1Trustee Companies Act 1947

Australian Capital Territory Trustee Companies Act 1947 A1947-15 Republication No 14 Effective: 14 October 2015 Republication date: 14 October 2015 Last amendment made by A2015-33 Authorised by the ACT Parliamentary Counsel Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au About this republication The republished law This is a republication of the Trustee Companies Act 1947 (including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes)) as in force on 14 October 2015. It also includes any commencement, amendment, repeal or expiry affecting this republished law to 14 October 2015. The legislation history and amendment history of the republished law are set out in endnotes 3 and 4. Kinds of republications The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at www.legislation.act.gov.au):  authorised republications to which the Legislation Act 2001 applies  unauthorised republications. The status of this republication appears on the bottom of each page. Editorial changes The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication. Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117). The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice. This republication includes amendments made under part 11.3 (see endnote 1). Uncommenced provisions and amendments If a provision of the republished law has not commenced, the symbol U appears immediately before the provision heading. Any uncommenced amendments that affect this republished law are accessible on the ACT legislation register (www.legislation.act.gov.au). For more information, see the home page for this law on the register. Modifications If a provision of the republished law is affected by a current modification, the symbol M appears immediately before the provision heading. The text of the modifying provision appears in the endnotes. For the legal status of modifications, see the Legislation Act 2001, section 95. Penalties At the republication date, the value of a penalty unit for an offence against this law is $150 for an individual and $750 for a corporation (see Legislation Act 2001, s 133). R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 contents 1 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Australian Capital Territory Trustee Companies Act 1947 Contents Page 1 Name of Act 2 2 Dictionary 2 3 Notes 2 4 Company may act as executor and obtain probate 2 5 Authorisation given to trustee company to act by person entitled to probate 3 6 Authorisation given to trustee company to act by 1 of several executors 3 7 Authorisation given to trustee company to act by person entitled to administration with will annexed 4 8 Authorisation given to trustee company to act by person entitled to administration on intestacy 5 8A Capacity of trustee company to act 5 9 Court to act on affidavit of managing director or manager in applications for probate or administration 6 10 Assets of company to be liable for proper administration of estates 6 Contents Page contents 2 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 11 Company may be appointed trustee, receiver or guardian of estate 6 12 Company may act under power of attorney by managing director, manager or 2 directors 7 13 Company may be appointed to act as temporary executor or administrator 8 14 Executor or administrator may appoint company to discharge duties 8 15 Application for consent under s 14 9 16 Managing director or manager may attend on behalf of company 10 17 Manager and directors personally responsible to court 10 19 Trustee company to be subject to same duties as individual 11 19A Company may hold property as joint tenant 11 20 Company may be removed from office by court and provisions for relief against company or directors 11 23 Voluntary winding-up of company or disposal of shares may be restrained by Supreme Court 12 32 Act not to preclude other companies from applying for similar powers to those given by this Act 12 33 Testators may appoint own lawyers 13 34B Transfer determinations 13 35 Regulation-making power 16 Dictionary 17 Endnotes 1 About the endnotes 18 2 Abbreviation key 18 3 Legislation history 19 4 Amendment history 24 5 Earlier republications 29 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 1 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Australian Capital Territory Trustee Companies Act 1947 An Act relating to trustee companies Section 1 page 2 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 1 Name of Act This Act is the Trustee Companies Act 1947. 2 Dictionary The dictionary at the end of this Act is part of this Act. Note 1 The dictionary at the end of this Act defines certain terms used in this Act, and includes references (signpost definitions) to other terms defined elsewhere. For example, the signpost definition ‘books—see the Corporations Act, section 9.’ means that the term ‘books’ is defined in that section and the definition applies to this Act. Note 2 A definition in the dictionary (including a signpost definition) applies to the entire Act unless the definition, or another provision of the Act, provides otherwise or the contrary intention otherwise appears (see Legislation Act, s 155 and s 156 (1)). 3 Notes A note included in this Act is explanatory and is not part of this Act. Note See the Legislation Act, s 127 (1), (4) and (5) for the legal status of notes. 