Version No. 127
Trustee Act 1958
No. 6401 of 1958
Version incorporating amendments as at
1 September 2023
TABLE OF PROVISIONS
Section Page
Part IA—Preliminary
1Short title and commencement
2Repeals, savings and application of Act
3Definitions
Part I—Investments
4Application of Part
5Investments of trust funds
6Duties of trustee in respect of power of investment
7Law and equity preserved
8Matters to which trustee must have regard in exercising power of investment
9Powers of trustee in relation to securities
9AInvestment in securities under RITS system
10Power of trustee as to calls on shares
11Power to purchase dwelling house as residence for beneficiary
12Power of trustee to retain investments
12ALoans and investments by trustees not breaches of trust in certain circumstances
12BLimitation of liability of trustee for loss on improper investments
12CFactors Court may take into account in action for breach of trust
12DPower of Court to set off gains and losses arising from investment
12EHousing loans by trustees
12FTransitional provision
Part II—General powers of trustees and personal representatives
Division 1—General powers
13Power of trustees to sell by auction etc.
14Duration of trust or power to sell
15Power to sell subject to depreciatory conditions
16Mortgage on sale of land
17Deferred payment on sale of land
18Power to trustees to give receipts
19Power to compound liabilities
20Power to raise money by sale, mortgage etc.
21Protection to purchasers and mortgagees dealing with trustees
22Devolution of powers or trusts
23Power to insure
24Application of insurance money where policy kept up under any trust power or obligation
25Deposit of documents with bankers for safe custody
26Reversionary interests and valuations
27Audit
28Power to employ agents
29Power to concur with others
30Power to delegate trusts during absence abroad
31Trustee's power of appropriation
Division 2—Indemnities
32Protection against liability in respect of rents and covenants
33Protection by means of advertisements
34Personal representatives relieved from personal liability in respect of calls made after transfer of shares
35Protection in regard to notice when a person is trustee etc. of more than one estate or trust
36Implied indemnity of trustees
Division 3—Maintenance advancement and protective trusts
37Power to apply income for maintenance etc. and to accumulate surplus income during a minority
38Use of capital for maintenance education advancement and benefit of beneficiaries
39Protective trusts
Part III—Appointment and discharge of trustees
40Limitation of the number of trustees
41Power of appointing new or additional trustees
42Supplemental provisions as to appointment of trustees
43Evidence as to vacancy in a trust
44Retirement of trustee without a new appointment
45Vesting of trust property in new trustee or continuing trustees
46Disclaimer of trusts on renunciation of probate
47Trustee company obtaining grant to become trustee
Part IV—Powers of the Court
Division 1—Appointment of new trustees
48Power of Court to appoint new trustees
49Effect of order under the preceding section
50Powers of new trustee appointed by the Court
Division 2—Vesting orders
51Vesting orders
52In whom property to be vested etc.
53Orders as to contingent rights of unborn persons
54Vesting order in place of conveyance by minor or mortgagee with mental illness
55Vesting…