Queensland Trustees, Limited, Act, 1930 (21 Geo v) (Qld)

13232 COMPANIES. Queensland Trustees, Limited, Act. 21 GEO. V.,• BRISBANE ROMAN CATHOLIC CATHEDRAL LANDS—MORTGAGE AND LEASE. See RELIGION. CITY OF BRISBANE. See BRISBANE CITY. COMMONWEALTH MINES PRELIMINARY SYNDI- CATE LIMITED—AGREEMENT RATIFICATION. See MINING. 1 t l f c t 1 c w m M L a COMPANIES. h T c " Queensland Trustees, Limited, Act of 1930 .. 21 Geo. V. Union Trustees Company of Australia, Limited, Acts Amendment Act of 1930 .. 21 Geo. V. i 21 Geo. V. An Act to Amend "The Queensland Trustees, THE QUEENS- Limited, Acts, 1888 and 1892." LAND TRUSTEES, LIMITED [ASSENTED TO 24TH DECEMBER, 1930.] ACT, 1930. AA Preamble. T HEREAS an Act was passed in the fifty-second year of the reign of Her Majesty Queen Victoria f intituled "An Act to confer Powers upon the Queensland Permanent Trustee, Executor, and Finance Agency Company, Limited " : And whereas an Act was passed in the third year of the reign of His Majesty King Edward the Seventh intituled "An Act to Amend the a *"Acts Shortening Act of 1867," and for other purposes," whereby it was provided that the said firstmentioned t Act may be cited as f" The Queensland Trustees, Limited, Act, 1888": And whereas an Act was passed in the fifty-sixth year of the reign of Her Majesty Queen Victoria intituled "An Act to Amend the Queensland 4 Permanent Trustee, Executor, and Finance Agency Company, Limited, Act," whereby it was provided that . * 31 Vic. No. 6, supra, page 15. t 52 Vic., supra, page 3900.

COMPANIES. 13233 1930. Queensland Trustees, Limited, Act. the said Amending Act may be cited as *" The Queens- land Trustees, Limited, Act, 1892," and that the said firstmentioned Act and the said Amending Act shall be construed as one Act and may together be cited as t" The Queensland Trustees, Limited, Acts, 1888 and 1892," and that the name of the Company should be changed to "Queensland Trustees, Limited" : And whereas it is expedient to Amend the said Acts in the manner hereinafter appearing: Be it therefore enacted by the King's Most Excellent DI- Majesty by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled and by the authority of the same, as follows :- 1. t" The Queensland Trustees, Limited, Act, 1888," construction hereinafter called the Principal Act, *" The Queensland of Act ' Trustees, Limited, Act, 1892," and this Act shall be construed as one Act, and may together be cited as " The Queensland Trustees, Limited, Acts, 1888 to 1930." V. Amendments of the Principal Act. 2„ Section one of the Principal Act is amended by Amendment V. inserting after the definition of "Committee" the of 8. 1. , following definition :— " " Officer of the Company"—The managing Officer of the director, manager, acting manager, assistant °°mPanY• manager, or secretary of the Company: the term also includes any other person in the nd employment of the Company appointed by ia the directors for any purpose or purposes of cnyd this Act." egd as fol 3 lo . wSse: c—tion three of the Principal Act is amended oAfms. e8nd.men h, de" the w( ao) rdAsf" tperrotbhaetewoofrdth" eowbtiallino,r"" warheeirneseitrtfeirds.t occurs, d, (b) After the words "such private person," the e words "may join with the Company in an application n for probate and/or letters of administration with the d will annexed to be granted to himself and the Company y jointly, which application may be granted accordingly, at or" are inserted. * 56 Vic., supra, page 3910. t 52 Vic. and 56 Vic., aupra, page 3900, 3910.

