Trustee Companies Act of 1959 (8 Eliz Ii No. 14) (Qld)

COMPANIES. 827 8 E liz . II. No. 14,1959. Trustee Companies Act. 4. The following Schedule is added to the Principal farted? Act, namely:— “ SCHEDULE. SCHEDULE. B oundaries of the A rea . Commencing at a point on the southern bank of the Brisbane River at the mouth of Bulimba Creek ; thence along the western bank of Bulimba Creek in a southerly direction to the intersection of Boundary street; thence along the western side of [Boundary street in a southerly direction to its intersection with Wynnum road ; thence along the southern side of Wynnum road in an easterly direction to the intersection of New Cleveland road ; thence along the southern side of New Cleveland road to its intersection with Manly road ; thence in a southerly and easterly direction along the western and southerly sides of New Cleveland road to the intersection of Capalaba road; thence along the southern side of Capalaba road in an easterly direction to its junction with Tingalpa Creek; thence along the boundary of the city of Brisbane as defined by *“ The City of Brisbane Actsy 1924 to 1958,” in a generally south-westerly and westerly direction to the intersection of the city of Brisbane boundary as defined by *“ The City of Brisbane Ads , 1924 to 1958,” with the southern bank of the Brisbane River; thence along the southern bank of the Brisbane River to the point of commencement at the mouth of Bulimba Creek.” An Act to Amend "The Queensland Trustees, limited, 8^Ki“' Acts, 1888 to 1955," and "The Union Trustee T rustee Company of Australia, Limited, Acts, 1890 to 1955," act ' m S. each in certain particulars. [A ssented to 9 th A pril , 1959.] 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:— I. P art —P reliminary . preliminary . 1. This Act may be cited as “ The Trustee Companies Short title- Act of 1959.” 2. This Act is divided into Parts as follows:— Parts of Act I. P art —P reliminary . II. P art —A mendments of f“ T he Q ueensland T rustees , L imited , A cts , 1888 to 1955.” III. P art —A mendments of “ T he U nion T rustee C ompany of A ustralia , L imited , A cts , 1890 to 1955.” * 15 G. 5 No. 32 and amending Acts, f 52 V. and amending Acts.

828 COMPANIES. P art II.— A mendments of “ T he Q ueensland T rustees , L imited , A cts , 1888 TO 1955.” P art TrusteeCompaniesAct. 8 E liz . II. No. 14, II.— A mendments of *“ T he Q ueensland T rustees , L imited , A cts , 1888 to 1955.” ofPartii011 3. (!•) This Part II. of this Act shall be read as “ ' one with *“ The Queensland Trustees, Limited, Acts, 1888 to 1955.” (2.) *“ The Queensland Trustees, Limited, Acts, 1888 to 1955,” and this Part II. of this Act may be collectively cited as “ The Queensland Trustees, Limited, Acts, 1888 to 1959.” interpreta- ( 3 .) Where an enactment of f“ The Queensland lon- Trustees, Limited, Act, 1888,” or of J“ The Queensland 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. New s. 6 a 4. The following section is inserted after section inserted. sjx Gf -j-“ Queensland Trustees, Limited, Act, 1888,” namely :— Executor or adminis­ trator may appoint Company in his place. “ [6 a .] With the consent of the Court or a Judge— (a) An executor whether appointed before or after the enactment of this section may, unless expressly prohibited, before or after taking out probate, appoint the Company an executor in his place. ( 6 ) An administrator with or without a will annexed, whether appointed before or after the enactment of this section, may, unless expressly prohibited, appoint the Company an administrator in his place.” Amendment 5. Section twelve of f“ The Queensland Trustees, ° s' ‘ Limited, Act, 1888,” is amended by repealing the word “ or ” wherever such word appears before the word “ committee ” and inserting the words “ guardian or liquidator ” after the word “ committee ” wherever such word appears. * 52 V. and amending Acts, t 52 V. t 56 V.

