Trustee Companies Act of 1955 (4 Eliz Ii No. 15) (Qld)

508 COMPANIES. TrusteeCompaniesAct. 4 E liz . II. No. 15, COMPANIES. 4 N E o l . iz 1 . 5I. I. An Act to Amend “ The Queensland Trustees, T he T rustee C ompanies A ct of Limited, Acts, 1888 to 1952,” and “ The 1955. Union Trustee Company of Australia, Limited, Acts, 1890 to 1952,” each in certain particulars. [A ssented to 20 th A pril , 1955.] E it enacted by the Queen’s Most Excellent Majesty, B by and with the advice and consent of the Legis­ lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:— P art I.— P reliminary . I. P art —P reliminary . Short title. 1. This Act may be cited as “ The Trustee Companies Act of 1955.” Parts of Act. 2. This Act is divided into Parts as follows :— I. P art —P reliminary ; II.— P art A mendments of *“ T he Q ueensland T rustees , L imited , A cts , 1888 to 1952 ” ; III.— P art A mendments of j“ T he U nion T rustee C ompany of A ustralia , L imited , P art II.— A mendments of “ T he Q ueensland T rustees , L imited , A cts , 1888 TO 1952.” P art A cts , 1890 to 1952.” II.— A mendments of *“ T he Q ueensland T rustees , L imited , A cts , 1888 to 1952.” CofoPnsatrrtucIIti.on one w3.ith( 1. * ) “ T T h h i e s Q P u a e r e t n I sl I a . nd of Tr th us is tee A s, ct Li s m h i a t l e l d, b A e c r t e s, ad18a8s8 to 1952.” tCitollel. ective to 19(522. ) ,” * a“n T d h t e hi Q s u P e a en rt sl I a I n . d o T f r t u h s is te A es c , t L m im a i y te b d e , c A o c ll t e s c , ti1v8e8ly8 cited as “ The Queensland Trustees, Limited, Acts, 1888 to 1955.” tIinotne. rpreta­ Trust ( e 3 e . s ) , W Li h m e i r t e ed, an Act e , n1a8c8tm8,e”ntor ooff J§“ “ TThhee QQuueeeennssllaanndd Trustees, Limited, Act, 1892,” has been amended prior to the passing of this Act, a reference to that enactment in this Part II. of this Act shall be read as referring to it as so amended.* * * § * 52 V. and amending Acts, f 54 V. and amending Acts. t 52 V. § 56 V.

COMPANIES. 509 1955. TrusteeCompanies Act. 4. Section eight of *“ The Queensland Limited, Act, 1888,” is amended— Trustees, P art II.— A mendments op “ T he Q ueensland T rustees , L imited , A cts , 1888 TO 1952.” (a) By inserting after the words “ letters of^“en<^‘eut8 administration ”, where those words first appear, the «The ° words “ or before making O an » y / a I p I plication A pursuant to 'V Q r u u e v e fp n p< s t land section 7 a of this Act ” ; Limited’, Act, ( b) By inserting before the words “ without the bond ” 1888 ” the words “ or an application to seal a grant of letters of administration pursuant to section 7 a of this Act ” ; and (c) By inserting before the words “ by private persons ” the words “ or application to seal a grant of letters of administration is made ”. 5. Section twenty-two of *“ The Queensland Trustees, Ammdment; Limited, Act, 1888,” is amended by repealing in “The ° p1 arag 6 ra 1 ph V (b) ' the words “ a married woman or ”. Queensland Trustees, Limited, Act, 1888.” 6. The following section is inserted after section New s. 23 a twenty-three of *“ The Queensland Trustees, Limited, Act, mserted- 1888,” namely:— “ [23 a .] The Company may deposit any moneys Regulation of which it has control under the powers conferred upon “ trusteP°S1 j it by this Act with any banking company or banking money in corporation having a subscribed capital of at leastbanks' three hundred thousand pounds, a paid-up capital of at least one hundred and fifty thousand pounds, and reserved profits of at least fifty thousand pounds, and which does not as part of its ordinary business buy and sell land, or shares, or other property, but not in any bank which does not answer to this description.”. 7. Section fourteen of The Queensland Trustees, °{The Limited, Act, 1892,” is repealed. Queensland ■ Trustees, Limited , Act, 1892.” 8. Section fifteen of The Queensland Trustees, Amendments Limited, Act, 1892,” is amended— °‘ tk 15 °f (i.) By repealing subsection one and inserting, in lieu of that repealed subsection, the following subsection, Limited,’Act, namely:— 1892.” “ (1.) Where an estate whether testate or intestate is under administration by the Company, and an infant is entitled to a share therein, the Company may, at *52 v. t 56 V.