13234 COMPANIES. Queensland Trustees, Limited, Act. 21 GEO. V., Aofmse. n4d.ment by in4.seSrteicntgio, nafftoeurrthoef twheorPdri"nicnitpeasltaAtect, " isthaemwenodredds "may join with the Company in applying for adminis- tration of such estate to be granted to himself and the Company jointly, which application may be granted accordingly or." Amendment 5. In section seven of the Principal Act the words of s. 7. "the managing director, manager, acting manager, secretary, or any two of the directors of the Company" are repealed, and the words "an officer of the Company" are inserted in lieu thereof. 6. After section seven, the following new section 7A is inserted in the Principal Act :— Roseal of "[7A.] The Company, as attorney lawfully plertotebrasthosf and au thorised for that purpose by the executor or adminis- adrninir;tr.-- trator under any probate or letters of administration ti granted by a Court of Probate in a part of His Majesty's Dominions to which *"The British Probates Act, 1898 " applies, or by a British Court in a foreign country within the meaning of that Act, may make application to the Registrar to seal such probate or letters of administration or a duplicate or copy thereof under the said Act, and the Registrar shall have authority to seal the same. In all such cases the Registrar shall receive and may act upon an affidavit made by an officer of the Company in place of any affidavit required to be made by a private person making a similar application." Amendment . Section ten of the Principal Act is amended by of s. 10. omitting the words "and shall" occurring after the words "and in every such case the Coliwany may." Amendment 8. Section eleven of the Principal Act is amended of s. 11. as follows := (a) After the word "corporation," where it first occurs, the words "including a power of attorney to apply for and obtain a grant of probate or ancillary probate or a reseal of probate or letters of administration or a duplicate or copy thereof as attorney for such person, company, or corporation" are inserted. (b) After the words "carried into execution," the words "by the managing director, manager, acting manager, secretary, or any two of the directors of the * 62 Vic. No. 10, supra, page 3394. 1 C o b s s r s t r in o m i a m w t i a " s " t m a C t d c o w

&MPANIES. 13235 V., 1930. Queensland Trustees, Limited, Act. eehdsddes- CsosbhufeocaftmohhllrepeoraCefwnfcoiyehcm" ioevprmaearoenaafnynrte,dhypaeamnepCadaployetlmhidcae, apcatCatinnouodynputroaihtnnseinpsawulnwacochahrefdiafcsoithdtf"oaobarvrnnyieyttahymnaeifsoaofidffmdffeiiaaccvbdeeiyerrt required to be made by a private person making a ds similar application" are inserted in lieu thereof. er, y" 9. (a) In the second paragraph of section thirteen of Amendment y" the Principal Act the words "And whenever" are of 13. repealed, and the words "Provided that when" are on ionfsethrtee.dCionuliretutothbeereoobft, aainndedthienwthoerdms a"nwniethr thheerecionnasfetenrt mentioned" are repealed. y s- (b) The third paragraph of the said section thirteen on is amended by omitting the words " and shall" occurring y's after the words "In every such case the Company " may." in ohne word1s0."tIhnesleacsttiopnrefocuedrtienegn soefctthieonP" rinacreipraelpAecatl, etdh, eaAnmd oefn8d. 1m4 ' ent nd the words "the last two preceding sections" are inserted in lieu thereof. nhddee as folUlo.wSse: c—tion fifteen of the Principal Act i • s amended A of ms . e 1 n 5 d . ment (a) After the words "in the person of," the words "the managing director, manager, acting manager, or y secretary or the Company" are repealed, and the words e "an officer of the Company" are inserted in lieu thereof. (b) After the words "on behalf of the Company," d the words "by the managing director, manager, acting manager, or secretary" are repealed, and the words "by st an officer of the Company" are inserted in lieu thereof. o y (c) After the words "in every case where the n Company is appointed trustee, receiver, committee, or h trustee in insolvency," the words " the managing director, manager, acting manager, or secretary, as the ge ocaf stehemCaoymbpea," nya" rearreepienaselerdte, dainndltiheue twheorredosf". the officer e (d) After the words "to the same extent," the words "aS if such managing director, manager, acting