4 Company may act as executor and obtain probate If a trustee company is named expressly or by implication as executor in the last will and testament or in the codicil to the last will and testament of any testator, that company may act as executor, and may apply for and obtain probate of the will of the testator and perform and discharge all the acts and duties of an executor. Section 5 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 3 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 5 Authorisation given to trustee company to act by person entitled to probate (1) If a person is named expressly or by implication as executor of the will of a deceased person and is entitled to apply for and obtain probate of the will without reserving leave to any other person to apply for probate, that firstmentioned person may— (a) join with a trustee company in an application for a grant of probate of the will to that person and the trustee company jointly; or (b) instead of applying personally, authorise a trustee company to apply for a grant of letters of administration with the will annexed. (2) If an application is made under subsection (1), the Supreme Court may grant letters of administration with the will annexed in accordance with the application unless the testator by his or her will has expressed the desire that— (a) the office of executor should not be delegated; or (b) a trustee company or that particular trustee company should not act in the trusts of the will. 6 Authorisation given to trustee company to act by 1 of several executors (1) If a person is named expressly or by implication as executor of the will of a deceased person and is entitled to apply for and obtain probate of the will jointly with any other person, that firstmentioned person may— (a) join with a trustee company and any other person entitled to apply for probate in an application for a grant of probate of the will to that person, the trustee company and any other such person jointly; or Section 7 page 4 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (b) instead of applying personally, authorise a trustee company to apply for a grant of probate of the will, either— (i) alone, with leave reserved for any person to come in and prove; or (ii) jointly with any other person entitled to apply for probate; in the same way as if the trustee company had been originally named as an executor of the will in addition to or in the place of that firstmentioned person. (2) If an application is made under subsection (1), the Supreme Court may grant probate of the will in accordance with the application unless the testator by his or her will has expressed the desire that— (a) the office of executor should not be delegated; or (b) a trustee company or that particular trustee company should not act in the trusts of the will. 7 Authorisation given to trustee company to act by person entitled to administration with will annexed (1) If a person is entitled to apply for and obtain a grant of letters of administration with the will annexed of the estate of a deceased person, the person may— (a) join with a trustee company in an application for a grant of letters of administration with the will annexed to the person and the trustee company jointly; or (b) instead of applying personally, authorise a trustee company to apply for a grant of letters of administration with the will annexed. Section 8 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 5 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (2) If an application is made under subsection (1), the Supreme Court may grant letters of administration with the will annexed in accordance with the application unless the testator by his or her will has expressed the desire that the office of administrator should not be held by a trustee company or that particular trustee company. 8 Authorisation given to trustee company to act by person entitled to administration on intestacy (1) If a person is entitled to obtain administration of the estate of a person who died intestate, the person may— (a) join with a trustee company in an application for a grant of letters of administration of the estate to the person and the trustee company jointly; or (b) instead of applying personally, authorise a trustee company to apply for a grant of letters of administration of the estate. (2) If an application is made under subsection (1), the Supreme Court may grant letters of administration of the estate in accordance with the application. 8A Capacity of trustee company to act If— (a) administration of an estate with or without the will annexed; or (b) probate of a will; is granted to a trustee company, either alone or jointly with another person, the trustee company may perform and discharge all the acts and duties of administrator, administrator with the will annexed or executor, as the case may be. Section 9 page 6 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 9 Court to act on affidavit of managing director or manager in applications for probate or administration If a trustee company is empowered under this Act to apply for probate or for letters of administration, the Supreme Court may receive and act on an affidavit made by the managing director or manager of the company in place of any affidavit required to be made by persons making application for probate or for letters of administration. 10 Assets of company to be liable for proper administration of estates (1) This section applies if probate or letters of administration are granted to a trustee company in relation to an estate. (2) The paid and unpaid capital and all other assets of the trustee company are liable for the proper administration of the estate. 