510 COMPANIES. P art II.— A mendments op “ T he Q ueensland T rustees , TrusteeCompaniesAct. 4 E liz . II. No. 15, L imited , A T c O ts 1 , 95128. 8"8 its sole discretion, apply for the maintenance, education, advancement or otherwise for the benefit of such infant, during minority, the whole or any part of the income of the share to which such infant is entitled in possession, and may, at its sole discretion, apply for the like purposes any part or parts, not exceeding one half of the corpus or capital, of the share to which the infant is entitled in possession or reversion immediately expectant on a prior life interest; but no such application of a reversionary share shall be made without the previous consent in writing of the person on whose death such prior interest is determinable : Provided that the Company may, instead of itself so applying such income, corpus, or capital, pay the same to any person to be so applied, without seeing to the application or being answerable for the misapplication or non-application thereof: Provided further that in any case in which there are sufficient moneys available for the purpose, the Company may for the purposes aforesaid, apply the corpus of the share to which any infant is entitled in possession in excess of the limit hereinbefore prescribed. Nothing in this subsection shall apply to a case— (a) Where provision is expressly made for the maintenance, education, advancement, or otherwise for the benefit of an infant, unless such provision is insufficient, of which insufficiency the Company shall be sole judge ; or ( b ) Where provision is expressly made against any such application.” ; (ii.) By inserting in subsection three, before the words “ the presumptive or contingent shares of infants ”, the words and brackets “ (or the Company may without such authority apply) ” ; and (iii.) By repealing in subsection three the words “or advancement ” and by inserting, in lieu of those repealed words, the words “ advancement or benefit ”.

COMPANIES. 511 1955. TrusteeCompanies Act. III.— P art A mendments oe C ompany of A ustralia , 1952 *“ T he U nion T rustee 1890 L imited , A cts , to P art III.— A mendments op “ T he U nion T rustee C ompany of A ustralia , L imited , A cts , 1890 to 1952.” 9. (1.) This Part III. of this Act shall be read as of pSa™ in'1 one with *“ The Union Trustee Company of Australia, ° ar ‘ Limited, Acts, 1890 to 1952.” (2.) *“ The Union Trustee Company of Australia, Collective Limited, Acts, 1890 to 1952,” and this Part III. of this 1 e' Act may be collectively cited as “ The Union Trustee Company of Australia, Limited, Acts, 1890 to 1955.” (3.) Where an enactment of The Union Trustee interpreta- Company of Australia, Limited, Act,” or of J“ The Union lon‘ Trustee Company of Australia, Limited, Act Amendment Act of 1892,” has been amended prior to the passing of this Act, a reference to that enactment in this Part III. of this Act shall be read as referring to it as so amended. 10. Section nine of The Union Trustee Company Afmgeng ™^nts of Australia, Limited, Act,” is amended— °“fhe Union (a) By inserting after the words “letters of company of administration ”, where those words first appear, the words “ or before making any application pursuant ’ section 8 a of this Act ” ; ( b ) By inserting before the words “ without the bond ” the words “or an application to seal a grant of letters of administration pursuant to section 8 a of this Act ” ; and (c) By inserting before the words “ by private persons ” the words “ or application to seal a grant of letters of administration ”. 11. Section twenty-seven of f“ The Union Tmsfee Amendment Company of Australia, Limited, Act,” is amended by ° union repealing ° the proviso thereto. CTroumstpeaeny of Australia, Limited, Act.” 12. Section seventeen of J“ The Union Trustee ^of Company of Australia, Limited, Act Amendment Act «’ The union of 1892,” is repealed. Trustee Company of Australia, : ' Limited, Act * 54 V. and amending Acts. Amendment 154 v. Act of t 56 V. 1892.’*