13236 COMPANIES. Queensland Trustees, Limited, Act. 21 GEO. V., manager, or secretary, as the case may be," are repealed, and the words "as if such officer of the Company" are inserted in lieu thereof. (e) After the words "personal responsibility," the words "of the said managing director, manager, acting manager, or secretary, as the case may be" are repealed, and the words "of such officer of the Company" are inserted in lieu thereof. Amendment 12. Section sixteen of the Principal Act is amended of s. 16. by omitting the words "and in addition to any commission which may be allowed by the Court under any law of general application" occurring after the words "or committee." Amendment 13. In section eighteen of the Principal Act, after of s. 18. the words "demand in writing made," the words "to the managing director, manager, acting manager, or secretary of the Company" are repealed, and the words "to an officer of the Company' are inserted in lieu thereof. Amendment 14. Section twenty-seven of the Principal Act is of s. 27. amended as follows :— • (a) Tile words "The managing director, manager, acting manager, or secretary of the Company" before the word "shall" are repealed, and the words "An officer of the Company" are inserted in lieu thereof. (b) After the words 'such default continues," the words "and every managing director, manager, acting manager, or secretary, as the case may be," are repealed, and the words "and any officer of the Company" are inserted in lieu thereof. Balance- sheet. 15. The following new section is inserted after section twenty-seven of the Principal Act, as follows :— " [27A1 A balance-sheet certified to as corre'ct by its auditors shall be transmitted to the Attorney-General within fourteen days of the annual meeting of the Company and shall be duly laid by the Attorney-General before Parliament within fourteen days from the receipt thereof if Parliament is in session, and if not, then within fourteen days after the commencement of the next session."

1930. COMPANIES. Queensland Trustees, Limited, Act. 13237 Amendments of *" The Queensland Trustees, Limited, Act, 1892." 16. Section two of "The Queensland Trustees, Amendment Limited, Act, 1892," is amended as follows :— of s. 2. In the said section, the words "reserving leave, if necessary, for any other executor or person so entitled •as aforesaid to come in and apply for probate at any time thereafter" are repealed, and the following paragraphs are inserted before the first proviso to the section :— "Such grant may be made notwithstanding that Joint any other person so named or so entitled as aforesaid grants. has applied for and has been granted probate, in which •event the Company and such other executor or person shall administer the estate jointly, or the grant may, if necessary, reserve leave for any other executor or person so entitled as aforesaid to come in and apply for probate at any time thereafter. Applications under this section may be made in Cf. R.S.C. the first instance to the Registrar, who shall have power 0. 71 r. 7. to make the grant and who may refer any question arising upon the application to a Judge, or may require the application to be made to the Court. Where a person so named or so entitled as aforesaid Disclaimer and so joining with the Company in an application for °ofntri. lotit administration with the will annexed to be granted to application. the Company is also named in the will as sole trustee of Y)f,:o" " pRe ea a l lA„ lands of the testator in Queensland subject to the trusts of issr1,- of the will, and in such application disclaims the trust, s' 83. a grant of administration with the will annexed made to he Company on such application shall, for all purposes (including in the case of lands under if The Real Property Acts, 1861 to 1877," the right to have transmission entered up under the said Acts), have the force and effect of a vesting order made by the Supreme Court vesting such lands in the Company as trustee on the trusts of the will for all the right, title, and interest therein of the testator." * 56 Vic., supra, page 3910. t 25 Vic. No. 14 and 41 Vic. No. 18, supra, pages 2984 and 3033. C