COMPANIES. 829 P art II.— A mendments 1959. TrusteeCompanies Act. of “ T he Q ueensland T rustees , 6. Section twenty of *“ The Queensland Trustees, AL citms , it 1 e 8 d 8 , 8 Limited, Act, 1888,” is amended by adding thereto TO 1955.” the following paragraph :— Amendment of s. 20. “ Upon the taking of any such account the payment of all sums exceeding ten pounds shall be vouched by proper receipts signed by the persons to whom the payments are alleged to have been made or in such manner as the Registrar of the Supreme Court may deem satisfactory provided however that where such account has been duly audited by an accountant duly qualified within the meaning of j“ The Public Accountants Registration Acts, 1946 to 1954,” such account may be passed on the production of a certificate by such auditor as to the correctness thereof without revouching.” 7. Section 23 a of *“ The Queensland Trustees, Repeal of Limited, Act, 1888,” is repealed and the following section ^ 23 a ? w is inserted in lieu thereof, namely:— “ [23 a .] ( 1 .) The Company may establish and keep common in its books one or more funds to be called a “ Common Fund‘ Fund ”. (2.) A Common Fund established in the books of the Company shall be invested in such class or classes of investments as is determined by the Company prior to the establishment of the Fund. (3.) The Company may in its discretion invest any moneys in its hands either— (a) On the separate account of the estate, trust, property or person to which or to whom the moneys belong; or (b) (If the moneys are not directed to be invested in some other specified manner, and investment in a Common Fund is not inconsistent with the terms of the trust, deed, will or instrument (if any) governing the said moneys) as part of any Common Fund established and kept in the books of the Company the investment in which is limited to such class or classes of investments as such moneys might lawfully be invested in on the separate account of the estate, trust, property or person to which or to whom the moneys belong. *52 v. t 11 G. 6 No. 4 and amending Acts.

830 COMPANIES. P art II.— A mendments op “ T he TrusteeCompaniesAct. 8 E liz . II. No. 14, Q ueensland T rustees , L imited , A cts , 1888 (4.) Moneys in the hands of the Company (whether TO 1955.” forming part of a Common Fund or not) may be invested— (a) In any manner in which trust moneys may be invested by a trustee under *“ The Trustees and Executors Acts, 1897 to 1924,” or any other Act; or (b) On deposit (interest bearing fixed deposit or otherwise) with any bank or savings bank carrying on business in Queensland. (5.) Investments made from moneys forming part of a Common Fund shall not be made on account of or belong to any particular estate, trust, property or person, but the Company shall cause to be kept in the books of the Company an account showing at all times the current amount at credit in a Common Fund on account of such estate, trust, property or person. (6.) The Company may sell investments belonging to a Common Fund and may withdraw any of the moneys belonging to a Common Fund for any purpose of or relating to the exercise and discharge of its powers, authorities, duties and functions. (7.) The Company may in its discretion at any time withdraw from a Common Fund any amount at credit in a Common Fund on the account of any estate, trust, property or person and invest such amount on the separate account of that estate, trust, property or person. (8.) Amounts so withdrawn from a Common Fund shall as from the date of such withdrawal cease to have any claim for interest or otherwise from a Common Fund. (9.) Any profits or losses upon realisation of any investment in a Common Fund shall be credited or debited (as the case requires) to the Common Fund and be received or borne proportionately by the several amounts invested in the Common Fund at the time of such realisation. (10.) As on the first day of every month the Company shall determine the value of the investments in each Common Fund as on that day; and in respect of * 61 V. No. 10 and amending Acts. j 1

COMPANIES. 831 1959. TrusteeCompanies Act. P art II.— A mendments An “ T titi Q ueensland T rustees , investments listed on a stock exchange the quotations AL citms , it 1 e 8 d 8 , 8 published by such stock exchange shall be conclusive TO 1955.” evidence of value ; and if there are no such quotations on such day the valuation of the chairman or the secretary of such stock exchange shall be conclusive evidence of such value. ' (11.) Investments in or withdrawals from a Common Fund shall during any month be effected on the basis of the valuation aforesaid made as on the first day of such month. (12.) The Company shall pay or allocate the income . arising from a Common Fund proportionately to or among the estates, trusts, properties or persons entitled to the income arising from the capital sums invested in ■ the Common Fund according to the several sums so invested and the periods for which the same remain so invested.” I 8 . Section two of *“ The Queensland Trustees, Amendment | Limited, Act, 1892,” is amended by inserting after the of s. 2. | fourth paragraph of that section the following | paragraph:— ’ “ Where a person so named or so entitled as - aforesaid and so joining with the Compariy in an \ application for administration with the will annexed ; to be granted to the Company is also named in the ! will as a trustee jointly with any other person or persons ' of lands of the testator in Queensland subject to the [ trusts of the will and in such application disclaims the i trust a grant of administration with the will annexed t made to the Company on such application shall, for all | purposes (including in the case of lands under f“ The ! Real Property Acts, 1861 to 1956,” the right to have transmission entered up under the said Acts), have ; the force and effect of a vesting order made by the Supreme Court vesting such lands in the Company, and such lastmentioned person or persons, or such of them I as shall be living at the date of such grant, or such of ! them as have not disclaimed the trust before the date | of such grant, as trustees on the trusts of the will for all the right, title and interest therein of the testator.” * 56 V. f 25 V. No. 14 and amending Acts.

