September 2001 every authorised republication has been published in\nelectronic pdf format on the ACT legislation register. A selection of authorised\nrepublications have also been published in printed format. These republications\nare marked with an asterisk (*) in column 1. Electronic and printed versions of an\nauthorised republication are identical.\nRepublication No Amendments to Republication date\n1 Ord1989-38 30 September 1991\n2 A1992-49 31 July 1993\n3 A1995-46 1 January 1996\n4 A1998-54 31 March 1999\n5 A2001-56 9 August 2002\n6 A2001-56 13 September 2002\n7 A2004-2 22 March 2004\n8 A2005-43 1 October 2005\n9 A2009-20 22 September 2009\n10 A2010-13 13 August 2010\n11 A2010-13 14 August 2011\n12 A2012-13 12 April 2012\n13 A2012-21 5 June 2012\n© Australian Capital Territory 2015","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":6,"scope_assessment":{"changed":true,"description":"The Act’s scope has been materially altered from its original 1947 text through subsequent amendments and repeals recorded in the amendment history. Notable scope changes in the republished text include: the explicit statutory capacity of a trustee company to perform the full acts and duties of an executor or administrator (s 8A was inserted (see amendment history: ins A1992-49 s 5)); the addition of an ASIC-driven statutory transfer mechanism that makes a receiving licensed trustee company the successor in law to transferred estate assets and liabilities when ASIC issues a certificate of transfer under the Corporations Act (s 34B; ins A2010-13 amdt 1.34; am A2012-13 amdt 1.42; A2012-21 amdt 3.196–3.197); and removal or omission of a number of operational provisions in later amendments (the amendment history records many omissions by A2009-54, including sections previously dealing with common trust funds, certain fees and quarterly declarations). These changes amount to both expansions (new capacities and statutory transfer power) and contractions (omission of operational detail) of the Act’s original scope. Specific amendment citations appear in the amendment history and endnotes (e.g. s 8A ins A1992-49 s 5; s 34B ins A2010-13 amdt 1.34; multiple 'om A2009-54 amdt 1.xx' entries recorded in the amendment history)."},"complexity_factors":["Cross-reference to national Corporations Act licensing and ASIC transfer procedures (s 34B; Dictionary definition of trustee company referencing Corporations Act)","Multiple layers of legal responsibility: company asset liability, officer personal liability, and court-ordered relief (ss 10, 11(6), 17, 20)","Significant judicial discretion and supervisory roles that affect implementation and outcomes (ss 9, 14–15, 20, 23)","Procedural compliance requirements (public notice, possible service on beneficiaries) that create administrative steps (s 15)","Statutory override of contractual protections in respect of ASIC-ordered transfers (s 34B(4))","History of many amendments and repeals (amendment history shows insertions like s 8A and s 34B and many omissions in A2009-54), producing a law that has changed shape over time","Interactions with external regulatory instruments (regulations capacity in s 35) and with Commonwealth statutes (Corporations Act, ASIC powers)","Preservation of testator directions against delegation produces conditional exceptions across several sections (ss 5(2), 6(2), 7(2), 14(4), 15(4))"],"plain_english_summary":"What this law does, in plain terms\n\n- The Trustee Companies Act 1947 gives licensed trustee companies formal legal powers to operate in roles that are normally performed by people in relation to estates. Specifically, a trustee company can be named or authorised to act as an executor, administrator (with or without the will annexed), trustee, receiver, guardian of a child's estate, or attorney (see s 4; ss 5–8; s 11; s 12; s 13). A trustee company granted probate or letters of administration may perform all the usual duties of that office (s 8A).\n\n- The Act provides procedural mechanisms: a trustee company may be joined in applications for probate or administration (ss 5–8), the Supreme Court may accept an affidavit from the company’s managing director or manager instead of the usual affidavits (s 9), and the Court must give consent to some appointments (s 14) after public notice (s 15(1)).\n\n- Financial and legal responsibility rules are set out. The company’s paid and unpaid capital and all other assets are made liable for the proper administration of any estate it administers (s 10). If appointed as trustee/guardian/receiver, the company’s capital and assets (and the directors, manager and assistant manager and their estates) are liable for proper discharge of duties (s 11(6)). Managers and directors are also made individually answerable to the Supreme Court in their own proper persons in respect of the duties the company performs (s 17(1)), and the company remains liable for pecuniary loss caused by imperfect or neglectful discharge of duty (s 17(2)).\n\n- The Act preserves testator choice in several ways. A will may express that the office should not be delegated or a particular trustee company should not act; the Court will respect such directions when deciding whether to permit delegation or appointment of a company (ss 5(2), 6(2), 7(2), 14(4), 15(4)). A testator may also nominate a particular lawyer to conduct estate legal business; that lawyer may act but may be removed by the Court on application (s 33).