13238 COMPANIES. Queensland Trustees, Limited, Act. 21 GEO. V., 17. Section three of "The Queensland Trustees, Limited, Act, 1892," is repealed, and the following new section is inserted in lieu thereof :— Construction " (3.) The term "probate" in the Principal Act of terms, and this Act includes "ancillary probate," and the term "administration with the will annexed" in the last preceding section includes "administration with exemplification of probate or duplicate or copy probate of the will annexed." " 18. Section nine of "The Queensland Trustees, Limited, Act, 1892," is repealed, and the following section is inserted in lieu thereof :— amCpoapmyopibnaenteyd to Com"p [ a 9 n . y ] ( m 1. a ) y (a b ) eSaupbpjoeicnttaesd, hoerreminaayftecronptrionvuied,etdo, athcet act, or as sole trustee in all cases notwithstanding that it is accotn, tainsuseolteo provided by the terms of the instrument (if any) creating trustee. the trust or of any power or otherwise that there shall be more than one trustee to perform the trust. (b) When 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 purposes of any Act now or hereafter in force relating to the retirement of trustees and the vesting of trust property be deemed to be equivalent to two trustees. (2.) 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 provides that there shall be another trustee in addition to the Company, or that the Company shall not be appointed or act as sole trustee." R 10 e . peal of,. Limi 1 te 9 d . , A S c e t c , t1i8o9n2,t"enis orefp* ea"le T d h . e Queensland Trustees, 1Sre0encuatminodnb R e1 O r1e W d Limi 2 te 0 d . , A S c e t c , ti1o8n92el,e"visenreonfu* m"b T e h r e ed Q t u e e n e , n a s n la d n a d ft T e r r u s s u to c s h , section renumbered section ten the following new sections inserted. eleven, twelve, thirteen, fourteen, fifteen, sixteen, and s.--3venteen are inserted in the said Act, namely :— General " [11.] Subject to this Act and notwithstanding Cpoowmeprasnoyf. anything in t"The Intestacy Act of 1877" contained, Cf. " The the Company may, unless expressly prohibited by or PCuubralitcor Acts, under an instrument of trust, at its discretion and in 1915 to 1924," ,. 58. * 56 Vic., supra, page 3910. t 41 Vic. No. 24, supra, page 3372.

COMPANIES. 1930. Queensland Trustees, Limited, Act. addition to, and not in restriction of any other powers under this Act or any other Act, exercise the following powers :— (i.) Sell land the property of any estate by public auction or private contract, provided that no sale of land shall be made by private contract unless or until after the same has been offered for sale by public auction and not sold, or unless the beneficiaries consent in writing to such sale by private contract; (ii.) For the purpose of the sale of any real or leasehold estate, subdivide the same into allotments, and for that purpose construct and dedicate all such oads, footpaths, and streets, and do all such other things as the Company thinks necessary, or as are required by any law or by-law relating to subdivisions; and in exercising any power of sale as mortgagee, this power may be exercised by the Company; (iii.) Exchange property or join in a partition of property; (iv.) Where in connection with any estate the Company is lawfully holding any shares in a company or other institution, and on a reconstruction thereof or otherwise the share- holders thereof are offered an option to take up additional shares, the Company may on behalf of the estate take up such additional shares or any of them; for such purpose the Company may apply funds belonging to the estate, or may advance on the security of the estate such sums as may be necessary : in this paragraph "shares" include debentures and debenture stock; (v.) Appropriate any part of any estate in or towards satisfaction of any legacy or share (whether settled contingent or absolute) to which any person is entitled, and for that purpose value the whole or any part of the estate in such manner as the Company thinks fit; Provided that, "before any such appro- priation is effectual, notice thereof shall be given to all persons sv,i iv,ris who are interested in such appropriation, any of whom i3239

13240 COMPANIES. Queensland Trustees, Limited, Act. 21 GEO. V., may within one month after receipt of such notice apply to the Court to vary the same, and such appropriation shall be conclusive save as otherwise directed by the Court: Provided further that where the person interested is out of the jurisdiction, the said period of one month may be extended by the Court, for such period as the Court thinks fit, on the application of the Company, or of any person interested; (vi.) Consult with and employ such persons as the Company deems expedient for advising or assisting it in the administration or manage- ment of any estate, and remunerate any such person in such manner as the Company thinks fit; (vii.) From time to time expend portion of the capital of any estate under its administration on the improvement or development thereof, and for the like purpose advance money on the security of such estate: Provided that where the sum to be expended exceeds five hundred pounds in the aggregate the consent of the Court shall be necessary. Administra- [12.] (1.) In any case where administration of the toonr carrying estate of any intestate has been granted to the Company, intestate's and the property or any part of the property of the business. deceased intestate was at the time of his death employed CVfI. I. 2NEod.w7. , by him in any business or undertaking, and the persons s. 2 (i.). or one or more of the persons beneficially entitled to such property 'so employed are infants or is an infant, it shall be lawful for the Company with the sanction of the Court and with the consent of and after hearing such other person or persons, if any, as the Court may direct, to postpone the sale and conversion of such property into money, and to manage the said property and carry on such business or undertaking with or in connection with such property for such period during the minority of such infant or infants as the Court may think fit for the benefit of the persons .entitled to such property. (2.) The sanction of the Court may be obtained on summons to be served on such persons as the Court or a Judge may direct, and the Court or a Judge may

