Permanent Trustee Company of New South Wales, Limited (Amendment) Act 1918 (NSW)

AN KN'r U )M pany

OF NFW s o u ™ WAFFS,

MiVlI r̂iO) (AAIFNDAIFNM') A(0\

All A.ct loanicm l tlie Poymaiu nt Tnistca' Companv Geon'.e V.

of A(m\ South Wall's, lainitod, A('t ami to couh'i- additioiiai pow ('i's upon t!u' Poniiaiu'ut 'i'nistcM' ( 'onipaiiy of iN’cw Soiitli \\ ak's, Idinitod ; and to validato ccilain aclions ol tlio said coiiipan\. [Assontod to, 12(li Doci'in-

her,05)18.; ''

\ \ ^ l l K l v K \ S since t i l l ' iiassiiiu ol' I lie I t ' nuai ieul

T T ' Prus ie i ' ( 'om])any ol .New Sniitli Wall 's, Ijiiniled.

.\e1. liei 'einaltei’ called the I 'rineipal . \c l , llie s ; i i d I’ermaiieiil '! laislee Comnany of New South W'.ale^. la’mited. IwTcinaI'te r calli'd " the coni | iaiiy." i i a s heen

entrus ted witli the adininis tinl ion and now adininis ters

;i, lar^'c n mn her ol' trust e s ta t e - ; iinl whereas I he coin-

|)<‘uiy now posst'sses a paid-u[) ea |dlal ol' IUIn	llimisaiid
pounds

L8 Permanent Trustee Copipany of New South Wales,

Limited (Amendment) Act.

George V. pounds of Avliicli twenty thousand pounds has long

since been and now is invested in the manner provided by section six of the Principal A ct: And whereas it is desirable to amend the Principal Act so as to confer

,

upon the company additional powers and privileges to enable the company more effectually and usefully to carry out its objects and so as to validate certain actions of the company in the past: Be it therefore enacted by the King’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South M^ales in Parlia-

,

ment assembled, and by the authority of tlie same, as

follows:—

Short title. 1. This Act may. for all purposes be cited as the

“ Permanent Trustee Company of New South Wales,

Limited (Amendment) Act, 1918.”

Incorporation	2. This Act shall be incorporated with and form part
Trustee Com­

with Permanent

pany of New	of the Principal Act except so far as the Principal Act
South Wales,
Limited, Act.	is repealed or amended by this Act.
Persons

entitled to 3. Any person named expressly or by implication as

probate may	executor who would be entitled to obtain probate of the
authorise the
company to	will of any testator without leave being reserved to any
obtain ad­	other person to apply for probate may instead of
ministration
with will	himself applying for probate autborise the company to
annexed.	apply for administration with the said will annexed, and a grant of such administration may be made to the company upon its own application when so authorised unless the testator has by his will directed or intimated that the office of executor should not he delegated or that the company should not act in the trusts of the will.
of s. 3 of

Amendment 4. Section three of the Principal Act is amended by

Principal	striking out the words “ as his or her next of kin ” after
Act.	the word “ intestate ” where first used in such section.

Amendment 5. Section five of the Principal Act is amended by

of s. of

Principal	striking out the words “ managing director, manager, or
Act.	acting-manager of the company” and by inserting in place thereof the words “ manager, assistant manager, acting manager, or secretary, or by such other officer of the company as may from time to time be appointed by the board of directors for that purpose.”

Hepeal of m . 7 of

Principal Act 6. Section seven of tbe Principal Act is hereby

repealed. 7 .

Permanent Trustee Company of New South Wales, 19

Limited (Amendment) Act.

George V.

(1) In all cases where any court >̂1' justice or(loiiipany jud^e thereof or j)ersou has power to appoint any l>'̂ ns()ti'“jn

7 .

a S— t •ustee,

(а) trustee; or

(h) receiver ; or (h guardian

(c)	committee or manager of tin; estate of an insaiu! [)crsou, insane patient, or iuca]>ahh> person, within the meaning of the LunacA’ Act
of 1898 ; or ‘

(d) guardian of the estate of an infant,

the company may he so appointed.

(2) (a) Subjectashereinafterprovidedthecompany may he, appointed or may continue to act as sole trustee in all cases notwithstanding that it is provided by tlu' terms of the instrument (if any) creating the trust or of any power or otherwise that there shall be more than one trustee to perform the trust.