11 Company may be appointed trustee, receiver or guardian of estate (1) If any court or person has power to appoint any person as— (a) trustee; or (b) receiver; or (c) guardian of the estate of a child; a trustee company may be so appointed. (2) Subject to this section, a trustee company may be appointed, or may continue to act, as sole trustee in all cases notwithstanding that it is provided by the terms of the instrument (if any) creating the trust or of any power or otherwise that there shall be more than 1 trustee to perform the trust. Section 12 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 7 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (3) If a trustee company and 1 or more individuals are co-trustees, any 1 or more of those individuals may retire, and the company shall, for the purposes of any law relating to the retirement of trustees and the vesting of the trust property, be deemed to be equivalent to 2 trustees. (4) A trustee company shall not be appointed in any case in which the instrument creating the trust or power forbids the appointment of a trustee company or of that particular trustee company. (5) A trustee company shall not be appointed or be entitled to act as sole trustee in any case in which the instrument creating the trust or power expressly provides that there shall be another trustee in addition to a trustee company or that a trustee company or that particular trustee company shall not be appointed or act as sole trustee. (6) If a trustee company is appointed or acts in any of the offices mentioned in subsection (1), all the capital of the company, both paid and unpaid, and all other assets of the company and the directors, manager, and assistant manager and their respective estates shall be liable for the proper discharge of the duties of that office. (7) No bond, recognisance, or other security for the proper discharge of such duties shall be required to be given by or on behalf of a trustee company. 12 Company may act under power of attorney by managing director, manager or 2 directors (1) A trustee company may act under any power of attorney by which the trustee company is appointed attorney by any person, and all the powers given to the trustee company by any such power of attorney may be exercised and carried into execution by the managing director or manager or 2 of the directors of the trustee company, but in all cases the capital both paid and unpaid and all other assets of Section 13 page 8 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au the trustee company shall be liable for the due execution of the powers so given to the trustee company. (2) This section shall not authorise any person to give any power to a trustee company that cannot be legally given to a private individual. 13 Company may be appointed to act as temporary executor or administrator An executor or administrator or trustee may appoint a trustee company to act as executor or administrator or trustee in his or her place, and a trustee company if appointed by deed filed in accordance with any law providing for the filing of powers of attorney may act within the scope of the authority given to it as effectually as the executor or administrator or trustee could have acted and may exercise all discretionary and other powers delegated by the principal as fully as the principal could have exercised them, and after the filing of the deed and before the registration of the death of the principal or of the revocation of the authority given by the principal every act of the trustee company within the scope of the authority given shall, in favour of any person who deals with the trustee company, bona fide, and without notice of the death of the principal or of his or her revocation of the authority, be valid and effectual notwithstanding the revocation by, or death of, the principal. 14 Executor or administrator may appoint company to discharge duties (1) An executor or administrator acting under any probate or letters of administration, whether granted before or after the date when this Act comes into operation, or a trustee, receiver or guardian of a child may, with the consent of the Supreme Court, appoint a trustee company to exercise and discharge all the acts and duties of that executor, administrator, trustee, receiver or guardian. Section 15 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 9 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (2) The trustee company may, on being so appointed, exercise and discharge all the acts and duties of the executor, administrator, trustee, receiver or guardian. (3) In every such case, all the capital both paid and unpaid and all other assets of the trustee company shall be liable for the proper discharge, from the date of the appointment, of the acts and duties of the executor, administrator, trustee, receiver or guardian, and the executor, administrator, trustee, receiver or guardian shall be released from liability in relation to all acts done by, or omitted to be done by, the trustee company acting under an appointment under this section. 