The Union Trustee Company of Australia, Limited, Act (1914 No utc) (NSW)

The Union Trustee Company of Australia, Limited, Act,

THE UNIOX TRUSTEE (^OMPANY

OF AUSTRALIA, LIMITED, A(^T.

An Act to confer powers upon the Union Trustee George V.

Company of Australia, Limited. [Assented to,

11th December, Ih ld .J

T T T H E l lE A S in this Sta1(' it is often difficult to rmimiiic.

procure proper persons to undertake the onerous and responsible duties of trustee, executor, or adminis­ trator : And whereas the deaths, resignations, and absence from the State of executors, trustees, and others filling similar offices arc often attended with great dis­ advantage and loss to the estates Avith the administration of which they are entrusted ; And Avhereas it is desirable for the purpose of obtaining regularity and security in the administration of timst estates that permanent cor­ porations should he em])owcred to till the offices of trustee, executor, administrator, receiA-cr, agent, and other like offices : And Avhcrcas a certain company styled “ The Union Trustee Company of Australia, Limited” (liercinafter rel'erred to as the said comjiany), and formed and registered under the provisions of the Companies Acts in force in the State of Victoria, has been duly registered in the State of X cav South TVales under the provisions of the Com])anics (Amendment) Act, 1899, Avith a capital of two hundred and fifty thousand pounds, divisible into one hundred thousand shares of tAvo pounds ten shillings each, for the purpose of undertaking the duties of such offices as aforesaid for a commission ; And Avhercas the said company has from time to time been engaged and is now engaged in the administration of estates comprising assets in this State

T V

and

The Union Trustee Company of Australia, Limited, Act.

George V. and in tlic State of Victoria and in other states : And

whereas it is expedient tliat the necessary powers should he conferred upon tlie said company (hereinafter called the company), in order to enable it to act as executor, administrator, administrator with tlie will annexed, trustee, receiver, commilt('e of tlie estates of persons of unsound mind, and as agents, and to perform and discharge all the duties of such offices and to receive rimiuneration therefor, and to confer upon the company all such privileges and powers as are necessarv or expedient for the purposes aforesaid : lie it therefore enacted by the King’s Most Excellent Majesty, hy and with the advice and consent of the Legislative Council and Legislative Assembly of X cav Soutli Wales in Parliament assembled, and hy the authority of the same, as folloAvs:—

Company	1. M'hcnever the company has been or shall lie or in the codicil to the last will and testament, of any testator, it shall be lawful for tlie 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
may act
as executor	named, either alone or jointly with any other corporation
and obtain	or any person, as executor in the last will and testam ent,
probate.
effectually as any other executor. ,

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

obtain' l̂euers^ t̂itled to olitaiu Icttci’s of administration with tlie will

of adminis- of any tcstator annexed of the estate of such testator tO’

c.t.T may authorise the company, either alone or jointly with any

authorise the other Corporation or anv person, to apply for and to do so. obtain letters of administration rvitli the rvill annexed,

which may be granted to the com[)any u[)on its own

application Avhen so authorised.

Per-sons 3 . Any pei’son or persons- narui'd expressly or by

probate may i^^plication as executoi’s or executor who Avould be authorise entitled to obtain probate of the will of any testator

obtoin"ad*° ''^itliout reserving leave to any other person to apjily for

m inistration probate may instead of themselves or himself applying

annexed̂ for probatc autliorisc the said company to apply to the Supreme Court for adm inistration Avith the will annexed, and administration Avith the Avill amu'xed may be granted to the said company upon its oavu application when so authorised unless the testator shall by his Avill have

• expressed

The Union Trustee Company of Australia, Limited, Act. 17

expressed his desire that tlie office of executor should George V.

not he delegated, or that the said company should not

act in the trusts of his will.

4 . I t shall he lawful for any person or persons Petsons

entitled to obtain letters of administration of the ‘estate

of anv intestate as his or her next of kin to authorise of f.dminis- I •

the company to apply for sucli letters (d' administi-ation, auulo'.’iseYhe

eitlicr alone or jointly with any other corporation, o r ' o m p a n y to

any ]>erson or persons so entitled to obtain such letters of administration, and administration of the estate of the intestate may he granted to the company, cither alone or jointly as aforesaid, upon its own application when so authorised.