(b) Where the company and one or more' individuals are co-trustees, any one or more of such individuals may retire, and the company shall for the ])ur[)oscs of any Act now or hereafter in force relating to the retirement of trustees and the vesting of the trust property be deemed to be equivalent to two trustees.

(3) The company shall not be appointed in any case in which the instrument creating the trust or power forbids the appointment of tlu' company.

(4) The 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 pro­ vides that there shall be another trustee in addition to the company or that the company shall not be appoint('d or act as sole trustee.

(5) In every case; in which the company is appointed or acts in any of the offices in subsection one hereof mentioned, all the capital of the comj)any, both paid and unpaid, and all other assets of the company, and the directors, manager, and assistant manag(>r thereof and their respective estates shall be liable for the proper discharge of the duties of such office.

(б) No bond, recognizance, or other security for

the proper discharge of such duties shall be required to

be given by or on behalf of the company. 8.

20   Permanent Trustee Company of New South Wales,

Limited (Amendment) Act.

George V.J

Validation of (I) In all cases wliere before the passing of this appointments Act the companv was appointed new trustee in place of of company as niore than one trustee previously tillin'’: the office, such SOlt* tt*ttStCO < A '

,

‘ appointment shall he deemed to have heen and to he as

valid and effectual as if this Act had then heen passed.

(2) In all cases wliere before the ])assing of this

Act the company upon the retirement of one or more

trustees continued to act as sole trustee the company

shall be deemed to have heen and to he entitled to act

as sole trustee.

.

(3) The trustees in whose place the company was

so appointed, or upon whose retirement the company

'

continued to act as sole trustee, shall he deemed to have

been and to he discharged from their trust.

Company

may hold 9. (1) The company shall he capable of acquiring

property as and holding any property in joint, tenancy in the same

joint tenant, manner as if it were an individual.

(2) Where the company and an individual or the company and another body corporate become entitled to any property under circumstances or by virtue of any instrument which, if the company or other body corporate had been an individual, would have created a joint tenancy, they shall he entitled to the property as joint tenants.

(3) Where the company or other body corporate is a joint tenant of anj" property, then on its dissolution the property shall devolve on the other joint tenant.

Property 10. Where any property is now or hereafter

vested in

company and	becomes vested in the company and an individual, or in
anotner as
trustees, See.,	the company and another body corporate to the intent
to be held on	that thej^ should hold the same jointly in any fiduciary
joint tenancy,	capacity, or as mortgagees, they shall be deemed to be joint tenants thereof and not tenants in common unless otherwise expressly provided.
Ani% Jment
of a. 8 of	1 1 , Section eight of the Principal Act is amended manager jointly with,” and by substituting therefor the words “ manager, assistant manager, acting manager, or secretary, or by such other officer of the company as may from time to time be appointed by the board of
Prii.cipal	by striking out the words “ managing director or the
Act.
directors for that purpose or by.” '19.

Permanent Trustee Company of New South Wales, 21

Limited (Amendment) Act.

Glfeorge V.

1 2 . Section ten of tlie Jh‘iiu;ii)Ml Act is amended— AmemimcnL

(a) liy striking'out the word “ ecclesiastical and i’iinoi|>ai

substituting in place tliereor the words “ probate

or eipiity ” ; and

(1)) l)v striking out the words “ managing director, manager, or acting managin', as the case may he,” and by substituting in place tliereot the words “ manager or assistant manager.”

13. Section eleven of the Principal Act is l‘‘-'rehy ^

repealed.

14. (1) Every application under this Act to any .Vi>|iii.;ati.Mis

court or judge shall he by motion.

(2) Subject as hereafter provided notice of the

ap])licatiou and of tlie date on which the same is

intended to hi' made shall he advertised onci'—

(a) in a daily newspaper circulating in Sydney and published at least siwen days hefori' such dat(' ; and

(ii)  wliere the application is inadi' by the executor or administrator of any person who died at any place in New South Wales situated more than thirty miles from Sydney, also in a newspaper circulating in the district in which the deceased resided at the date of his death and published within the time aforesaid.

(2) it shall not he necessary to advertise in any newspaj'cr notice of any application for thea|)[)ointment, of thecompany as a Irusti'c where all persons h('netiein,lly interested are liefore the court or have hail notice of the intended applicalion.

(4) I'he court or judge may in any case reipiire

noiiee to he served on any person ri'siding in New South Wales and entitled to the imnu'diate receipt of the whole or part ol'tlu‘ income or corpus of the estate in respect of w hitdi the application is made.

