Trustee Act 1925 Regulation relating to investment in stocks and shares by trustees (1990-609) [GG No 113 of 14.9.1990] (NSW)

1990 - NO. 609

TRUSTEE ACT 1925 - REGULATION

(Relating to investment in stocks and shares by trustees)

NEW SOUTH WALES

[Published in Gazette No. 113 of 14 September 1990]

HIS Excellency the Governor, with the advice of the Executive Council, and on the recommendation of the Attorney General and with the concurrence of the Treasurer, and in pursuance of the Trustee Act 1925, has been pleased to make the Regulation set forth hereunder.

JOHN DOWD

Attorney General.

Commencement

1. This Regulation takes effect on 28 September 1990.

Amendment

2. The Trustee Regulation 1988 is amended by inserting in clause 4 after the words "all securities'' the words "(other than stocks and shares)".

Transitional provision

3. The amendment made by clause 2 does not affect existing investments in stocks and shares until 3 months after this Regulation takes effect.

1990 - No. 609

EXPLANATORY NOTE

The object of this Regulation is to amend the Trustee Regulation 1988 to remove stocks and shares from the category of authorised trust investments under section 14A (2) (m) of the Trustee Act 1925.

The Regulation contains a transitional provision allowing trustees with existing investments in stocks and shares a period of 3 months from the commencement of the Regulation in which to make other arrangements for those investments.