Oldham Trusts Act 1953 (Vic)

Version No. 001

Oldham Trusts Act 1953

Act No. 5724/1953

Version as at 17 August 2001

TABLE OF PROVISIONS

Section  Page

1.Short title

2.Moneys assured under policies on lives of T. D. Oldham and
K. MacL. Oldham now payable

3.Moneys paid by insurer company under policies on lives of
T. D. Oldham and K. MacL. Oldham to be held and applied under trusts in trust deeds

4.Receipt by trustee for moneys payable to be a good discharge
to insurer company

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ENDNOTES

1.  General Information

2.  Table of Amendments

3.  Explanatory Details

Version No. 001

Oldham Trusts Act 1953

Act No. 5724/1953

Version as at 17 August 2001

An Act relating to certain Policies of Insurance on the Lives of Trevor Donald Oldham and Kathleen MacLeod Oldham.

Preamble

WHEREAS on the twenty-first day of April One thousand nine hundred and fifty-three James McConnell Hambleton, of 18 Park-street Middle Brighton and 352 Collins-street Melbourne, acting as a trustee, made proposals to The Liverpool & London & Globe Insurance Company Limited (hereinafter referred to as "the insurer company") for policies of accident insurance on the lives respectively of Trevor Donald Oldham and his wife Kathleen MacLeod Oldham and out of moneys respectively provided by or on behalf of the said Kathleen MacLeod Oldham and Trevor Donald Oldham paid the premiums for the policies:

AND WHEREAS the insurer company duly issued to the said James McConnell Hambleton policies (hereinafter referred to as "the said policies") as aforesaid in accordance with the said proposals which said policies provided for the payment by the insurer company in the events respectively specified in the said policies of the moneys respectively specified therein (hereinafter referred to as "the moneys assured under the said policies") and the said James McConnell Hambleton duly executed instruments of trust declaring that he held the said policies and all moneys payable thereunder upon the trusts set out in the trust instruments:

AND WHEREAS by the trusts set out in each of the trust instruments it was provided inter alia that in the event of the death of the life assured the moneys payable under the policy were to be held in trust for the surviving spouse if he or she survived for thirty days and if not trust for such of the children of the said Trevor Donald Oldham and Kathleen MacLeod Oldham as attained twenty-one years of age or, being females, married:

AND WHEREAS in the said proposals so made by the said James McConnell Hambleton and in the policies so issued by the insurer company to the said James McConnell Hambleton the trusts though having like objects were not expressed in the same form as the trusts in the trust deeds executed by the said James McConnell Hambleton:

AND WHEREAS the said Trevor Donald Oldham and the said Kathleen MacLeod Oldham died at Jagalgori in India on the second day of May One thousand nine hundred and fifty-three as the result of an air accident and the respective events in which the moneys assured under the said policies were payable thereby occurred:

AND WHEREAS the said James McConnell Hambleton desires the insurer company to pay to him the moneys assured under the said policies to be held by him on the trusts set out in the trust instruments executed by him as aforesaid and dated the twenty-eighth day of April One thousand nine hundred and fifty-three:

AND WHEREAS the insurer company desires upon payment of the moneys assured under the said policies to obtain a good and sufficient discharge of its liabilities arising under the said policies:

AND WHEREAS the said James McConnell Hambleton and the insurer company have requested that legislation should be enacted to give effect to their respective desires and to remove doubts and difficulties which have arisen:

BE IT THEREFORE ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):

1.Short title

This Act shall be cited as the Oldham Trusts Act 1953.

2.Moneys assured under policies on lives of T. D. Oldham and K. MacL. Oldham now payable

The hereinbefore recited moneys assured under the hereinbefore recited policies on the lives of Trevor Donald Oldham and Kathleen MacLeod Oldham are now payable by The Liverpool & London & Globe Insurance Company Limited to James McConnell Hambleton of 18 Park-street Middle Brighton and 352 Collins-street Melbourne.

3.Moneys paid by insurer company under policies on lives of T. D. Oldham and K. MacL. Oldham to be held and applied under trusts in trust deeds

Upon the payment by The Liverpool & London & Globe Insurance Company to the said James McConnell Hambleton to the hereinbefore recited moneys assured under the said policies referred to in section two of this Act those moneys shall be held and applied by the said James McConnell Hambleton under and in accordance with the trusts respectively set out in the hereinbefore recited trust instruments executed by the said James McConnell Hambleton and dated the twenty-eighth day of April One thousand nine hundred and fifty-three.

4.Receipt by trustee for moneys payable to be a good discharge to insurer company

(1)The receipt under the hand of the said James McConnell Hambleton for the hereinbefore recited moneys assured under the said policies referred to in section two of this Act shall be and be deemed to be a good and sufficient discharge to the said The Liverpool & London & Globe Insurance Company Limited for all purposes and against all persons of all liabilities of the said company whatsoever arising under the said policies, and shall effectually exonerate the said company from seeing to the application or being answerable for any loss or mis-application of the said moneys.

(2)The foregoing provisions of this section shall be read and construed as in aid of and not in derogation from the provisions of section fourteen of the Trustee Act 1928.

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ENDNOTES

1.     General Information

The Oldham Trusts Act 1953 was assented to on 1 December 1953 and came into operation on 1 December 1953.

2.     Table of Amendments

There are no amendments made to the Oldham Trusts Act 1953 by Acts and subordinate instruments.

3.     Explanatory Details

No entries at date of publication.