Act No. 98, 1902.
| T rustee | A ct |
| A m en d m en t . | AnfAct to amend the law relating to trustees |
| and tru s t property. | [12^^ December, 1902.] |
“O E it enacted by the King’s Most Excellent Majesty, by and
,13 with the advice and consent of the Legislative Council and
Legislative Assembly of New South M^ales in Parliament assembled, and by the authority of the same, as follows :—•
| Short title and | 1. This Act may be cited as the “ Trustee Act Amendment Act, 1902,” and shall be read with the Trustee Act, 1898, hereinafter called the Principal Act, and its provisions shall apply to all deeds, wills, acts, or other instruments or trusts executed, passed, or created, as well before as after the passing of this Act, unless a contrary intention is expressed therein. |
| operation. |
PAET I.
Investments by trustees.
| Accepting a short | 2. A ti’ustee shall not be chargeable with breach of trust upon the ground that in effecting the purchase of or in lending money upon |
| ’ | the security of any property he has accepted a shorter title than the title wdiich a purchaser is, in the absence of a special condition, entitled to require, if in the opinion of the Court the title accepted be such as a person acting with prudence and caution Avould have accepted. |
| Loss by reason of | 3. Where a trustee improperly advances trust money on a |
| lending too much |
| authorised security. | mAhirr?sed°8ecurit̂ ̂ mortgage secuilty which Avould at the time of investment be a proper |
| Ibid. s. 9.' investment in all respects for a smaller sum than is actually advanced |
thereon, the security shall be deemed an authorised investment for the smaller sum, and the trustee shall only be liable to make good the sum advanced in excess thereof Avith interest.
| To apply to cxisitng | 4. This part of this Act applies to transfers of existing securities as well as to new securities, and to investments made as Avell before as after the commencement of this Act, except where a suit or other proceeding has been instituted AAuth reference thereto before the commencement of this Act and is still pending. |
| securities and | |
| investments. |
PAET
L..
| Act No. 98, 1902. | 663 |
| Trustee Act Amendment. |
PAET II.
Appointment and retirement o f trustees.
5. (1) Where there are more tlian two trustees, if one of them Retirement of
by registered deed declares that ho is desirous of being discharged
| from tlie trust, and if his co-trustees and such other person, if any, as | 5G and 57 Vic. c. 53, | |
| ||
| is empowered to appoint trustees, consent by the same or other registered deed to the discharge of the trustee and to the vesting in the co-trustees alone of the trust property, then the trustee desirous of being discharged shall be deemed to have retired from the trust, and shall by the deed be disebarged tberefrom under this Aet without any new trustee being appointed… |