The Trustees, Executors, and Agency Company, Limited, Act 1927 (NSW)

502                  The Trustees, Executors, and Agency Company,

Limited, Act.

THE TRUSTEES, EXECUTORS,

AND AGENCY COMPANY,

LIMITED, ACT.

George V. An Act to confer powers upon The Trustees,

Executors, and Agency Company, Limited ; and for purposes connected therewith. [Assented to. 5th April, 1927.]

Preamble. "'I'ATIIEREAS a certain company styled “ The Trustees, V y Executors, and Agency Company, Limited ” (hereinafter referred to as the company) has been formed and registered under the provisions of the Companies Acts in force in the State of Victoria, and has been duly registered in the State of New South Wales under the provisions of the Companies (Amendment) Act, 1906-1907, with a capital of five hundred thousand pounds, divisible into two hundred thousand shares of two pounds ten shillings each, with a further liability of two pounds ten shillings per share in the event of the company being wound up, for the purpose of undertaking the duties of trustee, executor, administrator, receiver, agent, and other like offices for a commission : And whereas the company has from time to time been engaged and is now engaged in the administration of estates comprising assets in this State and in the State of Victoria and in other States : And whereas it is expedient that the necessary powers should be conferred upon the company in order to enable it to act as executor, administrator, administrator with the will annexed, trustee, receiver, committee of the estates of persons of unsound mind, guardian of the person and estates of infants, agent under power of attorney or otherwise, liquidator trustee in bankruptcy or of any assignment under the law relating to hankimptcy, and to perform and discharge all the duties of such offices and to receive remuneration therefor, and to confer

upon

The Trustees, Executors, and Agency Company, 503

Limited, Act.

George V.

upon the company all such privileges and powers as are necessary or expedient for the purposes aforesaid : 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 Wales in Barliament assembled, and by the authority of the same, as follows :—

1 . Whenever the company has been or shall be Company

named, either alone or jointly with any other corporation

or any person, as executor in the last will and testament, obtain

or in the codicil to the last will and testament, of any

testator, it sliall be lawful for the company to act as

executor, and to apply for and obtain probate of the

will of the testator, and to perform and to discharge all

other the acts and duties of an executor as fully and

effectually as any other executor.

2 . I t shall be lawful for any person or persons persons

entitled to olttain letters of administi’ation with the will 1 r. 1 <• 1 obtain letters

01 any testator annexed oi the estate oi sucJi testator to of adminis-

authorise the company, cither alone or jointly with any

other corporation or any person, to apply for and to autiiorise tiie

obtain letters of administration evith the tvill annexed,

which may be granted to the company upon its own

application when so authorised.

3 . Anv person or persons named expresslv or by I’orsous

implication as executors or executor wlio would be probate may and administration with the will annexed may be granted to the company upon its own application when so authorised unless tlic testator shall by his will have expressed his desire that the office of executor should not be delegated, or that the company should not act in the trusts of his will.

entitled to obtain probate of the will of any testator authorise

without reserving leave to any other person to apply for ,Tuan ad-

probate may instead of themselves or himself applying

for probabi autliorise the company to apply to the riinexed.

4 . I t shall be lawful for any person or persons Persons entitled to

entitled to obtain letters of administration of the estate obtkin letters

of any intestate to authorise the company to apply for of adminis. such letters of administration, either alone or jointly auUiorise tL with any other corporation, or any person or persons so t̂ ompany to

entitled °

504                 The Trustees, Executors, and Agency Company,

Limited, A ct

George V.

entitled to obtain such letters of administration, and administration of the estate of the intestate may be granted to the company, either alone or jointly as aforesaid, upon its own application when so authorised.

