Trustee Companies Act 1954 (ACT)

AUSTRALIAN CAPITAL TERRITORY.

No. 16 of 1954.

AN ORDINANCE

To amend the Trustee Companies Ordinance 1947.

BE it ordained by the Governor-General in and over the Executive Council, in pursuance of the powers conferred by the Commonwealth of Australia, with the advice of the Federal Seat of Government Acceptance Act 1909-1938 and the Seat of

Government (Administration) Act 1910-1947, as follows:—

1.— (1.) This Ordinance may be cited as the Trustee Companies short title

/-> 7 • 1 n c /i *	a n c l citation.
Ordinance 1954."
(2.) The Trustee Companies Ordinance 1947 is in this Ordinance referred to as the Principal Ordinance.
(3.) The Companies Ordinance 1954 is amended by omitting from the Fifth Schedule the words—

"Trustee Companies Ordinance I Trustee Companies Ordinance 1947-

1047   1954.".

(4.) The Principal Ordinance, as amended by this Ordinance and by the Companies Ordinance 1954, may be cited as the Trustee Companies Ordinance 1947-1954.

2. Section tli ree of the Principal Ordinance is amended by Definition*,

omitting from paragraph (b) of the definition of "trustee com- pany " the words " the State of New South Wales to act in that State " and inserting in their stead the words " a State or Territory of the Commonwealth to act in that State or Territory ".

3. Section eighteen of the Principal Ordinance is amended by company to be

3 0 0 1 . — P R I C E 3 D .

omitting sub-section (2.) and inserting in its stead the following commission

sub-section:- SJJESftU

" (2.) The commission shall not exceed—

(a) Four pounds for every One hundred pounds of the
capital value (without deduction of debts or liabilities

secured or unsecured) of an estate committed to the

. management of the company as executor, adminis- trator, trustee, guardian of the estate of an infant or receiver;

(b) Five pounds for every One hundred pounds of gross annual income received by the company as executor, administrator, trustee, guardian of the estate of an infant or receiver; and

* Notified in I lie Commonwelth (ias:ette on 26th August, 1954.

•2

(c) Five pounds for every One hundred pounds of capital (without deduction of debts or liabilities secured or unsecured) or of gross annual income received by the company as an at torney act ing under a power of attorney.".

4 . After section nineteen of the Pr incipal Ordinance the follow-

ing section is inser ted:—

comiMi'y may " 1 9 A . — (1.) A trustee company is capable of acquiring and as joint tenant, holding proper ty as a jo in t t enan t with an individual in the same

manner as an individual may acquire and hold property as a joint
tenant.

" (2.) Where a trustee company which is a joint tenant of property is dissolved, the proper ty devolves on the other joint tenant.".

The Mrst	5 . The Fi rs t Schedule to the Pr incipal Ordinance is amended
Schedule.	*

by adding after the words—

"Permanent Trustee Company (Canberra) Limited." the

words—

"Perpetual Trustee Company (Canberra) Limited.".

Dated this eighteenth day of August, 1954.

W. J. SLIM

Governor-General.

By His Excellency's Command,

J. A. SPTCER

for and on behalf of the Minister of State

for the Interior.

Printed for the GOVERNMENT of the COMMONWEALTH by A. J. ARTHUR at the Government Print ing Office, Canberra.