5 . I t shall be lawful for the company, where the company on

administration of any estate with or without the avI I I l a t . i l ' o i a d -

annexed has been granted to it, either alone or iointlv with m"rpciforin aii

any other corporation or any person, to do and jierloruiiHimiy m t i ic

all acts and duties which belong to the office of the n i in d ‘rator, not-

administrator, or administrator with the will annexed, hik rpo"a i!on .

as the case may ho, notwithstanding its incorporation.

6 . In all cases in which the company is emjiowercd Comt to acd

under this Act to apply for probate or for letters of

administration, an affidavit made hy the managing diroctorS,

director, manager, or acting manager, shall he recei ved,

instead of any affidavit required by any Charter, Act of o'‘

Parliament, or rule of court to be made by persons	probate
making application for probate or letters of admitiis-	Kimmia-

, • ^ tra'AOu.

tratiou.

7 . All the capital, both paid and unpaid, of which Assets of

paid-up capital twenty t housand pounds shall be invested beddable fw

in the purchase of debentures or inscribed stock in such p™p«>'

of the public funds of the State as the directors of th('oTestates'and

company may stdect, in tlie name of the Treasurer of

State in trust foi- the company, hut transferable only be required

with the joint consent of the said Treasurer and the

company, or upon the order of the Supreme Court or ar-ib.ooo, of

judge thereof, and all other assets of the company, shall

be liable for the proper administration of all estates of invested in

which the company shall act as executor or administrator,

and no bond for the due administration of any estate

shall he required to he given by or on behalf of the

company, except in res[icct of estates exceeding twenty

thousand pounds in value, in which the said court or a

B

The Union Trustee Company of Australia, Limited, Act.

George V.	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 hy the said Treasurer to the company as and when the same shall respectively become 2)ayable.
Company

may be 8. I t shall be lawful for any court or judge or

appointed	person now or hereafter having power to appoint
trustee,
receiver, or	trustees, receivers, committees of the estates of persons
guardian or	of unsound mind, or guardians of the estates of infants,
committee
of estate.	in any case to appoint the company, either alone or jointly with any other corporation or any person, to be trustee, receiver, committee or guardian as the case may be, and upon any such appointment all the capital of the company, both j)aid and unpaid, and all other assets of the company, and the managing director, manager, or acting manager, as the case may he, and the directors and their respective estates shall he liabh; for the proper discharge of the duties of the office either of trustee, receiver, committee, or guardian, as the case may he, and so long as the company shall possess a paid-up capital of not less than twenty-five thousand pounds, of which paid-rip capital twenty thousand pounds shall he invested as aforesaid, no bond or recognizance for the proper discharge of such duties shall he required to he given hy or on behalf of the company; Provided that the company shall not be so appointed trustee of any deed or will ivhich shall forbid the appointment of a company as trustee thereof, nor in any case in which the majority of the persons who shall he beneficially inter­ ested shall not consent to such ajipointment, unless the consent of the chief or any other judge in equity or the judge in probate of the Supreme Court shall have been first obtained.
Company raaj'

act under 9. I t shall he lawful for the com^iany to act, either

powei of	alone or jointly with any other corporation or any person,
attorney by
managing	as attorney, whenever it shall he appointed hy deed
director, a c t­	attorney for any person or any corporation, and all the
ing manager,
or two	powers conferred upon the company hy any power of
directors.	attorney may be exercised and carried into execution hy the managing director, manager, acting manager, or by any two of the directors of the company ; hut 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

powders

The Union Trustee Company of Australia, Limited, Act. 19

powers so conferred upon tlie eompany ; Provided always	George V.
that nothing herein eontained shall be deemed to autho­ rise any person, company, or corporation to confer any power upon the eompany which cannot by law be delegated or performed by attorney.

1 0 .    I t shall be lawful for any executor, administrator, Exoeutor.

or trustee bv deed to delei^ate to the company, either alone . , 1 • 1 1 ~ tor, or trustee

or jointly \vitli any otlier corporation or any person, as may delegate

his attorney all such trusts and powers as may by law be

delegated, and all acts done by the company witliin lb(*

scope of such delegation shall, in favour of any jx'i'sons

dealing with the com])auy Avithout notice of dealli or

revocation of authority by such executor, administrator,

or trustee, be valid and elfeetual notwithstanding such

death or revocation.