Com pany on

beiii}? j^ranteil	5. I t shall he lawful for the company, where the
letterw of a<l-

n iin istration	administration of any estate witli or without the will
may perform all	annexed has been granted to it, either alone or jointly
ac ts which
helon^^ to the	witli any other corporation or any person, to do and
otlifc of ad ­

m in is tra to r, n o t­ perform all acts and duties which belong to the office

withstanding: its

incorporation .	of the administrator, or administi*ator with tlie will annexed, as the case may he, notwithstanding its incorporation.
C ourt to act

on aflidavit 6. In all cases in which the company is empowered

of manager,	under this Act to apply for probate or for letters of
&c., on
application	administration, an affidavit made by the general
for probate	manager, manager, acting manager, or secretaiy, or by
or adm inis­
tration .	such other officer of the company as may from time to time he appointed by the hoard of directors for that purpose shall he received, instead of any affidavit required by any Charter, Act of Parliament or rule of court to he made liy ])ersons making application for probate or letters of administration.
Assets of

company to 7. All the capital, both paid and unpaid, of whicli

be liable for	paid-up capital twenty thousand pounds shall he invested
proper ad­
m inistration	in tlie purchase of debentures or inscribed stock in such
of estates and	of the public funds of the State as the directors of the
no bond to	company may select, in the name of the Treasurer of the

adm inister to

be required	State in trust for the company, but transferalile only
of paid-up	with the joint consent of the said Treasurer and the
capital is
invested in	company, or upon the order of the Supreme Court or a
Government	judge thereof, and all other assets of the company, shall
securities.	be liable for the proper administration of all estates of which the company shall act as executor or administrator, and no bond for the due administration of any estate shall be required to be given by or on behalf of the company, except in respect of estates exceeding twenty thousand pounds in value, in which the said court or a judge thereof shall otherwise order, and all interest and income to accrue from time to time from or in respect of all such debentures and inscribed stock shall be paid by the said Treasurer to the company as and when the same shall respectively become payable.

when £20,000

' 8.

The Trustees, Executors, and Agency Company, 505

Limited, Act.

George V.

8. (1) 111 nil cases where any court of justice or judge

thereof or person has power to appoint any person as— company may * bu ajipuinted

(a) trustee; or trustee,

. . receiver,

(b) receiver; or conmiitce,

(c)	committee or manager of the estate of an insane of person, insane patient, or incapable person, ■witliin the meaniim of the Lunacv Act of
1S98; ‘

(cl) ituardian of the person and estate of an

infant; or

(e) liquidator;

tJie company may be so ajipointed.

(2) (a) Suliject as hereinafter provided the com­ pany may lie appointed or may continue to act as sole trustee iu all cases notwithstanding that it is provided by the terms of tlie instrument (if any) creating the trust or of any power or otherwise that tliere shall he more than one trustee to perform the trust.

(b) Wliere 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 the trust property bo deemed to be equivalent to two trustees.

(3) Tlie company shall not be a]ipointed in any case in which the instrument creatine^ the trust or power forliids the appointment of the company.

(4) The company shall not he appointed or he entitled to act as sole trustee in any case in which the instrument creating the trust or power expressly provich's that there shall be another trustee in addition to the company or that the company shall not be appointed or

act as sole trustee. '

(a) In every ease in which the company is appointed or acts in any of tlie offices in subsection one hereof mentioned all the capital of the company, both paid and unpaid, and all other assets of the comj îany and tlie directors,, general manager, and manager thereof and their respective estates shall he liable for the proper discluwge of the duties of such office.

( 6)

506                The Trustees, Executors, and Agency Company,

Limited, Act.

George V.

(6) No bond, recog’nizance, or other security for the proper discharge of such duties shall he required to he given hy or on behalf of the company.

V alidation ov9. (1) In all cases where before the passing of this

mentsX'"*̂ Act tlic Company was appointed new trustee in place of

company as sole trustee.more than one trustee previously filling the office, such

appointment shall he deemed to have been and to he as

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

(2) In all cases where before the passing of this Act the company upon the retirement of one or more trustees has continued to act as sole trustee, the company shall he deemed to hav̂ e been and to he entitled to act as sole trustee.

(3) The trustee in whose place the company was so appointed or upon whose retirement the companj^ continued to act as sole trustee, shall he deemed to have been and to he discharged from the trust.

Company	1 0 . (1) The company shall he capable of acquiring
may hol<l

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

joint tenan t. manner as if it were an individual.