15 Application for consent under s 14 (1) A person who intends to apply for consent under section 14 must give public notice, at least 7 days before the day the application is made, of— (a) the intention to apply; and (b) the intended date of the application. Note Public notice means notice on an ACT government website or in a daily newspaper circulating in the ACT (see Legislation Act, dict, pt 1). (2) The Supreme Court may require any person entitled to the immediate receipt of any of the income or corpus of the estate in relation to which the application is made to be served with notice of the application. (3) The costs of the application shall be in the discretion of the Supreme Court and may be ordered to be paid out of the estate. (4) The Supreme Court shall not give consent in the case of any will in which the testator has expressed his or her wish that the trusts of the will should not be delegated or that a trustee company or the particular trustee company in relation to which the application is made should not act in the trusts of the will. Section 16 page 10 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 16 Managing director or manager may attend on behalf of company If the personal attendance of an executor, administrator, trustee, receiver or guardian is required, a trustee company may attend in the person of its managing director or manager and the personal duties of executor, administrator, trustee, receiver or guardian may be discharged on behalf of the company by the managing director or manager. 17 Manager and directors personally responsible to court (1) If a trustee company obtains probate or letters of administration or is appointed and acts as trustee, receiver or guardian, the manager and directors shall be individually and collectively in their own proper persons responsible to the Supreme Court, and shall in their own proper persons be liable, by process of attachment, commitment for contempt or by other process, to all courts having jurisdiction in that behalf for the proper discharge of their duties and for obedience to the rules, orders and decrees of those courts in the same way and to the same extent as if the manager and directors had personally obtained probate or letters of administration and had acted as executor, administrator, trustee, receiver or guardian. (2) Notwithstanding anything contained in subsection (1), the capital, both paid and unpaid, and all the assets of the company shall remain liable for any pecuniary loss that is occasioned or that happens through the imperfect or improper discharge, or through the neglect of the trustee company concerned, or of any of its officers, of any act or duty in relation to any office, appointment or engagement held or entered on by the company. Section 19 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 11 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 19 Trustee company to be subject to same duties as individual (1) A trustee company shall, subject to the provisions of this Act, in every case in which it is appointed or acts as an executor, administrator, trustee, receiver or guardian, in addition to the liabilities and restrictions imposed by this Act be subject to the same respective rights, duties and obligations to which an individual acting as executor, administrator, trustee, receiver or guardian would be subject. (2) If any individual acting in any such capacity would be liable in his or her own proper person to attachment, commitment or other process, the managers and directors of a trustee company shall, if the company is acting in any of those capacities, be liable each for his or her own individual act and not further or otherwise in his or her own proper person to attachment, commitment or other process. 19A Company may hold property as joint tenant (1) A trustee company is capable of acquiring and holding property as a joint tenant with an individual in the same way as an individual may acquire and hold property as a joint tenant. (2) If a trustee company that is a joint tenant of property is dissolved, the property devolves on the other joint tenant. 20 Company may be removed from office by court and provisions for relief against company or directors (1) If a trustee company is appointed or acts as executor, administrator, trustee, receiver, guardian or attorney, it shall, in addition to the liabilities and restrictions imposed by this Act, be subject in all respects to the same control and liable to removal as a private individual who acts as executor, administrator, trustee, receiver, guardian or attorney. Section 23 page 12 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (2) Any person claiming relief against a trustee company for any act done or assumed to be done, or in relation to any act omitted to be done, by the company, its directors or officers, under any of the powers given by this Act, may proceed in the Supreme Court against the trustee company or against any of its directors or officers. (3) In any such proceedings, the Supreme Court may make any order that it considers appropriate. 23 Voluntary winding-up of company or disposal of shares may be restrained by Supreme Court (1) So long as an estate in relation to which a trustee company is executor, administrator, trustee, receiver or guardian remains in whole or in part unadministered, the company shall not, except with the approval of the Supreme Court, be voluntarily wound up. (2) Any person interested in the estate or who has a claim in relation to the estate may apply to the Supreme Court to restrain a director or shareholder from disposing of any share that the person holds in the company or to restrain the winding-up voluntarily of the company, and the court may on any such application make any order that the court considers appropriate. 