\n\n- The Act creates an ASIC-related transfer mechanism for estate assets and liabilities when a licensed trustee company’s licence has been cancelled and ASIC orders or certifies a transfer under the Corporations Act. When a certificate of transfer comes into force, the receiving trustee company becomes successor in law to the transferred estate assets and liabilities without further conveyancing (s 34B(2)–(3)). The statute also makes the statutory transfer operate notwithstanding many contract or instrument provisions that would otherwise block a transfer (s 34B(4)).\n\n- The Supreme Court retains broad supervisory and discretionary powers: it may refuse consent where the testator disallowed delegation (ss 5(2), 6(2), 7(2), 14(4)), may require notice to immediate beneficiaries (s 15(2)), may make appropriate relief orders in proceedings against companies or their officers (s 20(2)–(3)), and may restrain voluntary winding-up or share disposal while an estate remains unadministered (s 23).\n\nClaimed purpose and how the Act accomplishes it\n\n- The Act’s operative design is to enable licensed trustee companies to perform fiduciary and estate administration functions previously or commonly performed by individuals, while subjecting those companies and their officers to statutory liabilities and court oversight. Mechanically, this is implemented by:\n  - explicit power to apply for and obtain probate and administration (s 4; ss 5–8);\n  - company capacity to perform the acts and duties of executors/administrators (s 8A);\n  - financial liability rules making company capital and assets (and in some respects officers) liable for proper administration (ss 10, 11(6), 17(2)); and\n  - supervisory procedures (affidavits from managing director (s 9), public notice for s 14 applications (s 15(1)), Court discretion and relief powers (ss 14–15, 20, 23)).\n\nTesting the claimed purpose against practical trade-offs, incentives and costs (source-cited)\n\n- Who pays and who bears loss: the Act places primary financial liability for proper estate administration on the trustee company’s capital and assets (s 10(2); s 11(6)). That means the company (and ultimately its shareholders or creditors in insolvency) bears financial risk for mismanagement. The Act also keeps the company liable for pecuniary loss caused by its officers’ imperfect or negligent performance (s 17(2)).\n\n- Personal accountability and incentives for officers: managers and directors are made individually liable to the Supreme Court and may be subject to attachment, commitment for contempt or other processes in respect of duties the company performs (s 17(1)). That creates a legal incentive for officers to supervise company conduct, and a personal enforcement route for courts and aggrieved parties.\n\n- Compliance and administrative burdens: companies (or appointing parties) must observe public-notice requirements before applying for Court consent under s 14 (s 15(1)), and the Court may require service on immediate income or corpus recipients (s 15(2)). These procedural steps create transparent notice costs and possible delay.\n\n- Judicial discretion and implementation risk: many key outcomes depend on the Supreme Court’s exercise of discretion — for example, whether to grant probate/administration with a company involved where the will expresses non-delegation (ss 5(2), 6(2), 7(2)), whether to consent to appointments (s 14), and whether to restrain winding-up or share disposal while estates are unadministered (s 23). That places practical power in the judiciary to shape how the statutory powers operate in individual cases.\n\n- Effect on private choice and market substitution: the Act enables substitution of a company for an individual executor/administrator or co-trustee (ss 5–8; s 11). That allows testators or eligible applicants to choose corporate trusteeship and shifts some estate-administration business from individuals to licensed trustee companies (ss 4, 11). Where a testator expressly forbids delegation or a specific company, the Court is to respect that direction (ss 5(2), 6(2), 7(2), 14(4), 15(4)).\n\n- Interaction with Commonwealth regulatory mechanism: the statutory transfer process (s 34B) makes an ASIC transfer certificate effective to transfer estate assets and liabilities to another licensed trustee company without further conveyance (s 34B(2)–(3)). The Act also states that such an operation is not a breach of contract or an event of default for many instruments (s 34B(4)), which removes some standard contractual protections and can materially change counterparty risk profiles.\n\n- Costs to estates and distributional effects: the Court may order costs of an application under s 14 to be paid out of the estate (s 15(3)). Trustee companies acting in an estate may charge fees (historical provisions on fees are shown in the amendment history), and the Act permits the Court to regulate/remedy improper conduct (e.g. removal of lawyers under s 33(3)–(4)).\n\n- Regulatory and legislative discretion: the Executive may make regulations under the Act and prescribe offences (s 35). That creates a route for further administrative detail or penalties without primary-legislation change.\n\nPractical points to watch (implementation, trade-offs and opportunity costs)\n\n- Court supervision is central: many practical permissions require Court consent or are subject to Court control (ss 9, 14–15, 20, 23). The speed and consistency of outcomes will therefore depend on judicial practice.