Trustee (Amendment) Act 1992 (ACT)

AUSTRALIAN CAPITAL TERRITORY

Trustee (Amendment) Act 1992

No. 50 of 1992

An Act to amend the Trustee Act, 1925-1942, of the State of New South Wales in its application in the Territory

[Notified in ACT Gazette S148: 1 September 1992]

The Legislative Assembly for the Australian Capital Territory enacts as follows:

Short title

1.  This Act may be cited as the Trustee (Amendment) Act 1992.

Principal Act

2.  In this Act, “Principal Act” means the Trustee Act, 1925-1942, of the State of New South Wales in its application in the Territory.1

Interpretation

3.  Section 5 of the Principal Act is amended by inserting the following definition:

“ ‘Bank’ means a bank as defined in section 5 of the Banking Act 1959 of the Commonwealth.”.

Authorised investments

4.  Section 14 of the Principal Act is amended—

(a)by omitting from subsection (1) “instrument, if any, creating the trust, may invest trust funds in his hands” and substituting “trust instrument (if any), may invest the trust funds”;

(b)by omitting paragraph (1) (a) and substituting the following paragraph:

“(a)in Government securities of—

(i)the Commonwealth;

(ii)the Territory;

(iii)a State;

(iv)another Territory;

(v)the United Kingdom; or

(vi)New Zealand;”;

(c)by omitting from paragraph (1) (b) “Australia or of a State” and substituting “the Commonwealth, the Territory, a State or another Territory”;

(d)by omitting from subparagraph (1) (c) (i) “an Act, State Act or law of an internal Territory” and substituting “a law of the Commonwealth, the Territory, a State or another Territory”;

(e)by omitting from paragraph (1) (e) “carrying on business in Australia”;

(f)by omitting from paragraph (1) (f) “savings bank carrying on business in Australia” and substituting “bank”;

(g)by omitting subparagraph (1) (g) (ii) and substituting the following subparagraph:

“(ii)land held under the Land (Planning and Environment) Act 1991;”; and

(h)by omitting paragraph (1) (h) and substituting the following paragraphs:

“(h)by way of loan upon Australian securities to a body corporate declared, under paragraph 65 (1) (a) of the Corporations Law, to be an authorised dealer in the short term money market;

(j)on deposit with a body corporate established by a law of the Commonwealth, the Territory, a State or another Territory, being a deposit the repayment of which is guaranteed by the Commonwealth, the Territory, that State or that other Territory, as the case may be;

(k)in any bill of exchange which—

(i)at the time of acquisition, has a maturity date of not more than 200 days; and

(ii)if purchased for value, confers on the holder in due course a right of recourse against a bank as the acceptor or indorser of the bill for an amount equal to the face value of the bill; and

(m)in a common trust fund established by a trustee company, the investment of which is restricted to investments authorised for the investment of trust funds by this subsection.”.

Interim investment

5.   Section 15 of the Principal Act is amended by omitting from subsection (1) “or savings bank carrying on business in the Commonwealth,”.

Advancement

6.  Section 44 of the Principal Act is amended by omitting subsection (1A).

NOTE

1. Trustee Act 1925-1942 (NSW) as applied and modified in the ACT by Ordinance No. 14, 1957 and as further modified by subsequent laws. For previous modifications see the Trustee Act 1957 (as reprinted as at 30 June 1991).

[Presentation speech made in Assembly on  25 June 1992]

© Australian Capital Territory 1992