COMPANIES. 13241 1930. Queensland Trustees, Limited, Act. direct the costs of and incidental to such summons to be borne and paid by such persons as may be just. any [ p 1 r 3 o .] viIsnioannyofcathseiswAhcetreadthme iCnoismteprainngy itshepuersstuaatentotfoc P ce o o w rin e d r iah o n f zl any deceased testator, and the testator has by his will of devises of devised( ala) nTdo:— any person, and the Company is satisfied ryel u a . 1 l1tyTo. he that the debts and liabilities of the said Curator Acts, testator due at his death cannot be fully g1254,f?s. 53,. satisfied without recourse to the land so devised; or (b) To any person who at the date of the death of such testator is under the age of twenty- one years, then the Company shall, notwithstanding the provisions of any law to the contrary, be entitled to have transmission cf the said land entered up to it as trustee in the proper Registry, and shall have the same powers and authority to deal with such land as though the same had by the will of such testator been devised to it upon trust for the devisee; and without limiting the powers of the Company in other respects it shall, notwith- standing any provision of the. testator's will to the contrary, have power to raise such sum or sums of money as it deems sufficient for the purpose of discharging any debts or liabilities charged upon the testator's estate, or for the payment of which such estate may be made available, by mortgage (at such rate of interest and repayable within such period as it thinks 'proper) or by sale at public auction or, subject to offer for sale at public auction, at the best price obtainable thereafter (on such terms and conditions as it thinks proper) or by lease at the best rent obtainable (of such duration as it thinks proper) of the land so devised or any part thereof. [14.] (1.) Where an intestate estate is under Power of administration by the Company and there are infants mCoamkepany to entitled, the following special provisions shall apply payments in the case of each infant's share :— out of infant's share (a) The Company may out of the infant's share of intestate tmheakmeapinetreiondainccael, oerduocthaetiropna, yomr aednvtsantocewmaerdnst eminsaftaaintne- t' fsor of the infant, not exceeding eighty pounds tellanc°, &c. in any one year; Cf. " The Public (b) The payments authorised by this section may Curator Act be made by the Company to such person and °f 1915,8. 73 '

13242 COMPANIES. Queensland Trustees, Limited, Act. 21 G-EO. V., in such manner as it thinks fit without seeing to the application thereof or being responsible for the non-application thereof. (2.) The powers by this section conferred upon the Company may be exercised without obtaining any order of the Court, and are irrespective of and in addition to all other powers exercisable by it. (3.) The Court may in any case authorise the making of payments for any of the purposes aforesaid in excess of the limit hereinbefore prescribed. Power of [IS.] (1.) Where any property is held by the Capopmlypany to Company in trust for an infant, the Company may at income, or its sole discretion apply for the maintenance, education, nexocteeding or otherwise for the benefit of such infant, during one-half of minority, the whole or any part of the income of the mcaapiint- al, for share to which such infant is entitled in possession, tenance, &c. and may at its sole discretion apply for the advancement Cf. " The or otherwise for the benefit of an infant any part or PCuubrahteor Act parts, not exceeding in the whole one-half of the corpus of 1915," or capital, of the share to which the infant is entitled e. 74. in possession or reversion immediately expectant on a prior interest; but no such application of a reversionary share shall be made without the previous consent in writing of the person entitled to such prior interest: Provided that the Company may— (i.) In any case for such purposes apply the corpus of the share of any infant to the extent of five hundred pounds; (ii.) Instead of itself so applying such income, corpus, or capital, pay the same to any person to be so applied without seeing to the application or being answerable for the misapplication or non-application thereof. Nothing in this subsection shall apply to a case— (a) Where provision is expressly made for the maintenance, education, advancement, or otherwise for the benefit of an infant, unless such provision is insufficient, of which insufficiency the Company shall be sole judge; or (b) Where provision is expressly made against any such application.