(2) Where the company and an individual, or the

company and another body corjiorate, Ijecome entitled to any property under circumstances or hy virtue of any instrument which, if the company or other body cor])orate 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 any property, then on its dissolution the property shall devolve on the other joint tenant.

Properiv 1 1 • Where any property is now or hereafter becomes

vested in	vcstcd ill the Company and an individual, or in the com-
aSier^ir’	paiiy and another body corporate, to the intent that they

to"be'̂ hei(f on liold the Same jointly in any fiduciary capacity,

jo in t tenancy. 01’ as mortgagees, they shall he deemed to he joint

tenants thereof, and not tenants in common unless

otherwise expressly provided.

Company	1 2 .	I t shall he lawful for the company to act, either
may act

under power	alone or jointly with any other corporation or any person,
of atto rney
by manager,	as attorney, whenever it sliall he appointed hy deed
&c.	attorney for any person or any corporation, and all the

powers

The Trustees, Executors, and Agency Company, 507

Limited, Act.

George V.

powers conferred upon the company hy any power of attorney may be exercised and carried into execution by the general manager, 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 tlia t purpose, or by any two of the directors of the com pany; but in all cases the capital, both paid and unpaid, and all other assets of the company, shall be liable for the due execution of the powers so conferred upon the company : Provided always th a t nothing herein contained shall be deemed to authorise any person, company, or corporation to confer any power upon the company which cannot l)y law be delegated or performed by attorney.

1 3 .    I t shall he lawful for any executor, administrator, Exec.uor,

alone or jointly with any other corporation or any may deionate

person, as his attorney all such trusts and powers as may

by law be delegated, and all acts done by the company

or trust(‘e bv deed to dele<?ate to the company, either any persons dealing Avith the company Avithout notice of death or re\’ocation of authority by sucb executor, administrator, or trustee, be valid and eifectual notw ith­ standing such death or revocation.

1 4 .    I t shall bo laA vfu l for the Supreme Court or any Executors or

judge thereof sitting in its equity or probate jurisdiction,

on the application of any executor or adm inistrator oou.scut of

acting under any probate or letters of admiiiistration

granted either lud’ore or after the coming into operation pa'>y to <iiy

of this Act, to appoint the company, either alone

jointly AA'ith any other corporation or any person, to be

adm inistrator in his place or stead, and thereupon the

company shall have the same powers and authorities as

if it had been tbe original executor or adm inistrator as

the case may b e ; and in every such case all the capital,

both paid and unpaid, and all other assets of the

company, and the general manager, manager, acting

manager, and the directors and their respective estates,

shall be liable for the due administration of the estates of

Avhich the company shall he so appointed administrator,

15. (1) E a 'ciw application under this Act to any

court or judge shall be by motif)n.	tX ‘mLic'lry
motion.

508                 The Trustees, Executors, and Agency Company,

Limited, Act.

George V.

(2) Subject as hereinafter pi'ovided, notice of the application and of tbe date on Arhicb the same is intended to l)e made sliall be advertised once—

(a)	in a daily newspaper circulating in Sydney, and published at least seven days befoi’e sueli
date ; and
(b)	where tbe application is made by tbe executors or administrators of any person Avho died at any place in New South Wales situated more than thirty miles from Sydney, also in a news­ paper cirenlating in the district in Avhicb the deceased resided at the date of his death, and published ivithin the time aforesaid.

(3) I t shall not be necessary to advertise in any newspaper notice of any application for the appointment of the company as a trusiee where all persons bene­ ficially interested are liefore the court or have had notice of the intended application.

(4) Tbe court or judge may in any ease require notice to he served on any person residing in New South Wales and entitled to the immediate receipt of the Avhole or part of tlic income or corpus of the estate in respect of wliich the application is made.

(5) The court or judge may order the costs and expenses of an incident to any such application to be jiaid or raised out of the estate in respect wbereoi' the same is made, or out of the income thei’eof, or to he borne and paid iu such manner and hy such persons as to the court or judge may seem just.

