The West Australian Trustee Executor and Agency Company Limited Act Amendment Act 1966 (WA)

1966.] The West Australian Trustee

Executor and Agency Company Limited.

THE WEST AUSTRALIAN

TRUSTEE EXECUTOR AND

AGENCY COMPANY LIMITED.

(Private Act.)

AN ACT to amend The West Australian Trustee Executor and Agency Company Limited Act, 1893-1955.

[Assented to 5th December, 1966.]

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Short title

1. (1) This Act may be cited as The West and citation.

Australian Trustee Executor and Agency Company

Limited Act Amendment Act, 1966.

(2) In this Act, The West Australian Trustee Executor and Agency Company Limited Act, 1893- 1955, is referred to as the principal Act.

The West Australian Trustee Executor [1966.

and Agency Company Limited.

(3) The principal Act as amended by this Act may be cited as The West Australian Trustee Executor and Agency Company Limited Act, 1893-1966.

S. 21

repealed and 2. Section twenty-one of the principal Act is

re-enacted.	repealed and re-enacted as follows-
Limitation

of number of	21. No member shall, in his own right at
shares to be

held by

any time, hold shares in the Company amount-

member.

ing to more than one share for every twenty

shares issued by the Company. .

S.28

repealed	3.	Section twenty-eight of the principal Act is
and

re-enacted.	repealed and re-enacted as follows-
Certain

property of	28. (1) The Company shall not without the
company

held as	prior consent in writing of the Treasurer of the
security
for due	State sell, exchange, transfer, mortgage, charge
performance
by company	or otherwise dispose of the property belonging
of its duties
as executor	to it situate in Saint George's Terrace Perth
or adminis-
trator.	in the State and being portion of Perth Town Lot L14 and being part of the land comprised in deposited diagram 187 and being the whole of the land comprised in Certificate of Title Volume 360 Folio 144.
(2) The consent of the Treasurer shall not be unreasonably withheld, where the security referred to in the next succeeding Subsection is preserved, in the case of any proposed mortgage or charge over the property referred to in subsection (1) of this section to secure the repayment of any advances or loans applied or to be applied in or towards the cost of

(a) erecting any building;

(b)

effecting any additions or structural alterations to any building; or

(c)

carrying out any other improvements

of a permanent nature,

on that property.

1966.] The West Australian Trustee Executor

and Agency Company Limited.

(3) The property referred to in subsection (1) of this section shall be by force of this section a security for the due performance by the Company of the duties of the offices of executor and administrator under any grant obtained in pursuance of this Act and if the Company is wound up the net proceeds of the sale of that property, after satisfying the amount of any advances or loans referred to in subsection (2) of this section that is owing and unpaid, shall be applied in satisfaction, pan passu, of any claims established by any persons entitled as beneficiaries under any probate or letters of administration granted to the Company; and in addition to the said security the persons so entitled shall be at liberty to rank as ordinary creditors of the Company for any balance if those net proceeds shall be insufficient to satisfy the claims so established. .