COMPANIES. 1930. Queensland Trustees, Limited, Act. (2.) In addition to and not as restricting the powers conferred by the last preceding subsection, where any property is held by the Company in trust for an infant, either for life or for any greater interest, and whether absolutely or contingently upon the infant attaining a specified age, or on the occurrence of any event before attaining that age, the Company may, at its sole discretion, apply for or towards the infant's maintenance, education, or benefit the income of that property or any part thereof, whether there is any fund available for the same purpose, or any person is bound by law to provide for the infant's maintenance or education or not; or may pay such income to any person to be so applied without seeing to the application or being answerable for the misapplication or non-application thereof. The Company shall accumulate all the residue of that income in the way of compound interest by investing the same and the resulting income thereof, and shall hold those accumulations for the benefit of the persons who ultimately become entitled to the property from which the same arise; but so that the Company may at any time at its sole discretion apply those accumulations or any part thereof as if the same were income arising in the then current year. This subsection applies only if and so far as a contrary intention is not expressed in the instrument under which the interest of the infant arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained. (3.) In addition to and not as restricting any of the powers conferred by the two last preceding subsections, with the consent of the persons having prior estates or interests in property, whether corpus, capital, or income, held under an instrument, whether the income is directed to be accumulated or not, if such corpus, capital, or income is made payable to a class of persons, and the members of that class, or some of them, would ultimately, on attaining a specified age or on the happening of an event, be entitled to a share of such corpus, capital, or income, and by survivor- ship or otherwise may become entitled to the shares of the other members of the class, the contingencies being equal, the Court may authorise the application of the presumptive or contingent shares of infants belonging 13243

13244 COMPANIES. Queensland Trustees, Limited, Act. 21 GEO. V., to the class towards their maintenance, education, or advancement notwithstanding that there may be future members of the class who may come into existence: Provided that where any member of the class has attained the required age or become entitled by age or otherwise, then the consent of such person shall be necessary to such application. Applications under this subsection to the Court may be made by the Company, but without restricting its powers, or by an infant. (4.) In construing and giving effect to the respective provisions of this section, the one shall be taken in aid of the other, and so that each of the provisions can be exercised independently the one of the other. (5.) This section shall apply to cases arising under any Act or instrument passed or made before or after the commencement of this Act. Saving of jurisdiction [16.] Nothing M this Act shall restrict the Court of Court. from making any order for the application of either Cf. "The corpus, capital, or income for the maintenance, CPuubralitcor Act education, advancement, or otherwise for the benefit of 1916," of an infant under any other Act relating to these matters. s. 75. CdPiooswmtreiprbauonftye to the c[l1a7i.m] Win hwehnoelveeor rthine Cpaormt opfananyyrepfeursseosntowhreococlganimises aenssosttaeicttseeoaoffnter ptoerbsoena, ictrmedaiytogrivaegnaointisctethinewersittainteg ooff sauncyhdreefcuesaasletdo afcaclaitliiuomrneanbotyf. wthiethpienrssoixn smoocnlathims ainfgte,ratnhdeirfescuecihptpoefrssouncdhoneostnicoet Cf. "The institute any proceeding to enforce such claim it shall CPuubralitcor Act be lawful for the Company to distribute the assets of 1915," of such deceased person without regard to the claim s. 65 or to so much thereof as the Company has by the said notice refused to recognise, and thereupon the right of such person to recover from the Company the amount of the claim or the portion thereof which the Company has by the said notice refused to recognise shall be absolutely barred. For the purposes of this section a notice may be served on any such person by posting it to him in a registered post letter addressed to the address given in the claim, and every such notice shall be deemed to have been received by such person in the ordinary course of post unless the Company has notice to the contrary before the distribution of the assets." 1 L fo n o a fi o C o d v th t p ( a o b l n p o o m c A s a s b a t b t w o

