22Power of Public Trustee to act with advisory trustee

22 Power of Public Trustee to act with advisory trustee

(1)  In the administration of any trust the Public Trustee may act with an advisory trustee to the extent hereinafter provided.

(2)  An advisory trustee may be appointed –

(a) by the trust instrument;

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

(c) by any person having power to appoint a new trustee –

and a trustee who appoints the Public Trustee trustee in his place, under the provisions of this Act, may give to the Public Trustee, at the time of such appointment, notice in writing that he proposes to act as advisory trustee, and thereupon such trustee shall be deemed to have been appointed advisory trustee accordingly.

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

(4)  In any such case as aforesaid the Public Trustee may consult the advisory trustee on any matter relating to the trust and the advisory trustee may advise the Public Trustee on any such matter.

(5)  In case of difference between the Public Trustee and the advisory trustee, either the Public Trustee or the advisory trustee may submit the matter in dispute to the Court, whose decision thereon shall be final, and shall bind both the Public Trustee and the advisory trustee.

(6)  No person dealing with the Public Trustee shall be concerned to inquire as to the concurrence or otherwise of the advisory trustee in any matter, or be affected by notice of the fact that the advisory trustee has not concurred therein.

(7)  The power of appointing a new advisory trustee when exercisable by the trustee shall be exercised by the advisory trustee alone, but the Public Trustee shall have power to apply to the Court for the appointment of a new advisory trustee.

(8)  Subject to the provisions of the trust instrument, an advisory trustee shall receive out of the estate such remuneration as may be prescribed.