32 Act not to preclude other companies from applying for similar powers to those given by this Act Nothing in this Act shall entitle a trustee company to oppose the granting of any powers similar to those given to certain companies by this Act to any other company or to corporations generally, or to claim or to seek compensation in consequence of the powers being given to any other company or to corporations generally. Section 33 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 13 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 33 Testators may appoint own lawyers (1) This section applies if— (a) a trustee company is the executor or administrator (or an executor or administrator) of the estate of a deceased person (the testator); and (b) the testator has directed by will that a particular lawyer conduct the legal business of the testator’s estate. (2) The lawyer is entitled to conduct that legal business as directed by the testator. (3) However— (a) the trustee company is not liable for any misconduct of the lawyer; and (b) the lawyer may be removed by order of the Supreme Court on the application of the trustee company or of anyone interested in the estate. (4) If a lawyer is removed under subsection (3) (b), the Supreme Court may appoint a lawyer nominated by the trustee company. (5) In this section: will includes codicil or other testamentary writing. misconduct includes negligence, misfeasance and nonfeasance. 34B Transfer determinations (1) This section applies if— (a) ASIC cancels the licence of a trustee company (the transferring company) and makes a determination under the Corporations Act, section 601WBA that there is to be a transfer of estate assets and liabilities from the transferring company to another licensed trustee company (the receiving company); and Section 34B page 14 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (b) 4 ASIC issues a certificate of transfer under that Act, section 601WBG for the transfer; and (c) either the transferring company or the receiving company (or both) is registered in the ACT. Note 1 Under the Corporations Act, s 601WBA 5 ASIC may make— (a) a compulsory transfer determination if 5 ASIC has cancelled the licence of the transferring company; or (b) a voluntary transfer determination if the transferring company has applied for the determination. Note 2 A reference to a law (including a Cwlth Act) includes a reference to the Act as originally made and as amended (see Legislation Act, s 102). (2) When the certificate of transfer comes into force, the receiving company is taken to be the successor in law in relation to estate assets and liabilities of the transferring company, to the extent of the transfer. Note The Corporations Act, s 601WBG requires the certificate of transfer to state when it is to come into force. (3) Without limiting subsection (2)— (a) if the transfer is a total transfer—all of the assets and liabilities of the transferring company become assets and liabilities of the receiving company (without the need for any further conveyance, transfer, assignment or assurance); and (b) if the transfer is a partial transfer—the assets and liabilities listed as referred to in the Corporations Act, section 601WBG (2) (c) of the transferring company become assets and liabilities of the receiving company (without the need for any further conveyance, transfer, assignment or assurance); and (c) to the extent of the transfer—the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company; and Section 34B R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (d) if the certificate includes provisions of the kind referred to in the Corporations Act, section 601WBG (3) specifying— (i) that particular things are to happen or are taken to be the case—those things are taken to happen, or to be the case, in accordance with those provisions; and (ii) a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are taken to happen, or to be the case, as determined in accordance with that mechanism. (4) The operation of this section is not to be regarded as— (a) a breach of contract or confidence or otherwise as a civil wrong; or (b) a breach of any instrument (including, without limitation, any provision prohibiting, restricting or regulating the assignment or transfer of assets or liabilities); or (c) an event of default under any contract or other instrument; or (d) giving rise to any remedy by a party to a contract or other instrument, or as causing or permitting the termination of, or exercise of rights under, any contract or other instrument. (5) In this section: ASIC means the Australian Securities and Investments Commission under the Australian Securities and Investments Commission Act 2001 (Cwlth). Section 35 page 16 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 35 Regulation-making power (1) The Executive may make regulations for this Act. Note Regulations must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001. (2) The regulations may prescribe offences for contraventions of the regulations and prescribe maximum penalties of not more than 10 penalty units for offences against the regulations. Dictionary R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 17 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Dictionary (see s 2) Note 1 The Legislation Act contains definitions and other provisions relevant to this Act. Note 2 For example, the Legislation Act, dict, pt 1, defines the following terms:  Act  appoint  bank  corporation  Corporations Act  Executive  lawyer  Minister (see s 162)  person (see s 160)  Supreme Court. books—see the Corporations Act, section 9. first valuation day, in relation to a common trust fund, means the day determined under section 25B (6) for the purpose of valuing the fund. officer, of a trustee company, means an officer of the company under the Corporations Act. Note Officer of a corporation is defined in the Corporations Act, s 9. trustee company means a licensed trustee company within the meaning of the Corporations Act, chapter 5D. Note A reference to a law (including a Cwlth Act) includes a reference to the Act as originally made and as amended (see Legislation Act, s 102). valuation day, in relation to a common trust fund, means— (a) a day mentioned in section 25F (1) (a) (i) or (ii); or (b) any other day when, under section 25F (1) (b), a valuation of the fund is carried out. Endnotes 1 About the endnotes page 18 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Endnotes 1 About the endnotes Amending and modifying laws are annotated in the legislation history and the amendment history. Current modifications are not included in the republished law but are set out in the endnotes. Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history. Full details of any amendments can be obtained from the Parliamentary Counsel’s Office. Uncommenced amending laws are not included in the republished law. The details of these laws are underlined in the legislation history. Uncommenced expiries are underlined in the legislation history and amendment history. If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering. The endnotes also include a table of earlier republications. 2 Abbreviation key A = Act NI = Notifiable instrument AF = Approved form o = order am = amended om = omitted/repealed amdt = amendment ord = ordinance AR = Assembly resolution orig = original ch = chapter par = paragraph/subparagraph CN = Commencement notice pres = present def = definition prev = previous DI = Disallowable instrument (prev...) = previously dict = dictionary pt = part disallowed = disallowed by the Legislative r = rule/subrule Assembly reloc = relocated div = division renum = renumbered exp = expires/expired R[X] = Republication No Gaz = gazette RI = reissue hdg = heading s = section/subsection IA = Interpretation Act 1967 sch = schedule ins = inserted/added sdiv = subdivision LA = Legislation Act 2001 SL = Subordinate law LR = legislation register sub = substituted LRA = Legislation (Republication) Act 1996 underlining = whole or part not commenced mod = modified/modification or to be expired Endnotes Legislation history 3 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 19 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 3 Legislation history This Act was originally a Commonwealth ordinance—the Trustee Companies Ordinance 1947 No 15 (Cwlth). The Australian Capital Territory (Self-Government) Act 1988 (Cwlth), s 34 (4) converted most former Commonwealth ordinances in force in the ACT into ACT enactments. This allowed the ACT Legislative Assembly to amend and repeal the laws. This Act was converted into an ACT enactment on 11 May 1989 (self- government day). As with most ordinances in force in the ACT, the name was changed from Ordinance to Act by the Self-Government (Citation of Laws) Act 1989 A1989-21, s 5 on 11 May 1989 (self-government day). Before 11 May 1989, ordinances commenced on their notification day unless otherwise stated (see Seat of Government (Administration) Act 1910 (Cwlth), s 12). After 11 May 1989 and before 10 November 1999, Acts commenced on their notification day unless otherwise stated (see Australian Capital Territory (Self- Government) Act 1988 (Cwlth) s 25). Legislation before becoming Territory enactment Trustee Companies Act 1947 A1947-15 notified 18 December 1947 commenced 18 December 1947 as amended by Companies Ordinance 1954 Ord1954-14 notified 20 August 1954 commenced 1 October 1954 Trustee Companies Ordinance 1954 Ord1954-16 notified 26 August 1954 commenced 26 August 1954 Trustee Companies Ordinance 1960 Ord1960-7 notified 22 September 1960 commenced 22 September 1960 Trustee Companies Ordinance 1961 Ord1961-19 notified 27 July 1961 commenced 27 July 1961 Endnotes 3 Legislation history page 20 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Companies Ordinance 1962 Ord1962-7 notified 21 June 1962 commenced 1 July 1962 Trustee Companies Ordinance 1962 Ord1962-11 notified 13 September 1962 commenced 13 September 1962 Trustee Companies Ordinance 1965 Ord1965-4 notified 6 May 1965 commenced 6 May 1965 Trustee Companies Ordinance 1966 Ord1966-12 notified 4 August 1966 commenced 4 August 1966 Ordinances Revision (Decimal Currency) Ordinance 1966 Ord1966-19 notified 23 December 1966 commenced 23 December 1966 Trustee Companies Ordinance 1968 Ord1968-8 notified 18 April 1968 commenced 18 April 1968 Ordinances Revision (Companies Amendments) Ordinance 1982 Ord1982-38 notified 30 June 1982 commenced 1 July 1982 Ordinances Revision (Companies Amendments) Ordinance (No 2) 1982 Ord1982-93 notified 17 December 1982 commenced 17 January 1983 (Cwlth Gaz 1983 No S7) Trustee Companies (Amendment) Ordinance 1984 Ord1984-6 notified 15 March 1984 commenced 15 March 1984 Trustee Companies (Amendment) Ordinance 1985 Ord1985-34 notified 20 August 1985 commenced 20 August 1985 Endnotes Legislation history 3 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 21 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Administrative Arrangements (Consequential Amendments) Ordinance 1988 Ord1988-17 sch 2 notified 22 April 1988 commenced 22 April 1988 Self-Government (Consequential Amendments) Ordinance 1989 Ord1989-38 sch 1 notified 10 May 1989 (Cwlth Gaz 1989 No S160) s 1, s 2 commenced 10 May 1989 (s 2 (1)) sch 1 commenced 11 May 1989 (s 2 (2) and see Cwlth Gaz 1989 No S164) Legislation after becoming Territory enactment Statute Law Revision (Miscellaneous Provisions) Act 1992 A1992-23 sch 1 notified 4 June 1992 (Gaz 1992 No S71) commenced 4 June 1992 Trustee Companies (Amendment) Act 1992 A1992-49 notified 1 September 1992 (Gaz 1992 No S148) ss 1-3 commenced 1 September 1992 (s 2 (1)) remainder commenced 1 December 1992 (s 2 (2) and Gaz 1992 No 47) Trustee