832 COMPANIES. P art II.— A mendments op “ T he TrusteeCompaniesAct. 8 E liz . II. No. 14, Q ueensland T rustees , L imited , A cts , 1888 9. Section five of *“ The Queensland Trustees, TO 1955." Limited, Act, 1892,” is amended by repealing the words oAfms. en5d. ment “ Notwithstanding anything to the contrary in the twelfth and thirteenth sections of the Principal Act contained ” and inserting, in lieu thereof, the words “ Notwithstanding any rule of law or anything in this Act or any other Act to the contrary contained ”. Amendments 10. Section eleven of *“ The Queensland Trustees, of s. 11. Limited, Act, 1892,” is amended— (а) By repealing subparagraph (i.) of the first paragraph thereof and inserting, in lieu of that repealed subparagraph, the following subparagraph:— “ (i.) Sell property by public auction or private contract, altogether or in parts, and subject to such conditions as the Company thinks fit; purchase in fee-simple land in Queensland; but no sale of real property shall be made by private contract unless or until after the same has been offered for sale by public auction and not sold or unless the beneficiaries consent in writing to such sale by private contract; ” ; ( б ) By inserting in subparagraph (v.) of the first paragraph thereof, after the word “ entitled ”, the words “ and whether any beneficiaries so entitled are minors or not ” ; (c) By repealing the first and second provisoes to the said subparagraph (v.) and inserting, in lieu of those repealed provisoes, the following provisoes, namely :— “ Provided that, before any such appropriation is effectual, notice thereof shall be given to all persons sui juris who are interested in such appropriation, and whose whereabouts are known to the Company, but the Company may alter or amend such appropriation and/or notice within one month from the giving of notice, and any such person may within one month of the receipt of notice or of notice of amendment where amendment is notified, apply to the Court to vary same, and such appropriation shall be conclusive save as otherwise directed by the Court: * 56 V.

COMPANIES. 833 1959. PART II.— Trustee Companies Act. A mendments of “ T he Q ueensland T rustees , Provided further that where any person AL citms , it 1 e 8 d 8,8 interested is out of the jurisdiction, or the TO 1955.” whereabouts of any person interested are unknown to the Company, the aforesaid period of one month may be extended by the Court, for such period as the Court thinks fit, on the application of the Company or of any person interested ; ” ; (d) By inserting in subparagraph (vii.) of the first paragraph thereof, after the words “ improvement or development thereof ”, the words “ or in the pujrchase of livestock, machinery, plant, implements and other chattels ”, and by adding after the words ‘f security of such estate ”, the words “ and in the case of total or partial destruction of buildings or other improvements utilise any insurance moneys received in respect thereof together with such additional moneys of the estate as may be necessary for the restoration of any sucli building or improvement ” ; (e ) By repealing in the proviso to the said subparagraph (vii.) the words “ five hundred ” and inserting, in lieu of those repealed words, the words “ two thousand ”, and by inserting in the said proviso after the word “ Court ” the words “ or of the beneficiaries ” ; (/) By adding after the said proviso to the said subparagraph (vii.) the following subparagraphs, namely :— “ (viii.) From time to time postpone the conversion of any real or personal estate for (such time as the Company thinks fit; (ix.) In the exercising any power of sale conferred by this Act or by any instrument, give a lease of the property with an optional or compulsory purchasing clause ; (x.) Lease property for a term not exceeding twenty-one years, and renew any such lease or enter into any share-farming agreement or renew any such share-farming agreement; (xi.) Surrender or concur in surrendering any lease, and accept a new lease ; (xii.) Repair and insure against fire, accident or loss any property ; (xiii.) Pay rates, taxes, assessments, insurance premiums and other outgoings ; cl

834 P art II.— A mendments of “ T he Q ueensland T rustees , L imited , A cts , 1888 TO 1955.” COMPANIES. TrusteeCompaniesAct. 8 E liz . II. No. 14, (xiv.) Borrow money (but not exceeding two thousand pounds unless by order of the Court or with the consent of the beneficiaries) upon the security of property, and secure the payment thereof and interest by mortgage or charge of such property, with or without a power of sale, and enter into such covenants, provisions and agreements as may be agreed upon by the Company and the mortgagee. The power to give such security extends to any debt or liability incurred before the date of the Company’s appointment or authority, and the Company may pay the interest secured by such mortgage or charge out of the income, or, if such income is insufficient, out of capital; (xv.) Grant easements and enter into party wall agreements ; (xvi.) Do or omit all acts and things, and execute all instruments, necessary to carry into effect any of the Company’s powers and authorities.” ; and ( g) By adding the following paragraph to the said section:— “ Notwithstanding anything hereinbefore in this section contained the Company may purchase land in Queensland for the purpose of providing and/or erecting a home for any person interested beneficially for a life estate or greater interest in the moneys used for such purchase.” Amendments 11. Section twenty of *“ The Queensland Trustees, ° 8‘ 20' Limited, Act, 1892,” is amended— (a) By adding to the second paragraph of subsection one thereof the following proviso, namely :— “ Provided that where a testator by his will, whether made before or after the passing of this Act, directs that any devise or legacy be free of duty, such commission shall be payable out of that portion of the estate of the testator out of which such duty is, pursuant to such direction, payable if such portion is sufficient to enable the payment in full of such commission as well as such duty.” ; and * 56 V.