1 1 . I t shall he lawful for the Supreme Court or any Ex̂ cutm-sor

judge thereof sitting in its equity or prol)ate jurisdiction,

on the application of any executor or administrator cunsentof

actinijr under auA" prol)ate or h'tters of administrat ion yiay

granted either berorc or after tbe coming into op(M'ation panv todiy-

of this Act, to a])point the company, either alone or

jointly with any other corporation or any person, to be

administrator in liis place or stead, and thereupon tin*

company shall have th(‘ same ])owers and authorities as

if it had been tlu' original exu'cutor or administi’ator as

the case may he ; and in every such (;asc all the capital,

both paid and unpaid, and all other assets of tb(̂ com­

pany, and tbe managing directors, manager, or acting

manager as tlie ease' may be, and tin; directors and their

respective estates, shall be liable for tlie due administra­

tion of the estates of Avhicli the company shall be so

ajipointed administrator.

1 2 .    Every application to the court or any judge shall Application

be advertised in a daily newspaper published in Sydney at

least seven days before tbe making thereof ; and if the

application shall be made by tlie executor or adminis­

trator of any testator or intestate Avbo shall have died in

be by motion, and notice of tbe intended application sliall be'^bj^moUon” once in some newspaper, if any, published in the district in Avliich such testator or intestate shall have resided, and the court or any judge may require any person resident

The Union Trustee Company of Australia, Limited, Act.

George V. in New South Wales and entitled to the immediate

receipt of any of the income or corpus of tlie estate in respect of which the application is made to be served with notice thereof, and the costs of such application shall be in the discretion of the court or judge and may ,

be ordered to be paid out of the estate.

M anaging	1 3 .	Whenever an executor, administrator, trustee,
d irector,
manager, or

acting m anager	receiver, committee, or guardian is or shall be required
may a tten d on
behalf of com­	by any law, charter. Act of Parliament, or rule of court
pany and pliall
be personally	to attend in person any court of justice or elsewhere, it
responsible
to court.	shall be lawful for the company to attend by its managing director, manager or acting manager, and all affidavits, statements of defence, or other statements required by laM' to be made on oath may be made and sworn on behalf of the company by its managing director, manager, or acting manager, and whenever probate or letters of administration shall have been granted to the company, and whenever the company shall be appointed and shall act as trustee, receiver, committee, or guardian, the managing director, manager, or acting manager as the case may be, and directors in their own proper persons and estates shall be individually and collectively responsible for tbe 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 managing director, manager, or acting manager, or directors had personally obtained probate or letters of administration and had acted as executor or administrator, trustee, receiver, committee, or guardian, and as if the rule, order, or decree had been made against them personally instead of against the company; but notwithstanding such personal responsibility of the said managing director, manager, or acting manager, or directors, the capital, both paid and unpaid, and all the 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 committed by the company or any of its officers, whether such trusts or duty

, duty

The Union Trustee Company of Australia, Limited, Acto

be implied by bur or expressly conferred by the instrn- George V.

ment under wbicli tlie company sliall act; and no person

shall be appointed a director or manager of the said

company unless be is a bona llde resident of eitliet

the State of New South AVales or the State of Victoria,

and any person being a director or manager of the said

company who ceases to reside in either of such states shall,

upon so ceasing to reside, vacate his otTice, and such

vacancy shall be filled up in the manner jirovided by

the articles of association for filling casual vacancies.

14.        The company shall be entitled to receive, in Company to

addition to all moneys properly expended by it and

chargeable against any estate of which the administra-uji munoys

tion shall be committed to tbe company, wlu'ther as

executor, administrator, trustee, receiver, committee, or

gnarditin, a commission at a rate to be fixed from time

to time by the board of directors of the company, but

not to exceed in any case two pounds ten shillings for

every hundred pounds of the corpus or capital value of

any such estatig and five pounds for every one hundred

pounds of the annual income of any such estate received

hy the com])any, and of all moneys, whether capital or

income, received by the company as an attorney acting

under power of attorney, and siudi commission shall he

payable out of the moneys in possession of the company

representing the estate; upon which the same shall be

chargeable, and shall be accepted by the company in

full satisfaction of any claim to remuneration for acting

as such ex(;cntor, administrator, re'ceiver, trustee, com­

mittee, guardian, or attorney, and no other charges

beyond such commission and moneys properly expended

hy the company shall be made or allowed : Provided

that if in any estate ary judge in equity, or judge in

probate, shall be of opinion that the rate of commission

charged is excessive snch judge mav review anv snch

commission : Provided also that the commission

charged by the company against any estate shall not

exceed the amount of the published scale of charges of

the company at the time Avhen th(> admiuistration of

such estate was committed to the company, nor shall

this enactment prevent the payment of any commission

directed hy a testator in his will either in addition to or

in lieu of the commission hereinbefore authorised.