. (d) The court or judge may order the costs and expenses of and incident to any such application to he paid or raised out of the estate in respect whereof the

same is made, or out of tin' income thereof, or to he

borne and jiaid in such niarmer and by such persons as to

the court or judge mav seem just.

' 15.

22                    Permanent Trustee Company of New South Wales,

Limited (Amendment) Act.

George V.

Repeal of 8. IS 1 5 . SectioH twelve of the Principal Act is liei’eby repealed.

of Principal Art. , , ^

Manager, 1 0 . (1) In all cases in which the personal attend-

maliafer, or ^nco of an executoi’, administrator, trustee, receiver, other officer committee, or guardian is required in any court of represent justicc or elscwliere, the company shall be entitled to

company. niake sucli attendance in the person of the manager, assistant manager, acting manager, or secretary, or such other officer of the company as may from time to time he appointed by the hoard of directors for that purpose.

(2) All declarations and all affidavits, statements

of defence, or other statements required by law to he made on oath may he made and sworn on behalf of the company by the manager, assistant manager, acting manager, or secretary.

(3) In every case where the company obtains probate or letters of administration or is appointed and acts as trustee, receiver, committee, or guardian, the manager, assistant manager, and directors in their proper persons and estates shall be individually and collectively responsible for the due administration of the estates entrusted to the company, 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 in the event of disobedience to the rules, orders, and decrees of such courts made against the company in the same manner and to the same extent as if such manager, assistant manager, and directors had personally obtained probate or letters of administration and had acted as executor or adminis­ trator, trustee, receiver, comjiiittee or guardian, and as if the rule, order, or decree had been made against them personally instead of against the company.

(4) N otwithstanding such personal responsibility

of the said manager, assistant manager, and directors the capital, both paid and unpaid, and all other assets of the company shall remain liable for any loss which may he occasioned by or which may happen through any breach of trust or duty committed by the company or any of its officers, whether such trust or duty is implied by law or expressly conferred or imposed by the instru­

ment under which the company acts, (5)

Permanent Trustee Company of New South Wales, 2-i

Limited (Amendment) Act.

(.')) No person shall he appointed a director or Grorgo V.

manager of the company unless he is a l)ona tide resident of New South Wah's, and any person being a director Of manager of tin' eomjiany wlio ceases to reside in New Soutli AVales sliall, u])on so ca'asing to reside;, vacate his ollice, and sueli vacancy sliall be lilled up in the luannc'r provided by the aidich's of association for lilliug casual vacanci('s.

S(!(d ions ti fteen, twenty, twenty-two, and twenty- thri'e of th(' Principal Act arc lierchy amended by striking	AiiMMidnuMit
ol -is. IT). 'JO,
J J . iuiil j; t
out tlie words “ managing director, managin’, or acting	of Tiincipal
A r t .
manager ” wherever they occur in the said sections, and 1iy substituting in placi’ thereof the words “ manager, assistant manager, or acting manager”, and section twenty-three is hin'chy further amended by sti’iking out the words “ and the auditors of the company ” wherevin- tlii'y occur therein, and by substituting the words “ authorises or perm its” for the rvords “ authorise or ]>ermit

1 7 .

18. AVherever in the Princi])al Act thi' words	ofs . v . i;^. If),
Aim-iuliiirnt

“ Primary Judge in Equity ” or “ Primary Judge ”	Hi, IS,
occur such words shall he struck out and thi' words	21, 22, 24,
; iml 2 <i o f I i i c
“ Chief Judge or J udgi; in E quity” substituted	l ’i'iiici[Kil Ai't.
therefor.
19. Section twenty-ouc of the Principal Act is amended by striking out the words “ Trusti'i' Itelief Act	A 111' ii 'linont
of s. 21 of
I'rinc'ipal
of 1858 ” and by substituting in place thereof the words	Act.
“ Trustee Act, 18iJ8.”

20. Till' Seheduh' to the Principal Act is amended	ot S gIumIu Ic .
A m cn d l i icn t

by striking out the tirst paragraph and by inserting in lieu theri'of the following woids :—“ 1 (manager, assistant manager, or acting manager, as the case may he) do heri'hy solemnly declare and atfirm ”, and by striking out the word “ AA e ” in the last ]iaragra])h and inserting thi' word “ T ” in lieu thereof.