\n\n- Officers face personal exposure: managers and directors can be brought before courts in their personal capacities in relation to company conduct as fiduciaries (s 17). Companies and officers will need internal compliance and insurance arrangements to manage that exposure.\n\n- The ASIC transfer mechanism (s 34B) can move estate assets and liabilities across trustee companies without further conveyancing and can override contractual restrictions (s 34B(3)–(4)). Parties contracting with trustee companies should note that statutory transfers can change the identity of the legal holder of estate assets under the Corporations Act processes cited in s 34B.\n\n- Testator autonomy is preserved in part: where a will expressly forbids delegation or a particular trustee company, the Court will not give consent to delegation or appointment (ss 5(2), 6(2), 7(2), 14(4), 15(4)).\n\nKey statutory references: s 4; ss 5–8; s 8A; s 9; s 10; s 11(6); s 12; s 13; ss 14–15; s 17; s 20; s 23; s 33; s 34B; s 35."},"kimi_summary":{"content_quality":"ok","complexity_score":4,"scope_assessment":{"changed":true,"description":"The legislation has undergone significant scope reduction compared to its original intent. Originally, this Act comprehensively regulated trustee companies including prescribing their fees (repealed sections 18, 18A, 18B), requiring detailed quarterly financial declarations (repealed section 31), mandating separate accounts for each estate (repealed section 25), and establishing common trust funds for pooled investments (repealed sections 25A-25J). The 2009 amendments (A2009-54) removed most of these prescriptive regulatory functions, transferring them to Commonwealth oversight under the Corporations Act. The Act now focuses narrowly on procedural mechanisms for appointment, liability frameworks, and transfer determinations when companies fail—essentially becoming a 'skeleton' Act that relies heavily on Commonwealth corporate law rather than standalone regulation."},"complexity_factors":["Moderate length (35 sections plus dictionary)","Multiple cross-references to the Commonwealth Corporations Act (especially Chapter 5D for licensing and section 601WBA for transfer determinations)","Several conditional scenarios (sections 5-8) with similar but subtly different rules for probate, administration with will, and intestacy","Nested exceptions in sections 11(4)-(5) regarding when trustee companies cannot be appointed","Interaction between company liability (section 10) and personal liability of directors/managers (section 17)","Dictionary with 5 defined terms plus signpost definitions to external legislation","Historical legislative baggage: originally a 1947 Commonwealth ordinance, converted to ACT law in 1989, with significant pruning in 2009 (removal of common trust fund provisions, fee regulations, and detailed reporting requirements)"],"plain_english_summary":"This Act sets out the rules for how **trustee companies** (professional companies that manage money, property, and estates on behalf of others) can operate in the Australian Capital Territory.\n\n**What it does:**\n- **Allows companies to act as executors**: If someone names a trustee company in their will to manage their estate after they die, the company can apply for probate (official court approval to manage the estate) and carry out all executor duties.\n- **Lets people delegate to trustee companies**: People who are entitled to manage a deceased person's estate can authorise a trustee company to act on their behalf—either alongside them or instead of them.\n- **Covers different scenarios**: It applies whether there is a will (with or without named executors), or if someone dies without a will (intestate).\n- **Makes company assets liable**: The company's money and assets back up its promises—if the company mismanages an estate, its capital can be used to compensate beneficiaries.\n- **Allows appointment as trustees and guardians**: Courts or individuals can appoint trustee companies to manage trusts, act as receivers, or be guardians of children's estates.\n- **Protects estates during company troubles**: If a trustee company is being wound up, the Supreme Court can stop this to protect estates that haven't been fully administered yet.\n- **Honours testator wishes**: People writing wills can still specify their own lawyers to handle legal matters, and can explicitly prevent trustee companies from acting.\n- **Handles company transfers**: If ASIC (the corporate regulator) cancels a trustee company's licence, this Act helps transfer estate assets to another licensed company smoothly.\n\n**Who it affects:**\n- Trustee companies operating in the ACT\n- People writing wills or managing deceased estates\n- Beneficiaries of estates and trusts\n- The Supreme Court of the ACT\n\n**Why it matters:**\nThis Act provides a legal framework for professional estate management. It lets people choose professional companies rather than family members to handle complex financial matters after death, while ensuring there are safeguards (court oversight, company liability, and protections against company failure) to protect beneficiaries' interests."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/trustee-companies-act-1947","history":"/api/acts/trustee-companies-act-1947/history","analysis":"/api/acts/trustee-companies-act-1947/analysis","conflicts":"/api/acts/trustee-companies-act-1947/conflicts","importantCases":"/api/acts/trustee-companies-act-1947/important-cases","documents":"/api/acts/trustee-companies-act-1947/documents"}}