Manager, 1 6 . (1) In all cases in which tli<e personal attendance

assistant of an executor, administrator,trustee, receiver, couimiuee,

!nanager, a c t­

ing nmnag(a-,	guardiaii, or liquidator is required in any coui-t of
secretary, or	justice or elsewhere, tlic company sliall he entitled to

o ther officer

to a ttend and	make such attendance in the person of the general
company.	manager, manager, acting manager, or secretary, or such other officer of the company as may from time to time be appointed hy the hoard of directors for that purpose.
(2) All declarations and all affidaA'its, state­ ments of defence, or other statements required by law to he made on oath may he made and sAvorn on behalf of the company by the general manager, manager, acting mana"er, or secretarv.

represent

' 13)

The Trustees, Executors, and Agency Company, 509

Limited, Act.

George V.

(3) In every case where the company obtains probate or letters of administration, or is appointed and acts as trustee, reeeiver, committee, guardian, or liquidator, the general manager, 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 jiroper persons be liable by })rocess of attachment, commitment for csontempt, or by ocher 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 tbe same extent as if such general manage]', manager, and directoi's had ])crsonally obtained probate or letters of administration, and had. acted as executor or administrator, trustee, receiver, committee, guardian, or liquidator, and as if the rule, order, or decree had been made against them personally instead of against the company.

(4) Kotwitlistanding such personal respon­ sibility of the said general manager, manager, and directors, the capital both paid and unpaid, and all other assets of tlie company, shall remain liable for any loss which may be occasioned by or which may happen through any breach of trust or duty eomu'.itted by the company or any of its officers, whether such trust or duty is implied by law or ex])ressly conferred or imposed by the instrument under which tlie company acts.

(h) No person shall be appointed a director or manager of the company unless he is a bona tide resident of either the State of New South Wales or the State of Victoria, and any peison being a director or manager of the company Avho ceases to reside in either of such States shall, upon so ceasing to reside, A'acate his office, and such vacancy shall be tilled up in the manner provided hy the articles of as.sociation for tilling casual vacancies.

17.        The company shall be entitled to receive, in Cc-mpany to

addition to all moneys jirojierly expended by it and

chargeable against any estate of which the administra- on moneys

tion shall be committed to the company, whether a	s	'
executor, administrator, trustee, receiver, committee,

guardian.

510                 The Trustees, Executors, and Agency Company,

Limited, Act.

Georg« V.

guardian, or liquidator, a commission at a rate to be lixed from time to time by tbe board of directors of the company, but not to exceed in any case two pounds ten shillings for every one hundred pounds of tbe corpus or capital value of any sucli estate, and five pounds for every one hundred pounds of tbe annual income of any sucb estate received by tbe company, and of all moneys, whctlier capital or income, received by the company as an attorney acting under power of attorney, and such commission shall be payable out of tlie moneys in possession of the company representing the estate upon which the same shall be chargealile, and shall be accepted by tbe company in full satisfaction of any claim to remuneration for acting as such executor, administrator, receiver, trustee, committee, guardian, liquidator, or attorney, and no other cliarges beyond such commission and moiu'ys properly (‘xjiended by the company shall be made or allowed : Provided that if in any estate any judge in equity, or judge in probate, shall be of opinion that tbe rate of commission charged is excessive such judge may review any sucb commis­ sion : Provided also tliat tlie commission charged by tbe company against any estate shall not exceed the amount of the published scale of charges of the company at the time -when the administration of such estate was committed to the company, nor shall this enactment prevent the jiayment of any commission directed by a testator in bis will either in addition to or in lieu of the commission hereinbefore autborisc'd.

Compjiny	1 8 . Whenever tbe company shall have been
may l>e re­

moved from	appointed executor, administrator, trustee, receiver,
office by	committee, guardian, liquidator, or attorney, it shall be
court.	subji'ct in all respects to tbe same control, and to removal or restraint fi'om acting and generally to tbe jurisdiction of the courts, in tbe same manner as any other executor, administrator, tiaistee, n'ceiver, committee, guardian, liquidator, or attorney.

Order for	19. I t shall be lawful for any frusti'c, cestui quo
account on

application	trust, executor, legatee, administrator, next of kin, or
of trustee,	creditor entitled to or interested in any estate which
cestui i|ue
tru st,	shall for tbe time being b(> under tbe management or control of the company, after demand in writing made

to

The Trustees, Executors, and Agency Company, 511

Limited, Act.