COMPANIES. 13245 1930. Queensland Trustees, Limited, Act. 21. Section twelve of *" The Queensland Trustees, Amendments f L o i l m lo i w te i d n , g A p c a t, ra1g8ra9p2h, " s aisrereandudmedbteorethdeesiagihdtseeecnt,ioannd(ntohwe onufm8. b1er2e,dn1°8w. numbered eighteen) :— "When all the parties interested in any estate, Parties may aortehe s r u th i a ju n r c is r , edtihtoerys manadyobthyerretlheaansethdeisCpoemnspeanwyitihtsethlfe, frCreoolemmapseany foirliwngitohfbsoucthh tahcecofiulnintsgoarnwditthhethpeapsasisnsigngofosfuscuhchacacccoouunntsts. fp.ial.is0nsgi0nogtrs. If the Company files in the Registry of the Supreme Crrf.. 30.4. . 73, Court within fifteen calendar months after having obtained probate or letters of administration a release dispensing with the filing of accounts in the estate, verified by the oath of an officer of the Company to the best of his information and belief, and setting forth that the parties by whom it is executed are all the parties interested in the estate other than creditors (and other than the Company if it is interested) and are sui juris, the Company shall be exempted from the obligation of filing an account unless required to do so by the order of the Court or a Judge." 22. Sections thirteen and fourteen of *" The Queens- Amendments n la in n e d te T e r n us a t n ee d s t , w L e im nt i y te r d e , s A pe c c t, tiv1e8l9y2, , a"nadrethreenfoulmlobweirnedg nusm• 1b4e, nr; e° wd. paragraphs are added to section now renumbered twenty of the said Act, namely :— "Unless a testator by his will whether made before Legatee to moreanftateryr tehxepepnassessin( wghoifchthsihsaAll cbteddiereemctesdthtoatinhcilsudteestthae- b000ennar zasesylon commission payable to the Company under the Principal Act and this section) be paid out of his estate, the commis- sion payable to the Company under the Principal Act and this section on all devises and legacies, whether specific, demonstrative, or pecuniary, shall be payable by the devisee or legatee entitled as the case may be. When the Company is now or hereafter shall be Company s authorised to carry on in connection with any estate =1=1 the administration of which shall have been or shall carried on be granted or committed to it any business or under- bY it. taking, the Court may, on application by the Company, -MNE0d.77; which application may be made by summons to be served s. 2(3.) on such person, if any, as the Court or a Judge may * 56 Vic., supra, page 3910.

13246 COMPANIES. Iteensiand Trustees, Limited, Act. 21 GEO. V., direct, either in lieu of or in addition to the commission or any part of the commission mentioned in section sixteen of the Principal Act, allow to the Company such salary or remuneration as the Court or a Judge shall think fit for its pains and trouble in carrying on such business or undertaking. Company's commission The commission which the Company is entitled to not affected receive under section sixteen of the Principal Act or mobtyehneatrpopfoint- udinmdienristhhiesdsbeycttihoenfsahcatltlhnaot taniny aonthyewr paeyrsboenaoffrepcetersdonosr persons. may or may not be entitled to or be allowed commission in respect of the same estate. Definition of capital value. In this section, the expression "capital value" means and includes the gross amount realised for the assets real and personal of the estate in question, without deduction in respect of debts or liabilities secured or unsecured: Provided that— (a) The value of assets specifically devised or bequeathed shall be taken to be the sum at which the same are assessed for purposes of succession duty; and (b) The value of assets distributed in specie or transferred or appropriated to beneficiaries without realisation, whether by or as the result of agreement between• beneficiaries or otherwise, shall be the value put upon the same for the purposes of such distribution in specie transfer or appropriation." New section 23. The following new section twenty-one is a L f 2 t 1 e 1 r s in e s c e ti r o te n d inserted after section now numbered twenty of *" The now Queensland Trustees, Limited, Act, 1892," as follows :— numbered 20. Compauy . " [21.] (1.) Subject as hereinafter provided, it shall meoanYtrituintomry be lawful for the Company and for the Company and mortgages to any individual person or persons acting jointly with cjoommptasntiierks the Company in the administration of any estate or secured over estates to employ in one and the same investment and flarenedhso. ld not separately, but as a blended fund, the moneys of separate trust estates or of several owners by lending the same to a joint stock company duly incorporated * 56 Vic., supra, page 3910.