Companies (Amendment) Act 1993 A1993-53 notified 27 August 1993 (Gaz 1993 No S165) commenced 27 August 1993 (s 2) Statute Law Revision Act 1994 A1994-26 sch, note notified 31 May 1994 (Gaz 1994 No S93) commenced 31 May 1994 (s 2) Statute Law Revision Act 1995 A1995-46 sch notified 18 December 1995 (Gaz 1995 No S306) amdts commenced 18 December 1995 (s 2) Legal Practitioners (Consequential Amendments) Act 1997 A1997-96 sch 1 notified 1 December 1997 (Gaz 1997 No S380) s 1, s 2 commenced 1 December 1997 (s 2 (1)) sch 1 commenced 1 June 1998 (s 2 (2)) Endnotes 3 Legislation history page 22 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Statute Law Revision (Penalties) Act 1998 A1998-54 sch notified 27 November 1998 (Gaz 1998 No S207) s 1, s 2 commenced 27 November 1998 (s 2 (1)) sch commenced 9 December 1998 (s 2 (2) and Gaz 1998 No 49) Financial Sector Reform (ACT) Act 1999 A1999-33 sch notified 25 June 1999 (Gaz 1999 No S34) s 1, s 2, dict commenced 25 June 1999 (s 2 (1)) sch commenced 1 July 1999 (s 2 (2) and Cwlth Gaz 1999 No S283) Statute Law Amendment Act 2000 A2000-80 amdt 3.28 notified 21 December 2000 (Gaz 2000 No S69) commenced 21 December 2000 (s 2) Legislation (Consequential Amendments) Act 2001 A2001-44 pt 396 notified 26 July 2001 (Gaz 2001 No 30) s 1, s 2 commenced 26 July 2001 (IA s 10B) pt 396 commenced 12 September 2001 (s 2 and see Gaz 2001 No S65) Statute Law Amendment Act 2001 (No 2) A2001–56 pt 3.50 notified 5 September 2001 (Gaz 2001 No S65) commenced 5 September 2001 (s 2 (1)) Sexuality Discrimination Legislation Amendment Act 2004 A2004-2 sch 1 pt 1.18 notified LR 18 February 2004 s 1, s 2 commenced 18 February 2004 (LA s 75 (1)) sch 1 pt 1.18 commenced 22 March 2004 (s 2 and CN2004-4) Justice and Community Safety Legislation Amendment Act 2005 (No 3) A2005-43 sch 1 pt 1.15 notified LR 30 August 2005 s 1, s 2 commenced 30 August 2005 (LA s 75 (1)) sch 1 pt 1.15 commenced 1 October 2005 (s 2 (3) and CN2005-18) Statute Law Amendment Act 2009 A2009-20 sch 3 pt 3.72 notified LR 1 September 2009 s 1, s 2 commenced 1 September 2009 (LA s 75 (1)) sch 3 pt 3.72 commenced 22 September 2009 (s 2) Endnotes Legislation history 3 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 23 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Justice and Community Safety Legislation Amendment Act 2009 (No 4) A2009-54 sch 1 pt 1.5 notified LR 18 December 2009 s 1, s 2 commenced 18 December 2009 (LA s 75 (1)) sch 1 pt 1.5 commenced 13 August 2010 (s 2 (1) and CN2010-9) Justice and Community Safety Legislation Amendment Act 2010 A2010-13 sch 1 pt 1.8 notified LR 31 March 2010 s 1, s 2 commenced 31 March 2010 (LA s 75 (1)) sch 1 pt 1.8 commenced 13 August 2010 (s 2 (2) (a) and see A2009-54 s 2 (1) and CN2010-9) Justice and Community Safety Legislation Amendment Act 2012 A2012-13 sch 1 pt 1.9 notified LR 11 April 2012 s 1, s 2 commenced 11 April 2012 (LA s 75 (1)) sch 1 pt 1.9 commenced 12 April 2012 (s 2 (1)) Statute Law Amendment Act 2012 A2012-21 sch 3 pt 3.50 notified LR 22 May 2012 s 1, s 2 commenced 22 May 2012 (LA s 75 (1)) sch 3 pt 3.50 commenced 5 June 2012 (s 2 (1)) Red Tape Reduction Legislation Amendment Act 2015 A2015-33 sch 1 pt 1.65 notified LR 30 September 2015 s 1, s 2 commenced 30 September 2015 (LA s 75 (1)) sch 1 pt 1.65 commenced 14 October 2015 (s 2) Endnotes 4 Amendment history page 24 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 4 Amendment history Dictionary s 2 orig s 2 am Ord1985-34 om A1992-23 sch 1 (prev s 3) am Ord1954-16; Ord1982-38; Ord1985-34; Ord1988-17 sch 2 renum as s 2 A2001-44 amdt 1.4109 sub A2005-43 amdt 1.43 def bank om A1999-33 sch def books am A1995-46 sch def financial institution am A2001-44 amdt 1.4108 def first valuation day ins A1992-49 s 4 def officer am A1995-46 sch def related corporation om A1995-46 sch def related body corporate ins A1995-46 sch def trustee company am A1992-23 sch 1; A1995-46 sch def valuation day ins A1992-49 s 4 Notes s 3 ins A2001-44 amdt 1.4110 sub A2005-43 amdt 1.43 Change of name s 3A ins A1993-53 s 4 om A2009-54 amdt 1.9 Authorisation given to trustee company to act by person entitled to probate s 5 sub A1992-49 s 5 am A2005-43 amdt 1.44 Authorisation given to trustee company to act by 1 of several executors s 6 hdg sub A1994-26 note s 6 sub A1992-49 s 5 Authorisation given to trustee company to act by person entitled to administration with will annexed s 7 sub A1992-49 s 5 Authorisation given to trustee company to act by person entitled to administration on intestacy s 8 sub A1992-49 s 5 Capacity of trustee company to act s 8A ins A1992-49 s 5 Assets of company to be liable for proper administration of estates s 10 am Ord1966-19; Ord1985-34 sub A2005-43 amdt 1.45 Endnotes Amendment history 4 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 25 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Company may be appointed trustee, receiver or guardian of estate s 11 am Ord1985-34; A1994-26 sch; A2005-43 amdt 1.46 Company may act under power of attorney by managing director, manager or 2 directors s 12 am Ord1985-34 Company may be appointed to act as temporary executor or administrator s 13 am A1993-53 sch Application for consent under s 14 s 15 hdg sub A2005-43 amdt 1.47 s 15 am Ord1985-34; A1993-53 sch; A1994-26 sch; A2005-43 amdt 1.48; A2009-20 amdt 3.210; A2015-33 amdt 1.229 Manager and directors personally responsible to court s 17 am Ord1985-34 Estate fees s 18 am Ord1954-16; Ord1966-19; Ord1985-34 sub A1992-49 s 6 om A2009-54 amdt 1.10 Fees for preparation of returns s 18A ins A1992-49 s 6 am A2005-43 amdt 1.49 om A2009-54 amdt 1.11 