George V.

to the general manager, luanairei’, or acting manager of tlie company, for a sufliclent account of the property ami assets of wliicli such estate shall consist, ami of the disposal and expenditure thereof or thereout; and upon non-compliance with such demand within a reasonable time, to ajiply to any judge in equity or judge in probate of the Sujireme Court in a summary manner upon motion after notice to the company for an account, and if the said judge shall be of opinion that no sufTicient account has been rendered by the company, the said judge shall order such account to be rendered by the company as to the said judge shall seem just, or if the said judge shall think that under the circumstances the company v̂as not bound to furnish any account or that a sufTicient account had been furnished, it shall be lawful for the said judge to dismiss the application, anci the said judge shall have power in all cases to make such orders as to costs either against the company or against the applicant, or as to payment of costs out of the estate as to the said judge shall seem right.

20. I t shall be lawful for the said judge in equity Jiuigc may

or judge in probate, upon the making of any

under the last preceding clause, to order, in addition to omiiutted to

or in substitution for any account to be rendered by the

company, that a person to be named in sucli order shall

examine tlie liooks and accounts of the company in

reference to tbe estate as to which the order is made,

and in that ease the directors and ofTicers of the company

shall deliver to the person named in such order a list of

all such books kept by the company, and shall produce to

such person at the ofTicc of the company at all reasonable

times when ri'quired all books and accounts, vouchers,

papers, and other documents of the company relating to

such estate, and shall afford him all necessary informa­

tion and all other necessary facilities for enabling him

to make the said examination, and the said judge shall

have the same power over the costs of such examination

as is given by the last preceding section over the costs

of an application nndm- that section.

21. So long as any estate, in respect of which the

company is executor, administrator, trustee, committee, IiifplS'ot'

guardian, liquidator, or attorney, shall remain in whole rlMraimKn.'r

ni-

512                 The Trustees, Executors, and Agency Company,

Limited, Act.

George V.

or in part unadministered, it shall not he lawful to proceed to Avind up the company A'oluntarily unless Avith the saiiction of the said judge, and it shall be laAA’ful for any person interested in such estate, or Avho may have any claim in respect thereof, to apply to the said judge in a summary AÂay hy motion to restrain any director or any shareholder from disposing of any shares AA’hich such director or sliareholder may hold in the company, or to restrain the Avinding up A'oluntarily of the comj)any, and the said judge shall have power to make such order upon sucli application as the circum­ stances of the case shall apfiear to the said judge to require.

Judge may 22. I f it 1)0 pi'ovod at any time to the satisfaction of

u p ' o f e q u i t y or judge in prohate that thive-fourths company. or morc of the am ount of the paid-up capital of the

company has Ix'cn lost by the company, it shall he laAAdul for such judge, upon the application of any memlier, creditor, or cestui que trust of the company, to make an order for the Avinding up of the (ompany.

Prov ision ,13 23. In tlic cveiit of the company being ivound up, every person Avho has been a director of the company at any time Avithin the period of two years ])receding the commencement of the Avinding up sliall he liable for the balance unpaid on every share Avhich he may have transferred during such two years, in addition to his liability upon any such shares held hy him at the commencement of the Avinding u]i in the evimt of the hohh'r or holdci's of such shares hidiig unable to pay the said balance per share in full.

Moneys 24. W here the company has been appointed in Now

un̂ a'in'icd fnr Soutli W ales exccutoi’, adm inistrator, trustes', committee, five years to guardian, liquidator, or attorney of any estate', al i moneys Treasury'.'*̂ ' wliicli fomi part of sucli cstatc, and Avhich shall remain

unclaimed hy the person entitled to the same for a period of five years after the lime Avhen the same shall have become payable to such person, e.xcept Avhere paym ent has hct'ii or shall he restrained hy the in junc­ tion of some court of competent jurisdiction, sliall, together Avith interest a t current rates on fixed deposits

The Trustees, Executors, and Agency Company, 513

Limited, Act.