, 15.

The Union Trustee Company of Australia, Limited, Act.

George V. 1 5 . Whenever the company shall have been

Company	appointed executor, administrator, trustee, receiver,
may be re­
moved from	committee, guardian, or attorney, it shall be subject in
office by	all respects to the same control, and to removal or
court.	restraint from acting and generally to the jurisdiction of the courts, in the same manner as any other executor, administrator, trustee, receiver, committee, guardian or attorney.
account on

Order for 16. I t shall he lawful for any trustee cestui que,

application	trust, executor, legatee, administrator, next of kin, or
of trustee
cestui que,	creditor entitled to or interested in any estate which
trust, &c.	shall for the time being be under the management or control of tbe company, after demand in writing made to the managing director, manager, or acting manager of the company, for a sufficient account of the property and assets of which such estate shall consist, and of the disposal and expenditure thereof or thereout; and upon non-compliance with such demand within a reasonable time, to apply to any judge in equity or judge in probate of the Supreme Court in a summary manner upon motion after notice to the company for an account, and if the said judge shall he of opinion that no sufficient account has been rendered by the company, the said judge shall order such account to he 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 was not hound to furnish any account or tliat a sufficient account had been furnished, it shall he lawful for the said judge to dismiss the application, and the said judge shall have power in all cases to make such orders as to costs either against tin; company or against the applicant, or as to payment of costs out of the estate as to the said judge shall seem right.
Judge may
order audit	1 7 . I t shall he lawful for the said judge in equity under tlie last preceding clause, to order, in addition to or in substitution for any account to he rendered hy the company, that a person to be named in such order shall examine the hooks and accounts of the company in reference to the estate as to which the order is made, and in tliat case the directors and officers of the company shall deliver to the person named in such order a list of all the books kept hy the company, and shall produce to
in any estate	or judge in probate, upon the making of any application
committed to
company.

such

The Union Trustee Company of Australia, Limited, Act.

such person at the office of the company at all reasonable

George V.

times when required all hooks and accounts, vouchers, papers, and other documents of the com])any relating to such estate, and shall alford 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 hy the last precediiag section over the costs of an application under that section.

18. iSo long as any estate, in respect of which the v.iinnt-iry

comnanv is executor, administrator, trustee, committee,

or i^uardian, sliall remain in whole or in ])art n n a d - o f

miuistered, it, shall not he lawful to ])roceed to wind up ”,e'',.7straiLd

the company voluntarily unless with the sanction of the i>y judge,

said judge, and it shall he lawful for any person inter­

ested in such estate, or who may have any claim in

respect thereof, to apply to the said judge in a summary

way hy motion to restrain any director or any shareholder

from disposing of any shares which such dirc'ctor or

shareholder may hold in the company, or to i-estraiu the

winding up voluntarily of the eompany, and the said

judge shall have power to make such order u])on such

application as the circumstances of the ease; shall appear

to the said judge to require.

1 9 . If it he prov^edat any time to the satisfaction of Judge may

any judge in (ajuity or judge in probates that three-fourths	of	'
or more of the amount of capital authorised hy this A ct" to he called up has been lost hy the eompany, it shall he lawful for such judge, upon the application of any member, creditor, or cestui que trust of the com[)any, to make an order for the winding up of the company.

20. The following ])rovisions with respect to the I’lovi.sion as

liability of directors and sharchohh'rs in the company

shall he and rcmiaiu in force notwithstanding any altera- shaiehoiders.

tion which may he made in its articles of association:—

No inembfu- shall hold more than om; thousand shares in his own righ t; Provided that if the capital of the company .shall he increased hy tlu! issue of new shares the number of shares which may he held by each memher shall he ])roportionately increased. No moiaj than one pound ten shillings })er share shall he called iq), except in the event of and for the purpose

of

The Union Trustee Company of Australia, Limited, Act.

George V, of the winding up of the company, and ('very member shall in such event be liable to con­ tribute tbe unpaid balance of every share bold by bim.

In tbe event of tbe company being wound up, every person u bo has been a director of tbe company at any time within tbe period of two years pre­ ceding tbe commencc'ment of tbe winding up shall be liaUe for tin' balance unpaid on eveiy share which be may bav(' translerred during such two years, in addition to bis liability upon any such shares held by bim at tbe commence­ ment of tbe winding up in tbe event of the bolder or bobbu’s of such shares being unable to pay tbe said balance per share in lull.

