8Corporation may act as executor etc

8 Corporation may act as executor etc

8 Corporation may act as executor etc

(1) The corporation may, if it is otherwise competent so to do:

(a) apply for and obtain, or join in applying for and obtaining, probate of the will, or letters of administration of the estate, of a deceased person where the corporation has a beneficial interest, vested or contingent, in the estate of that person, or

(b) accept appointment, and act as trustee or co-trustee under and in pursuance of any trust where the trust property is not vested in the corporation by, or pursuant to, this Act, and the trust was created wholly or partly for the benefit of the corporation,

and may do all things necessary for the exercise or performance of its powers, authorities, duties or functions as executor, administrator or trustee, as the case may be.

(2) On behalf of the corporation, a member of or a person employed by the corporation for the purpose may swear an affidavit, make a declaration or statement, give security and do any other act or thing that is, by any Act, rule or regulation, required to be done by a person applying for or granted probate or letters or administration, or administering a trust, as the case may be.

(3) Where the corporation is appointed executor or administrator, it shall be subject to the same control and to removal or restraint from acting and generally to the jurisdiction of the Courts in the same manner as any other executor or administrator and, subject to the Trustee Act 1925, all property of the corporation is liable for the proper discharge of the duties of its office as executor or administrator.

(4) The corporation may:

(a) renounce executorship,

(b) decline to act as administrator of an estate,

(c) retire, or decline to act as trustee of property (not being property vested in it by or pursuant to this Act).

(5) Any commission or other remuneration earned by the corporation as an executor, administrator or trustee appointed under the authority of this section, belongs to the corporation and shall be used and applied by the corporation for or towards any object or purpose of the corporation.