512 COMPANIES. P art III.— A mendments op “ T he TrusteeCompaniesAct. 4 E liz . II. No. 15, 1955. U nion T rustee C ompany op A ustralia , L imited , 13. Section eighteen of *“ The Union Trustee A tcots 1,95128. 9”0 Company of Australia, Limited, Act Amendment Act Amendments of 1892,” is amended— of s. 18 of “ The Union (i.) By repealing subsection one and inserting, in lieu Trustee of that repealed subsection, the following subsection, ACuosmtrpaalniay , of namely:— Limited , Act Amendment “ (1.) Where an estate whether testate or intestate is Act of 1892.” under administration by the Company, and an infant is entitled to a share therein, the Company may, at its sole discretion, apply for the maintenance, education, advancement or otherwise for the benefit of such infant, during minority, the whole or any part of the income of the share to which such infant is entitled in possession ; and may, at its sole discretion, apply for the like purposes any part or parts, not exceeding one half of the corpus or capital, of the share to which the infant is entitled in possession or reversion immediately expectant on a prior life interest; but no such application of a reversionary share shall be made without the previous consent in writing of the person on whose death such prior interest is determinable: Provided that the Company may, instead of itself so applying such income, corpus, or capital, pay the same to any person to be so applied, wdthout seeing to the application or being answerable for the misapplication or non-application thereof: Provided further that in any case in which there are sufficient moneys available for the purpose, the Company may, for the purposes aforesaid, apply the corpus of the share to which any infant is entitled in possession in excess of the limit hereinbefore prescribed. Nothing in this subsection shall apply to a case— (a) Where provision is expressly made for the maintenance, education, advancement, or otherwise for the benefit of an infant, unless such provision is insufficient, of which insufficiency the Company shall be sole judge ; or (h) Where provision is expressly made against any such application. ” ; " * 56 v.

COMPANIES—RACECOURSES. 513 P art III.-— 4 E liz . II. No. 12, 1955. Eagle Farm Racecourse Act. A mendments of “ T he U nion T rustee (ii.) By inserting in subsection three, before the CA oumsptarnayliao , f words “ the presumptive or contingent shares of infants ”, AL citms , it 1 e 8 d 9,0 the words and brackets “ (or the Company may without to 1952.” such authority apply) ” ; and (iii.) By repealing in subsection three the words “or advancement ” and by inserting, in lieu of those repealed words, the words “ advancement or benefit RACECOURSES. An Act Relating to the Racecourse known as the Eagle Farm Racecourse. [A ssented to 20 th A pril , 1955.] 4 E liz . II. No. 12. T he E agle F arm R acecourse A ct of 1955. B E it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legis­ lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:— 1. This Act may be cited as “ The Eagle Farm 8111011 title- Racecourse Act of 1955.” 2. *“ The Brisbane Racecourse Act of 1875,” and Repeals. t“ The Brisbane Racecourse Act of 1875 Amendment Act” are hereby repealed : Provided that, but without prejudice to J“ The Acts Interpretation Act of 1954,”— (a) All by-laws made under any enactment repealed by this section and subsisting immediately prior to the repeal of that enactment shall remain in force as if duly made under this Act, but any such by-law may be revoked, amended, altered, varied or otherwise modified by a by-law made under this Act; (6) Neither the repeal of any enactment repealed by this Act, nor the change made by this Act as on and from the date of the passing hereof in the trusts upon and subject to which the freehold lands under §“ The Real Property Acts, 1861 to 1952,” described in the Schedule to this Act were theretofore vested in the* * * § * 39 v. t 44 V. t 3 Eliz. 2 No. 3. § 25 V. No. 14 and amending Acts. E