Tbe capital of tbe company shall be and remain divided into shares of two pounds ten shillings each, and tbe number of shares in the com^iany shall not be at any time reduced to less than one hundred thousand.

Moneys21. All moneys which form part of any estate of

u n d a k i e d f o r t i m e the coiupany shall be executor,

five years to administrator, or trustee, and which moneys shall

Trê l-y!'*” remain unclaimed by the person entitled to tbe same for a period of five years after the time when the same shall have bet'ome })ayable to such person, except where payment has been or shall be restrained by tbe injunc­ tion of some court of competent jurisdiction, shall, together ivith interest at current rates on fixed deposits in banks, be paid by the company into tbe State Treasury to be placed to tbe credit of a fund to be called the testamentary and trust fund, distinguishing the particular estates in respeet of which such moneys shall have been paid, and tbe Treasurer shall from time to time invest such moneys in the purchase of Government debentures or stock to be placed to the credit of Tlie said testamentary and trust fund, distinguishing in tbe ledger tbe particular estate in respect of which such moneys shall have been invested; and the interest payable on such debentures or stock shall be placed to the credit of the said fund, and tbe said Treasurer’s said account in tbe ledger shall be an official and not a

nominal

The Union Trustee Company of Australia, Limited, Act. 25

tur('s and stock by the said Treasurer he shall he so

styled without any name, addition, or descrijition, and he

shall not sign any such transPors or ]>ay 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

dii'(;cting such transfer and s])eeiPying the amount of

moneys, d('h('ulures, or stock, and the name, description,

and addition of the person to whom the proceeds of such

sah' are to h(' paid shall h(! left at the office of tlu' said

'rreasurer, normntil the purchase money of the deben­

tures or stock to he sold has been received in the

iioniinnl account, and in all transfers oP the said dehon- George V. months deliver to the said Tn'asurer a statement of all such unclaiuK'd moneys which during the ju’cceding six months shall have been in its hands, aiid distinguishing the several estates in respect of which the sauu' have been received, and setting out the dates and amounts of the several payments of the same under this section; and if the said moneys or any part thereof havû not h('en paid into the Treasury with a statement of the reason for the dc'lay of such ])aym('nts. and if default is made in compliance with the loregoing provisions of this section, the company shall he liable to a pemdty not excf'eding five pounds for every day while such default continues, and ev('ry director and managing dirc'ctor, manager, or acting manager of the com])any who knowingly and wilfully authoiises or permits such default shall incur the like penalty.

22.        I t shall he lawful for any person Avho shall Persons

he entitled to any stock dc'hentures or moru'ys which

shall at any time form part of the said testamentary ;estaincntary

and trust fund to a])])ly to any judge; in equity or judge as'I'nay

in probate, upon jeetition in a summary way, for such 'Pi'h to

order as is in the last-preceding section rel'erred to, and	'
the said judge shall deal with such ap])lication as nearly as may be in the same manner as in the case of ap])lications to the said court under tiu' Trustee' Act of 18!)S ; and in all cases in which the' Treasurer may see fit to appear ujeon such jjctition, he shall he e'ulit led to such costs against the applicant or out of the fund as the said judge may direct.

The Union Trustee Company of Australia, Limited, Act.

George V. 23. I t shall he lawful for the Treasurer after demand

Order for	in writing addressed to the managing director, manager,
account on
application of	or acting manager of the company for a sufficient
Treasurer.	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 statement of unclaimed moneys shall consist, and of the disposal and expenditure thereof, of or thereout, to apply to the said judge in a summary way, upon motion after notice to the company, for an account, and if the said judge shall he of opinion that no sufficient aceount has been rendered by the company, the said judge shall order such account to be rendered hy the company as to the said judge shall seem just, or if the said judge shall think that under the circumstances the company was not hound to furnish any account, or that any account furnished by tlie company was sufficient, it shall be lawful for the said judge to dismiss the application, and the said judge shall have power in all eases to make such order as to’ costs either against the company or as to payment of costs out of the estate as to the said judge shall seem right.

