Trustee Act 1975 (ACT)
No. 28 of 1975
AN ORDINANCE
To amend the Trustee Ordinance 1957-1968.
I, THE GOVERNOR-GENERAL of Australia, acting with the advice of the Executive Council, hereby make the following Ordinance under
| the Seat of Government | (Administration) | Act 1910-1973. |
Dated this fourth day of September, 1975.
JOHN R. KERR Governor-General.
By His Excellency's Command,
KEP. ENDERBY Attorney-General.
TRUSTEE ORDINANCE 1975
1. (1) This Ordinance may be cited as the Trustee Ordinance
1975.*
(2 ) The Trustee Ordinance 1957-1968f is in this Ordinance referred to as the Principal Ordinance.
(3) The Principal Ordinance, as amended by this Ordinance, may
be cited as the Trustee Ordinance 1957-1975.
2 . Section 3 of the Principal Ordinance is repealed.
3. The Second Schedule to the Principal Ordinance is amended—
| t Ordinance No. 14, 1957, as amended by No. 18, 1968. |
(a) by omitting paragraph (a) (in the third column) of item 11 and substituting the following paragraph:—
" (a) Omit sub-sections (1) and ( 2 ) , insert—' ( 1 ) A trustee, unless expressly forbidden by the instrument, if any, creating the trust, may invest tnist funds in his hands (whether the funds are already invested or n o t ) —
(a) in government securities of Australia, of a State, of the United Kingdom or of New
Zealand;(b) in debentures or securities guaranteed by the Government of Australia or of a State;
| * Notified in the Australian | Government | Gazette | on 10 September 1975. |
(c) in securities—
(i) issued by a body corporate estab lished by an Act, State Act or law of an internal Territory; and
(ii) declared by the Attorney-General, by notice published in the Gazette, to be securities for the purpose of this paragraph;
(d)
in securities issued by a city, county, muni cipal or shire council in Australia;
(e)
on fixed deposit with a bank carrying on business in Australia;
(f)
on deposit with a savings bank carrying on business in Australia;
(g) by way of loan secured by a mortgage of—
(i) the fee simple of land in Australia; or
(ii) land held under the provisions of the Leases Ordinance 1918-1972, the City Area Leases Ordinance 1936-1974, the Church Lands Leases Ordinance 1924-1966 or the Leases (Special Purposes) Ordin ance 1925-1970; and
(h)
by way of loan to a corporation, being a corporation in respect of which a notice declaring the corporation to be an author ized dealer in the short term money market is in force under paragraph 38 (7)(b) of the Companies Ordinance 1962-1974, upon the security of securities of Australia.'."; and
(b) by omitting paragraph (c) (in the third column) of item " (c) Omit from sub-section (4) 'or of this State', insert
'or of a State.'.".
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