47Trustee company obtaining grant to become trustee

47 Trustee company obtaining grant to become trustee S. 47(1) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 71), 45/1994 s. 42(Sch. item 12.13(a)(b)). (1) Where a trustee company has pursuant to the provisions of any Act obtained a grant of probate of a will or letters of administration with the will annexed (as the case may be) upon the authority of any person who has been appointed by the will of a deceased person to be both executor and trustee thereof then by virtue of the grant and without further appointment the trustee company shall be deemed to be appointed trustee of the will in the place of the person by whose authority the trustee company applied for the grant. S. 47(2) amended by Nos 10168 s. 3, 55/1987 s. 57(3)(Sch. 5 items 72, 73), 45/1994 s. 42(Sch. item 12.14 (a)–(d)). (2) Where any person who is appointed by will both executor and trustee thereof, and who has obtained a grant of probate, appoints by power of attorney pursuant to section 16 of the **Trustee Companies Act 1984** a trustee company to act as executor in his stead, the trustee company while so acting shall, by virtue of this section and without further appointment, be deemed in the place of that person to have all the powers and discretions of that person as a trustee of the will; and section 16 of the **Trustee Companies Act 1984** shall apply with respect to every act of the trustee company acting as trustee of the will within the powers conferred by this subsection in like manner as they apply with respect to every act of the trustee company acting as executor of the will. S. 47(3) amended by Nos 10168 s. 3, 55/1987 s. 57(3)(Sch. 5 items 74, 75), 45/1994 s. 42(Sch. item 12.15 (a)–(d)). (3) Where any person who is appointed by will to be both executor and trustee thereof, and who has obtained a grant of probate, appoints pursuant to section 17 of the **Trustee Companies Act 1984** a trustee company to perform and discharge all the acts and duties of that person as executor, the trustee company shall by virtue of this section and without further appointment be deemed to be appointed trustee of the will in the place of that person; and section 17 of the **Trustee Companies Act 1984** shall apply with respect to every act of the trustee company acting as trustee of the will in like manner as they apply with respect to every act of the trustee company acting as executor of the will. S. 47(4) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 76), 45/1994 s. 42(Sch. item 12.16). (4) This section shall apply only if and so far as a contrary intention is not expressed in the will or instrument of appointment or power of attorney pursuant to which the trustee company obtains authority to act. Part IV—Powers of the Court Division 1—Appointment of new trustees No. 5770 s. 48.