The Trustee Act 1907 (SA)

ANNO SEPTIMO

EDWARDI V11 REGIS.

A.D. 1907.

No. 944.

An Act to amend " The Trustee Act, 1893."

[Assented to, December z ~ s /, 1907 .l

E it Enacted by the Governor of the State of South ~us t ra l ia,

follows: B with the advice and consent of the Parliament &reof, as

1. ' ( l ) This Act may be cited as The l'rustee Act, 1907," and Shm title and

shall be incorporated with -" The 'Srustee Act, 1893," and the two application.

Acts may be cited together as ' The Trustee Acts, l893 and 1907." L

(2) This Act, except sections 2, 6, and 7, applies only to trusts

created after the passing of this Act.

INVESTMENrl'S.

as if executed, done, and performed by the trustee. (3) A

2. A trustee on the sale of trust property nay leave u n p i d Power to hke

purchase-money thereof invested upon the security of the property purdsse-monep.	mortgage for part
sold to the extent to which, were the trustee not the vendor thereof, such property would be a proper security for the investment of the trust funds.

Various Powers aud 14iabdities.

3. (1) A trustee who, for the time being, is or is about to be Trustse9a power of

absent from South Australia may, if not expressly prohibited by ddegatiOn-

the instrument creating the trust, with the consent of his CO-trustee Q ueenaland 6,	Edwerd VII., No. 34,
(if any), by power of attorney, under seal, delegate, for a term not , exceeding twelve calendar months from the date of such power of attorney, to any person or persons residing in South Austra,lia, all or any of the powers, authorities, and discretions vested in such trustee.	. , 4 albmd.

(2) Every deed, act, matter, and thing executed, done, and per-

formed by such attorney or attorneys shall be as valid and effectual

7' EDWARDI VII, No. 944.

The Trustee Act.-1907.

(3) A trustee appointing any attorney or attorneys as aforesaid. shaH be liable for the acts and defaults of every such attorney as if they were his own acts and defaults.

(4) Nothing in this section shall be deemed to limit or affect any power of appointing a new trustee in the place of a trustee absent from South Australia., or the power of the Supreme Court to make any order by reason of such absence.

of power

of attorney not	4. No revocation of any such power of attorney, including any
~ f ~ e ~ t u a l a ~
penon in ignorance.

ag-t revocation or avoidance by operation of law, shall be effectual a s

. Qwenaland 6,	against any person dealing in good faith with such attorney in
E d w d VII., No. 34,	ignorance of such revocation,
W. 6 altered.
llcoount.

Trunteea bank 5. (1) Trustees, unless prohibited by the instrument creating

Queensland 6,	the trust, and, if expressly authorised by the power of attorney
Edward VIZ., No. 34,	so to do, their attorneys, appointed under section 3 of this

WC.	6, altered.	Act, may, by writing signed by them, authorise any bank to honor cheques, bills, promissory notes, and drafts drawn upon or made payable out of the banking account of the trust by any one or more of such trustees or ttttorneys, and to honor the indorsement of any one or more of such trustees or attorneys upon any cheque, bill, promissory note, or draft payable to the order of the trustees, and also to pay to any one or more of such trustees or attorneys, whether before or after maturity, all or any portion of any moneys deposited
on fixed deposit.
(2) Every trustee who, in person or by attorney, gives or joins in giving any such authority shall be liable fbr the acts and defaults of every trustee or attorney acting thereunder as if they were his own acts and defaults.
(3) No revocation of any such authority, including any revocation or avoidance by operation of law, shall be effectual as against any barker acting or paying money ill good faith under or in pursuance
of such authority in ignorance of such revocation.

Trustee may land 6, With the consent of the Court, nnd notwithstanding anything

with consent of Court. contained in Act No. 10 of 1847, or any reservation or proviso contained in the land grants of land granted for ecclesiastical purposes to be held in conformity with the said Act, the trustees in whom the legal estate of such land shall be vested shall have power to sell the land.

POWERS OF THE COURT.

Power for Court to

7. Where there is a trust for sale or power of sale the Supreme or of a beneficiary interested in the trust property, or of the Public Trustee, or a next friend on behalf of such a beneficiary nob stii juris, upon being satisfied that such sale will be advantageous to the beneficiaries, authorise a sale of trust property by a trustee to himself, unless such sale be expressly prohibited bp the instrument creating the trust. 8. Every

authorise purchase

t m t property by	of Court may, on the application, rx parte or otherwise, of a trustee,
truaee.
7 EDWARDI VII, No. 944. 8

The Trwtee Ad .1907.

8, Every executor and trustee ~ha11, if so required by and at * ~ u n t ~ t o b e " c d by trwteea when

the coat of any beneficiary requiring the same, file annually in the q - d.

Supreme Court an account of his administration of the testator's estate; and the Public Trustee shall, on the request of a majority or of half of the beneficiaries and at their cost, audit the accounts so filed.

In the name and on behalf of His Majesty, I hereby assent to

this Bill.

GEORGE R. LE HUN'I'E, Governor.

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Adelaide : By authority, C. E. BRIRTOW, Government Printer, h'orth Terruce.