in banks, be paid by tbe company into tbe State George V*. the testamentary and trust fund, distinguishing the particular estates in respect of which such moneys shall have been paid, and the Treasurer shall from time to time invest such moneys in the pm’cbase of Government debentures or stock to be placed to the credit of the said testamentary and trust fund, distinguishing in the ledger the particular estate in respect of Avhich such moneys sliall have been invested ; and the interest payable on such debentures or stock shall lie placed to the credit of the said fund, and tbe said Treasurer’s said account in tlic ledger shall be an official and not a nominal account, and in all transfers of the said deben­ tures and stock by the said Treasurer he shall be so styled without any name, addition, or description, and he shall not sign any such transfers or pay over any of the moneys standing to the credit of the said fund unless an order of any judge in equity or judge in probate directing such transfer and specifying the amount of moneys, debentures, or stock, and the name, description, and addition of the person to whom the proceeds of sale are to be paid shall be left at the office of the said Treasurer, nor until the purchase money of the deben­ tures or stock to be sold has been received in the Treasury; and tbe company shall at the end of every six months deliver to the said Treasurer a statement of all such unclaimed moneys Avbich during the preceding six months shall have been in its hands, and distinguishing the several estates in respect of which the same have been received, and setting out the dates and amounts of the several payments of tbe same under this section; and if the said moneys or any part thereof have not been paid into the Treasury with a statement of the reason for the delay of such payments, and if default is made in compliance with the foregoing provisions of this section, the company shall be liable to a penalty not exceeding five pounds for every day while such default continues, and every director and general manager, manager, or acting manager of the company who knowingly and Avilfully authorises or permits such default shall incur the like penalty.

K 25.

514                The Trustees, Executors, and Agency Company,

Limited, Act.

George V.

25. I t shall he lawful for any person who shall

Persons he entitled to any stock debentures or moneys which

entitled to

moneys in	shall at any time form part of the said testamentary
testam entary	and trust fund to apply to any judge in equity or judge

and tru st

funds may	in ]U’ohate, upon petition in a summary way, for such
apply 10	order as is in tlic last-jireccding section I'cforrcd to, and
judge.	tlie said judge sliall deal with such application as nearly as may be in the same manner as in the case of applications to the said court under the Trustee Act of 1925; and in all cases in which the Treasurer may see fit to appear upon such petition, he shall be entitled to such costs against tlie applicant or out of the fund as the said judge may direct.

Order foi	2 6 .	I t shall be lawful for the Treasurer after demand
aocount on

application of	in writing addressed to the general manager, manager,
1 1 c a s u i e r .	or acting manager of the company for a sufficient account of the property and assets of which any or every estate included in or which ought to be or to have been included in the hereinbefore mentioned statem ent of unclaimed moneys sliall consist, and of the disposal and expenditure tliereof, of or thereout, to apply to tlie said judge in a summary Avay, upon motion alter notice to the company, for an account, and if the said judge shall he of opinion th a t no sufficient account lias been rendered by tlie company, tlie said judge sliall order such account to he rendered by the company as to the said judge shall seem just, or if the said judge shall th ink th a t under the circumstances the company Avas not hound to furnish any account, or tha t any account furnished hy the company Avas suffiidcnt, it shall lie hiAAdul for the said judge to dismiss the application, and ihc said judge shall have poAAXT in all cases to m ake such order as to costs either against the company or as to paym ent of costs out of the estate as to the said judge shall seem right.
made by

Tluturns to be 27. The general manager, manager, or acting

torn pan y to	manager of the company shall during the month.s of
registered
be tiled in	January and Ju ly in every year during Avhidi tlie
office of	company carries on business, m ake before some justice
company and
its branches.	of the peace a declaration in the form contained in the Schedule hereto, or as near thereto as dreum stances Avill admit, shoAving (a) the assets and liabilities of the

company

The Trustees, Executors, and Agency Company, 615

Limited, Act.