Fees generally s 18B ins A1992-49 s 6 om A2009-54 amdt 1.12 Trustee company to be subject to same duties as individual s 19 am A1993-53 sch Company may hold property as joint tenant s 19A ins Ord1954-16 Company may be removed from office by court and provisions for relief against company or directors s 20 am A2005-43 amdt 1.50 Order for account on application of trustee etc s 21 am A1993-53 sch; A2004-2 amdt 1.58, amdt 1.59; A2005-43 amdt 1.51, amdt 1.52 om A2009-54 amdt 1.13 Supreme Court may order audit in any estate committed to the company s 22 am Ord1985-34; A1993-53 sch; A1998-54 sch; A2005-43 amdt 1.53, amdt 1.54 om A2009-54 amdt 1.14 Endnotes 4 Amendment history page 26 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Voluntary winding-up of company or disposal of shares may be restrained by Supreme Court s 23 am A1993-53 sch; A2005-43 amdts 1.55-1.57 Restriction on classes of business s 24 am Ord1954-14; Ord1962-7; Ord1966-19; Ord1982-93; Ord1985-34; A1995-46 sch; A1998-54 sch; ss renum R5 LA; A2005-43 amdt 1.58 om A2009-54 amdt 1.15 Separate accounts of each estate to be kept s 25 om A2009-54 amdt 1.16 Contributory investments s 25A ins Ord1985-34 am A1994-26 sch; A2001-56 amdt 3.858 om A2009-54 amdt 1.17 Common trust funds s 25B ins A1992-49 s 7 am A1994-26 sch om A2009-54 amdt 1.18 Crediting of money to common trust fund s 25C ins A1992-49 s 7 om A2009-54 amdt 1.19 Investment in and withdrawal from common trust fund s 25D ins A1992-49 s 7 om A2009-54 amdt 1.20 Beneficial interest in common trust fund s 25E ins A1992-49 s 7 om A2009-54 amdt 1.21 Valuation of common trust fund s 25F ins A1992-49 s 7 om A2009-54 amdt 1.22 Payment of income s 25G ins A1992-49 s 7 om A2009-54 amdt 1.23 Realisation and acquisition of investments of common trust fund s 25H ins A1992-49 s 7 om A2009-54 amdt 1.24 Trustee company acting jointly with another person s 25I ins A1992-49 s 7 om A2009-54 amdt 1.25 Endnotes Amendment history 4 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 27 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Fees in relation to common trust fund s 25J ins A1992-49 s 7 om A2009-54 amdt 1.26 Improper dealings with money s 26 am Ord1966-19; Ord1985-34; A1998-54 sch om A2009-54 amdt 1.27 Power to deposit amounts with banks s 27 am Ord1985-34 sub A2005-43 amdt 1.59 om A2009-54 amdt 1.28 Payment of money unclaimed s 28 am Ord1966-19; Ord1985-34; Ord1988-17 sch 2; A1993-53 sch; A1998-54 sch; ss renum R5 LA; A2005-43 amdt 1.60 om A2009-54 amdt 1.29 Persons entitled may apply subsequently s 29 am Ord1985-34; Ord1988-17 sch 2; A2005-43 amdt 1.61 om A2009-54 amdt 1.30 Order for account on application of Minister s 30 am Ord1985-34; Ord1988-17 sch 2; A1993-53 sch; A2005-43 amdts 1.62-1.64 om A2009-54 amdt 1.31 Quarterly financial declarations s 31 am Ord1966-19; Ord1985-34; Ord1988-17 sch 2; A1998-54 sch; A2001-44 amdt 1.4111, amdt 1.4112; pars renum R5 LA om A2009-54 amdt 1.32 Information etc for Minister s 31A ins Ord1985-34 am Ord1988-17 sch 2; A1993-53 sch; A1998-54 sch om A2009-54 amdt 1.33 Inquiries and audits s 31B ins Ord1985-34 am Ord1988-17 sch 2; A1998-54 sch; A2005-43 amdt 1.65 om A2009-54 amdt 1.34 Testators may appoint own lawyers s 33 am A1993-53 sch; A1997-96 sch 1 sub A2005-43 amdt 1.66 Incorporation and powers of company except so far as specifically altered to remain s 34 om A2009-54 amdt 1.35 Endnotes 4 Amendment history page 28 Trustee Companies Act 1947 Effective: 14/10/15 R14 14/10/15 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au Approved forms s 34A ins A2001-44 amdt 1.4113 (4)-(7) exp 12 September 2002 (s 34A (7)) om A2009-54 amdt 1.36 Transfer determinations s 34B hdg sub A2012-13 amdt 1.41 s 34B ins A2010-13 amdt 1.34 am A2012-13 amdt 1.42; A2012-21 amdt 3.196, amdt 3.197 Regulation-making power s 35 am Ord1966-19; Ord1985-34; Ord1988-17 sch 2; Ord1989-38 sch 1; A1998-54 sch sub A2001-44 amdt 1.4114 Transitional s 36 ins A2000-80 amdt 3.28 om A2009-54 amdt 1.37 Transitional—def trustee company s 37 ins A2009-54 amdt 1.38 exp 13 August 2011 (s 37 (2) (a)) Specified trustee companies sch 1 hdg sub Ord1985-34 sub A2001-44 amdt 1.4115 sch 1 am Ord1954-16; Ord1960-7; Ord1961-19; Ord1962-11; Ord1965-4; Ord1966-12; Ord1968-8; Ord1984-6 om A2009-54 amdt 1.39 Quarterly financial declaration sch 2 am Ord1966-19 sub Ord1985-34 am A1994-26 sch; A1995-46 sch om A2001-44 amdt 1.4116 Dictionary dict ins A2005-43 amdt 1.67 am A2009-20 amdt 3.211; A2015-33 amdt 1.230 def books ins A2005-43 amdt 1.67 def first valuation day ins A2005-43 amdt 1.67 def officer ins A2005-43 amdt 1.67 def trustee company ins A2005-43 amdt 1.67 sub A2009-54 amdt 1.40; A2010-13 amdt 1.35 def valuation day ins A2005-43 amdt 1.67 Endnotes Earlier republications 5 R14 14/10/15 Trustee Companies Act 1947 Effective: 14/10/15 page 29 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au 5 Earlier republications Some earlier republications were not numbered. The number in column 1 refers to the publication order. Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register. A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1. Electronic and printed versions of an authorised republication are identical. Republication No Amendments to Republication date 1 Ord1989-38 30 September 1991 2 A1992-49 31 July 1993 3 A1995-46 1 January 1996 4 A1998-54 31 March 1999 5 A2001-56 9 August 2002 6 A2001-56 13 September 2002 7 A2004-2 22 March 2004 8 A2005-43 1 October 2005 9 A2009-20 22 September 2009 10 A2010-13 13 August 2010 11 A2010-13 14 August 2011 12 A2012-13 12 April 2012 13 A2012-21 5 June 2012 © Australian Capital Territory 2015