The Union Trustee Company of Australia, Limited (Amendment) Act of 1919 (NSW)

T H E T N I O N T i t U B ^ r E K

O F AUSTRAUA, l A M m A )

(A^IENlOfEN!^) A(_A\

A n xV'i'L to amovid ' riic UnioD I 'n is tc ' - Coiupan}' of ceorge V,

Austra lia , ' ..iniited, Act, and to ccuni-r a d d i ­

t ional j jowors u])on T!ic A nion ' r rus toa Coni-

]):iity oi' Aindra.lia, L im ited , :ind to \a l ida te

cer ta in ac l .n i iso l llie sa idConi j iam . j_ \^^cnt^: l̂

to, 29tl i Dcca'inber, 1919.]

\ '^ / ' . lU . iUEA8 siiu',0 tlic ])assinp oi' Tlic l.ndon 'i’rastre rreamOe.

Com]);my oi' Australia, la.iuid'd, AH, iMaa'niartor called “ die !'i'inci[)al Act,” t'u' said Tlu' Union ddustc'c Couijiiiny ol' Ausli'ulia, Liniitc'd (luar inai'ter ea’led “ die Coni])aiiy ’’) li:is iicen eidi'usted w idu tlu' adrnil!i !̂l■ai ion, and nov\'adiniiiisdrrs a large number of in n ' e.-dites ; And '.vlaa-eas lire company now possesses a paid-u]) capital oi’ OIK' humlred Tlionsand [tnunds, ol wliieii twenty dumsaiul pounds lias long since been and now is invested in the luamioi' [irovidLcd by section seumol ' the ib'iiieipal AH : And u luarns it is desiviible to iniuau! the lb'iiici]):d A(d so as to confer upon tlie coinpaiiy

V T

additional

The Union Trustee Company of Australia, Limited

(Amendment) Act.

George V.	additional powers and privileges to enable tlie company more effectually and usefully to carry out its objects and so as to validate certain actions of the company in the past : Be it therefore enacted by tlic King’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South AVales in Parliament assembled, and by the authority of the same, as follows :—
Short title.	1 . 'Ibis Act may for all .purposes be cited as “ The Union Trustee Companv df Australia, Limited (Amend­
ment) Act of 1919.” ”
Ineorjioration

with The I 'nioii	2 . This Act shall be incorporated with and form part
Truste e ( 'oin-

j>any of	of the ITincipal Act, except so far as the Principal A ct
Australia,
I-iniited, Act.	is repealed or amended by this Act.

Amendment	3. Se ction four of the Pjincipal Act is amended by
of s. 4, Prin.

cipal Act.

striking out the words “ as bis or her next of k in” after

tlic word “ intestate ” where first used in such section.

Amendment

( f s. 0, I ’rin-

4 . Se ction six of the Principal Act is amended by striking out the words “'managing director, manager, or acting manager ’’ and by inserting in place thereof the words “ manager, assistant manager, acting manager, or secretary, or by such other officer of the company as may from time to time be appointed by the board of directors for tliat purjiose.”

cipal Act.

Repea,! oi'

s. S. I’rincipal 5 . Saetiou ciglit of tlie Principal Act is hereby

Act. repealed.

Company may	6. (1) In all cases where any court of justice or judge
be appointed

trustee, thereof or person lias power to appoint any person as—

receiver,	(a) trustee; or	.
committee,
or guardian of	(1)) receiver; or

estate.	(e)	committee or manager of the estate of an insane person, insane patient, or incapable person, within the meaning of the Lnnaev Act of
1S9S ; or ^

(d) guardian of the estate of an infant,

the company may be so appointed.

(2) (a) Subject as hereinafter provided the com­

pany may bo appointed or may continue to act as sole truf^tce in all cases notwithstanding that it is provided by the terms of the instrument (if any) creating the trust or of any power or otherwise that there shall be more tlian one trustee to perform the trust.

(b )

The Union Trustee Company of Australia, Limited 15

(Amendment) Act.

(1>) ’Whei'.' tlie company ami one or more Gnorge V.

individuals are co-trustees, any one or more of such individuals may retire, and tlic company shall for the purposes of any Act now or hcrcafler in force relatiii”; to the retirement of trustees and the vestim^ of the trust jiropcrty he deemed to be equivalent to two trustees.

(3) The company shall not be. appointed in any

case in which the instrument creatiu" the trust or power

forbids the apjiointmcnt of the company.	'
(!•) Tlic company shall not be ajijiointed or be entitled to act as sole trustee in any case in which the instrument creating the trust or power e.xpri'ssly provides that there shall he another trustee in ailditiou to the company or that the company shall not be appointed or act as sole trustee.
(5) In evc'ry case in whieb the company is appointed or acts in any of the ofllces in subsection one hereof mentioned all the capital of the company, both paid and unjiaid, and all other assets of the company and the diri'cfors, manager, and assistant mana"cr thereof and tlu'ir respective estates sb.all b(‘ lialile for the proper discharge of the duties of such othee.
(li) Ao bond, recogaiizance, or otlu'r security for the propi'r disebanu' of such duties shall be r('(|uir('d to be given by or on Indialf of the company.

7 . (1) Jn all cases whore before the passing of this

Act the (‘ompany was appointed new trustee in jilace oi'}()!',’(I

more than one trustee previously tilling the ofHee, such company as

appointment shall be deemed to have been and to be as

valid and etfectual as if tins Act bad tben been jiassed.

on of

(3) In all cases Avhere before the ])assing of this Act the company upon the retirement of om.' or more trustees continued to act as sole trustee, the company shall be deemed to have heen and to bo (mlifled to act as sole trustee.	.
(3) The trustees in whoso place the company was so appointed or upon whose retirement the com])any continued to act as sole trustee, shall be deenie:! to bave been and to be discharge'd from their trust.