Gsorge V.

company on the preceding thirty-first day of December and thirtieth day of June respectively, and (b) the property and investments held by the company in trust on the said thirty-first day of December and thirtieth day of June ; such declaration shall within seven days after the making thereof he filed in the office of the Master in Equity, and a copy of such declaration shall he put up in a conspicuous place in the registered office of the company in New South AVales and in every branch office or place in New South Wales where the business of the company is carried on, and shall be given to any member or creditor of the company, or any cestui que trust who applies for the same ; and if default is made in compliance Avitli the provisions of this section the company shall be liable to a penalty not exceeding live pounds for every day whilst such default continues, and every general manager, manager, or acting manager of the company who knowingly and wilfully authorises or permits such default shall incur the like penalty.

28. Every order made by any judge in equity, or A;ipeai from

judge in probate, or any other judge under this Act, shall be subject to appeal in the same manner and under the same conditions as other orders of the said judges.

29. Nothing in this Act contained shall be deemed Act not, to to give to the company any right to oppose the granting othelMoln- of similar ])OAÂers to those conferred upon the company

by this Act to any other company or to corporations

ircnerallv, or to claim or to seek compensation in to

* r» 1 1 • i ̂ 1 th o s e con-

consoquenco ol svich po^rers bein^ conferred upon any feirod by this

other company, or upon corporations generally, or in tlie

event of provision being made hy Parliament for the

management of trust estates hy a public trustee or

department or olTlcer of the Government, or in the event	.
of the repeal of this Act.

30. AYhcre hy any settlement, will, codicil, or other gctiioraor

testainentarv writing, a si-ttlor or testator shall direct

mny

that any practisini? solicitor or solicitors sliall conduct own

the legal business of Ids or her estate, such solicitor or

solicitors shall he entitled to act therein accordingly,

hut in such case the company shall not he liable for the

negligence, misfeasance, nonfeasance, or misconduct of

such

S16 The Trustees, Executors, and Agency Company,

Limited, Act.

George V.	such solicitor or solicitors, and such solicitor or solicitors may he removed hy the order of any judge in equity or judge in probate upon the application of the company or of any person interested in the said estate upon cause shown, and. then and in such case the said judge may appoint the solicitor or solicitors of the company to conduct such legal business.
Incorpoiatien

iind powers 31. Except so far as is herein expressly provided,

of company

the company shall have and he subject to the same

except so far

as specifically

I’estrictions, liabilities, penalties, privileges, and. powers

a ltered to

as it has and is subject to under its present incorporation,

remain.

and this Act shall not otherwise affect the incorporation

of the company.

Itecovery of

penalties.

32. Any penalty imposed by this Act may he

recovered in a summary way before two or more justices

of the peace.

Short title of 33. This Act shall he called and may be cited as

A ct.

“ The Trustees, Executors, and Agency Company,

Limited, Act, 1927.”

S C H E D U L E .

The Trustees, Executors, and Agency Company, Limited.

I (general m anager, manager, or acting manager, as the case may be), do hereby solemnly and sincerely declare :—

1. T hat the liability of the members is limited.

2. T hat the capital of the company is pounds, divided

in to shares of pounds each.

3. T hat the number of shares is

4; T hat calls to the am ount of have been made under

which the sum of £ has been received.

5.      T hat the assets of the company other than assets held on tru s t

on the day of were :—

C overnm cnl securities ... ... ... £

Dills of exchange and promissory notes £

Cash a t the banks ... ... ... ££

O ther securities	...	. ..	...
O ther assets	. ..	...	... £

Total . .. . ..

Unitarian Church Act. 517

6. T hat the liabilities of the company on the (lay of George V.

, one thousand nine hundred and were :—

7.    That the iiivestinents and moneys held by the companv upon

tru s t on the day of , one thousand nine

hundred and , were as follows :—

Advances on mortgage of real estate ... £

Debentures and inscribed stock ... ... £

Landed prop<;rty ... ... ... ... £

(Station propcrtie.s and livestock ... , ... £

Shares in banks and public companies	...	£
F ixed deposits and other securities	...	£
Cash a t bank(>rs a t credit of tru s t and

curren t accounts ... ... ...

T o t a l ............................... £

A nd I make this solemn declaration as to the m atters aforesaid, conscientiou.sly believing the same to he true, and by virtue of the provisions of the O aths A ct of 1900.