15Power of executors, &c., to appoint trustee company to discharge their duties

15 Power of executors, &c., to appoint trustee company to discharge their duties

(1)  [Section 15 Subsection (1) amended by No. 33 of 1996, Sched. 1, Applied:01 Sep 1997] *[Section 15 Subsection (1) amended by No. 63 of 1963, s. 2 and Sched. 2 ]*The executor or administrator, acting under any probate or letters of administration, or a receiver, or the administrator of the estate of a person under the Guardianship and Administration Act 1995 , may, with the consent of the Court, appoint a trustee company to perform and discharge all the acts and duties of the executor, administrator, receiver, or committee, and the trustee company may perform and discharge all those acts and duties accordingly, and the executor, administrator, receiver, or committee so appointing the company is released from liability in respect of all acts done, or omitted to be done, by the company acting under that appointment.

(2)  Notice of an intended application for the consent of the Court under this section shall be advertised once in one daily newspaper published in Hobart, and in one daily newspaper published elsewhere in this State, at least 14 days before the making of the application, and the Court may require a person who resides in this State and is entitled to the immediate receipt of any of the income or corpus of the estate in respect of which the application is made to be served with notice thereof.

(3)  No consent shall be given by the Court under this section in the case of a will in which the testator has expressed his desire that the trusts thereof should not be delegated or that a trustee company should not act therein.