R eturns to be	2 4 . The managing director, manager, or acting
made by

(company to	manager of the company shall during the months of
be filed in	March and September in every year during which the
rei^istered
ofiice of	company carries on business, make before some justice
company and
its branches.	of the peace a declai’ation in the form contained in the Schedule hereto, or as near thereto as circumstances will admit, of the receipts, expenditure, and investments of and in all estates and property held hy the company in trust up to the twenty-eighth day of February or thirty-first day of August tlien last past; such declara­ tion shall within seven days after the making tliereof he filed in the office of the Master in Equity, and a copy of such declaration shall be put up in a conspicuous place in the registered office of the company and in every branch office or place where the business of the company is carried on, and shall be given to any member or creditor of tlie company, or any cestui que trust who applies for the same; and if default is made in compliance with the provisions of this section the eompany shall be liable to a penalty not exceeding five pounds for every day whilst such default continues, and

every

The Union Trustee Company of Australia, Limited, Act.

every managing director, manager, or acting manager of

George V.

the company who knowingly and wilfully authorises or

permits such default shall incur the like penalty.

25.        Every order made hy any judge in equity, or Appeal from

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

2G. Nothing in this Act contained shall he deemed Ac t not to

to give to the company any right to opjfose the granting

of similar powers to those conferred upon the company panys from

hy this A(;t to any other eompany or to corporations

generally, or to claim or to seek compensation in i«"vcra to

consequence^ or such powers hemg conierred upon ai^y fened by ibis

other company, or upon corporations generally, or in the	t-
event of provision Iteing made hy Parliament for the management of trust estates hy a public trustee or dejjart- ment or otTiccr of the Government, or in the event of the repeal of this Act.

2 7 . Where hy any settlement, will, codicil, or otlier SeuI.̂ l■sor

testamentary writing, a settlor or testator shall direct

that any practising solicitor or solicitors shall conduct o\nisolicitors,

the legal business of his 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

negligenct', misfeasance, nonfeasance, or misconduct of

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 eompany to

conduct such legal business.

2 8 . Except so far as is herein expressly provided, the imorpm.ition

company shall have and he subject to the same restric- o"'<*Jmpai'iy tions, liabilities, T)cnaltics, privileges, and powers as it except so far lias and is subject to under its present incorporation, aiicred to

and this Act shall not otherwise effect the incorporation remain.

of the company.

29. Any penalty imposed hy this Act may he r.ocovery of

recovered in a summary ivay before two or more justices

of the peace.

28                 The Union Trustee Company of Australia, Limited, Act.

George V. 3 0 . This Act shall be called and may he cited as

Short title	“ The Union Trustee Company of Australia, Limited,
of Act.	Act.”

SCHEDULE.

The Union Trustee Company of Australia, Limited.

I (managing director, as the case may be) do hereb)' solemnly and sixicerely declare :—

That the liability of the members is limited.

That the capital of the company is pounds, divided into ,

shares of pounds each.

That the number of shares is ,

That calls to the amount of have been made under which,

tne .sum of £ has been received.

That the assets of the comj)any other than assets held on trust on

the day of were :—

Government securities’ ... ... £

Bills of exchange and promissory notes £

Cash at the banks... ... ... £

Other securities ... ... ... £

Total ... £

That the value of the real and personal property come to the hands of the company as trustees, executors, administrators, receivers, and agents since its registration in the State of New South Wale.s up to and inclusive of the day of one thousand nine

hundred and was as follows ;—

E stim ated values.

( )

Real property	...	...	...	...	£
Chattels real	...	...	...	...	£

Moneys secured by mortgage of real property	£
Money.s secured by mortgage of personal

property ... ... ... ... £

Unsecured debts and claims ... ... £

Debentures ...	...	...	...	...	£
Bank shares	...	...	...	...	£

Shares in other companies (other than bank £ .

shares)

Cash ... ... ... ... ... ...

Total receipts ...

That

The Union Trustee Company of Australia, Limited, Act.

That from the date of tlie registration of the company in the State (JeOFge V.

of New South Wales to the , one thousand nine hundred

and , the f(illowin<f arc the amounts of—

Real propertv conveyed to beneficiaries ... £

Cash paid to beneficiaries as corpus	...	£
Cash paid to beneficiaries as income	...	£
Cash applied in payments of debts	...	£

Cash applied in payment of administration

expenses ... ... ... ... £

Commission retained ... ... ... £

Total expenditure ... £

That the investments and moneys held by the company upon trust

on the day of , one thousand nine hundred and

, were as follows :—

Real property	...	£
Chattels real	...	£

Mortgages ... ... £

Debentures ...	...	£
Bank shares	...	£

Shares in other companies	£
Money on deposit with banks and other

companies ... ... ... ... £

Cash on hand ... ... ... ... £

Total ... £

And I make this solemn declaration as to the matters aforesaid, conscientiously believing the same to be true, and by virtue of the provisions of the Oaths Act of 1900.