sec.193Payment of particular trust property into court by trustees

sec.193 Payment of particular trust property into court by trustees

This section applies in relation to trust property comprising trust funds or securities. A trustee who holds the trust property, or has the trust property under the trustee’s control, may pay the trust property into court. The receipt of the proper officer of the court is a sufficient discharge to the trustee for the payment of the trust property into court. Subject to rules of court, the trust property is to be dealt with as the court, by order, directs. If the trust property is held by, or is under the control of, more that 1 trustee, the trust property may be paid into court on a decision of a majority of the trustees. If a majority of the trustees in whom the trust property is vested wish to pay the trust property into court but the agreement of the remaining trustees can not be obtained, the court may order— that the trust property be paid into court without the agreement of the remaining trustees; and if the trust property is deposited with a financial institution, broker or other depositary—that the trust property be paid or delivered to the majority of the trustees for payment into court. The payment or delivery of the trust property under an order made under this section is as valid and effective as it would be if the payment or delivery were made by all of the trustees of the trust property. (sec.193-ssec.1) This section applies in relation to trust property comprising trust funds or securities. (sec.193-ssec.2) A trustee who holds the trust property, or has the trust property under the trustee’s control, may pay the trust property into court. (sec.193-ssec.3) The receipt of the proper officer of the court is a sufficient discharge to the trustee for the payment of the trust property into court. (sec.193-ssec.4) Subject to rules of court, the trust property is to be dealt with as the court, by order, directs. (sec.193-ssec.5) If the trust property is held by, or is under the control of, more that 1 trustee, the trust property may be paid into court on a decision of a majority of the trustees. (sec.193-ssec.6) If a majority of the trustees in whom the trust property is vested wish to pay the trust property into court but the agreement of the remaining trustees can not be obtained, the court may order— that the trust property be paid into court without the agreement of the remaining trustees; and if the trust property is deposited with a financial institution, broker or other depositary—that the trust property be paid or delivered to the majority of the trustees for payment into court. (sec.193-ssec.7) The payment or delivery of the trust property under an order made under this section is as valid and effective as it would be if the payment or delivery were made by all of the trustees of the trust property.

• (a) that the trust property be paid into court without the agreement of the remaining trustees; and