1930.. COMPANIES. Queensland Trustees, Limited, Act. 13247 and registered under *" The Companies Acts, 1863 to 1913," or any Act amending or in substitution for such Acts, or duly registered under if The British Companies Act of 1886 or I" The Foreign Companies Act of 1895," or any Act amending or in substitution for either of such Acts, on the 'security of lands in Queensland held in fee-simple under the 'provisions of §" The Real Property Acts, 1861 to 1887." (2.) Every such loan shall be secured by debentures duly registered over all the property and undertaking, including uncalled capital, of the company to which such loan is made, and such debentures shall be supported by a trust deed of which the Company shall be sole trustee, and by a duly registered first mortgage in favour of the Company as such sole trustee cver such lands. (3.) Such debentures shall be transferable and shall carry interest at a given rate payable at stated periods, and shall rank equally inter se, but may be of varying denominations: • Provided that the moneys advanced from each separate trust estate and by each several owner shall correspond with the nominal value of one or more of• such debentures and shall be represented exactly thereby. (4.) In the case of any such loan the Company Such invest. ipfearcsotinngoralpoenres, oonrs tahcetiCngomjopinantlyy awnidthsuthceh Cinodmivpiadnuyal, as b nr r gt e s. aches shall not be chargeable with breach of trust by reason of trust. only of the proportion borne by the amount of the loan j' ° to the value of such lands at the time when the loan was made, provided that it appears to the Court that in making the loan the Company or the Company and such individual person or persons was or were acting upon a report as to the value of such lands made by a person whom it or they reasonably believed to be an able practical surveyor or valuer instructed and employed independently of any owner of such lands, whether such surveyor or valuer carried on business in the locality where such lands are situate or elsewhere, and that the amount of such loan did not exceed two equal third * 27 Vic. No 4 and amending Acts, supra, pages 186 et seq. t 50 Vic. No. 31, supra, page 277. 59 Vic. No. 2, supra, page 280. § 25 Vic. No. 14 et seq, supra, pages 2984 et seq.

COMPANIES. Union Trustee Coy. of Australia, Etc., Act. 21 GEO. V., parts of the value of such lands as stated in such report, and that the loan was made under the advice of the surveyor or valuer expressed in such report. (5.) The Company or the Company and any such individual person or persons acting jointly with the Company shall not be liable for breach of trust by reason only of continuing to hold an investment which has ceased to be an investment authorised by this section: Provided that the Company shall as soon as possible realise such investment to the best advantage for the beneficiaries concerned." Sections 15 24. Sections fifteen and sixteen of *" The Queensland a2nnu2dma1nb6dern2eod3w. t T w ru o s a te n e d s, tw L e im nt i y te - d th , r A ee ct r , e1sp8e9c2t,i"vealrye. renumbered twenty- Short title. 25. This Act may be cited as " The Queensland Trustees, Limited, Act, 1930." 21 Geo. V. An Act to Amend "The Union Trustee Company UTNHIOEN of Australia, Limited, Acts, 1890 and 1892." TRUSTEE COMPANY OF AUSTRALIA, [ASSENTED TO 24T1 -r DECEMBER, 1930.] LIMITED, ACTS HEREAS an Act was passed in the fifty-fourth AMENDMENT ACT OF 1930. . year of the reign of Her Majesty Queen Victoria Preamble. mtituled " An Act to confer powers upon the Union Trustee Company of Australia, Limited " : And whereas an Act was passed in the fifty-sixth year of the reign of Her Majesty Queen Victoria intituled "An Act to Amend The Union Trustee Company of Australia, Limited, Act " : And whereas it is expedient to Amend the said Acts in the manner hereinafter appearing: Be it therefore enacted by the King's Most Excellent Majesty by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :- Short title. 1. This Act may be cited as " The Union Trustee Company of Australia, Limited, Acts Amendment Act of 1930." * 56 Vic., supra, page 3910.