8. (1) The company shall he capable of actpiiring eompanynmy

and holding any property in joint tenancy in the sanw'

manner as if it were an individual. tmunt.

(^)

TliG Uiiion Ti'datee Company of Australia, Limited

(Amendment) Act.

George V.	(2) Where the company and an individual, or the company and another body corporate, become entitled to any property under circum.stances or by virtue of any instrument which, if the company or other body corporate had been an individual, would have created a joint tcniincy, 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 projierty shall devolve on tlie other joint tenant.

Property	9 . Where any property is now or hereafter becomes
vested ill

company ami	vested in the company and an individual, or in the com­
anotlier as	pany and another , liody corporate, to the intent that they
trustees, &c,,
to be held on	should hold the same jointly in any fiduciary capacity,
joint tenancy.	or as mortgagees, they shall he deemed to he joint tenants thereof and not tenants in common unless other­ wise expressly provided.
Amendment	1 0 . Section nine of the Principal Act is amended by fdrihing out the words “ managing director, nianager, acting manager," and by suhstituting therefor the words “ manager, assistant manager, acting manager or secre­ tary, or by such other officer of the company as may from time to time he appointed by the hoard of directors for that purpose.’’
of s, 9,
PtuMHpaiAet.
Amendment	1 1 . Section eleven of the Principal Act is amended by striking out the words “ managing director, manager, or acting manager, as the ease may he,” and by suhstituting in place thereof the words “ manager, assistant manager.”
of s. 11,
Principal Act.
Repeal of

s. 12, 1 2 . Section twelve of the Principal Act is hereby

Principal Act.	repealed.
Applications	13 . (1) Every application under this Act to any (2) Subject as hereinafter provided, notice of the application and of the date on which the same is intended to be made shall he adv'ertised once—
to court or
judge.	court or judge shall bo by motion.

(a)	in a daily newspaper circulating in Sydney, and published at least seven days before such date ; and
(h)	where the application is made by the e.xocutors or administrators of any person who died at any place in Kew South Wales situated more

than

The Union Trustee Company of Australia, Liimieu

(Amendment) Act.

than thirty miles from Sydney, also in a nows-	George V.
])apcr circulating in tlie district in which the deceased resided at the date of his death, and puhlished within the time aforesaid.

(:3) I t shall not he necessary to advertise in anj ̂ newspaper notice; of any application for the appointment of the company as a trustee where all persons beneficially interested are heforc the court or have had notice of the intended application.

(1) The court or judge may in any cas(' ro(|uire notice to he st'rved on any person residing in Xew South Wales and entitled to the immediate rcccipL of the whole or part of tlie income or corpus of t!;e estate in respect of which the application is made.

(5) The court or judge may order the costs and expenses of and incident to any such application to he paid or raised out of the estate in respect whereof the same is made, or out of the income, theieof, or to he home and paid in such mannc'r and by .sucli ^mTrons as to the court or judgi' may seem just.

14 . Section thirteen of the Principal Act is hereby repealed. UejtetU of

13,

IMucipalAcU

1 5 . (1) In all casi's in which tin; personal attendance of an executor, administrator, trustee, receiver, eommittee,

assistant

Manager,

nianager, a c t­

or guardian is recpiired in any court of justice or else­

j-ccretary, or ing nianager,

where, the company shall he entitled to mahe sueh

other ofiicer

to attend and

attendanci' in the person of the manager, assistant

repi’cscnt

manager, acting manager, cr secretary, or such otlnn’

company.

otTuier of the coni[)any as may from time to time he

appointed by tlu' hoard of directors for that purjiose.

(2) All declarations and all affidavits, statements

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

(3) In every case where the company obtains 2irohate or letters of administration, or is a2)point('d and acts as trustee, ri'cciver, committee, or guardian, the manager, assistant manager, and directors in their n̂-ô icr persons and estates, ^shall be individually and collectively responsible for the duo administration of the estates cnlruslcd to the company, and shall in their own

proper

16                    The Union Trustee Company of Australia, Limited

(Amendment) Act.

George V. proper persons be liable by process of attacbment, com­

mitment for contempt, or by other ])rocess, to all courts having jurisdiction in that behalf in the event of dis­ obedience to the rules, order’s, and decrees of such courts made against the company in the same manner and to the same extent as if such manager, assistant manager, and directors had personally obtained probate or letters of administration, and had acted as executor or ad­ ministrator, tiustee, receiver, committee, or guardian, and as if the rule, order, or decree had been made against them personally instead of against the company.

(J) Notwithstanding such personal responsi­ bility of the said manager, assistant manager, and directors, the capital both paid and unpaid, and all other assets of the company, shall remain liable for any loss wbicb 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 trust or duty is implied by law or expressly conferred or imposed by the instrument under which the company acts.

(5) No person shall be appointed a director or

manager of the company unless he is a bona fide resident

of New South Wales, and any person being a director or

' manager of the company who ceases to reside in New South "Wales shall, upon so ceasing to reside, vacate his office, and such vacancy shall be filled up in tbe manner provided by tbe articles of association for tilling casual vacancies,

16* Sections sixteen, twenty-one, twenty-tbrcc, and

i>8, and 24 of twouty-foui’ of tlic Pjiiicipal Act are hereby amended by Principal Act. striking out tlic woi'ds “ managing director, manager or

acting manager ” wberever they occur in the said sections, and by substituting in place thereof the words “ manager, assistant manager or acting manager.”

Amendment

of Schedule. 17 . The Schedule to the Principal Act is amended by striking out the woids “ managing director” and substituting tbe words “ manager, assistant manager or acting manager ” in tbe first line tbercof.

WENTWORTH