COMPANIES. 835 P art II.— 1959. TrusteeCompanies Act. A mendments of “ T he Q ueensland T rustees , ( b ) By inserting in subsection two thereof after the AL citms , it 1 e 8 d 8,8 words “ report upon real ”, the words “ and personal TO 1955.’* 12. The following section is inserted after section New s. 20 a twenty of *“ The Queensland Trustees, Limited, Act, 1892,” mseited- namely :— “ [ 20 a . ] ( 1. ) Any commission which the Company when is entitled to receive in respect of the capital value of an pa^bie! °n estate, the administration of which is committed to it on or after the date of the enactment of this section, may be paid out of or deducted from the estate at any time after the administration of the estate has been committed to the Company: Provided, however, that the Company shall not be entitled to draw such commission in respect of any portion of the estate that has not been realised over and above one-half of an amount of commission calculated on the value of that portion at the time the administration of the estate was so committed to the Company, the amount of commission so drawn being adjusted when such portion of the estate has been realised. (2.) Such commission shall be calculated at the rate chargeable at the time when the administration of the estate is committed to the Company.” 13. Section twenty-one of *“ The Queensland ment Trustees, Limited, Act, 1892,” is amended by repealing0 s' ” the proviso to subsection three thereof. 14. The following new section is inserted after New s. 22 a section twenty-two of *“ The Queensland Trustees, mserted‘ Limited, Act, 1892 ” :— “ [ 22 a . ] The powers hereinbefore conferred upon the co-adminis- Company may also be exercised by the Company and exerTis™^ any person holding the office of executor, trustee or powers of administrator jointly with the Company.” company. PART III.— P art III. —A mendments op f“ T he U nion T rustee A moefn “ dm T ehnets C ompany op A ustralia , L imited , A cts , 1890 to 1955.” TU runsiotnee C ompany of A ustralia , 15. (1.) This Part III. of this Act shall be read as AL citms , it 1 e 8 d 9,0 one with |u The Union Trustee Company of Australia, to 1955.” Limited, Acts, 1890 to 1955.” Construction of Part III. * 56 V. f 54 V and amending Acts.

836 COMPANIES. P art III.— A mendments of “ T he TrusteeCompaniesAct. 8 E liz . II. No. 14, U nion T rustee C ompany of A ustralia , (2.) *“ The Union Trustee Company of Australia , AL citms , it 1 e 8 d 9,0 Limited, Acts, 1890 to 1955,” and this Part III. of this to 1955/’ Act may he collectively cited as “ The Union Trustee tCitollel. ective Company of Australia, Limited, Acts, 1890 to 1959.” Interpreta­ (3.) Where an enactment of The Union Trustee tion. Company of Australia, Limited, Act,” or of J“ The Union 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. iNneswertse.d7. a seven16o.f The Th fo e llo U w n i i n o g n s T ec ru ti s o t n ee is C i o n m se p r a te n d y o a f fte A r us s t e r c a t l i i o a n , Limited, Act,” namely :— Executor or Adminis­ trator may appoint Company in his place. “ [7 a .] With the consent of the Court or a Judge— (a) An executor whether appointed before or after the commencement of this Act, may, unless expressly prohibited, before or after taking out probate appoint the Company an executor in his place. (b ) An administrator with or without a will annexed, whether appointed before or after the commencement of this Act, may, unless expressly prohibited, appoint the Company an administrator in his place.” Amendment 17. Section thirteen of The Union Trustee of s. 13. Company of Australia, Limited, Act,” is amended by repealing the word “ or ” where such word appears before the word “ committee ” and inserting the word “ liquidator ” after the word “ committee ” wherever such word appears. Amendment 18. Section sixteen of •[“ The Union Trustee Company of s. 16. of Australia, Limited, Act,” is amended by inserting the word “ liquidator ” after the word “ committee ” wherever such word appears. Aofms.en1d7.ment Comp 1 a 9 n . y S o e f cti A o u n str s a e l v ia e , nt L ee im n it o ed f , •{ A •“ cTt, h”e is U a n m io e n nd T e r d ust b e y e inserting the word “ liquidator ” after the word “ committee ” wherever such word appears. * 54 V. and amending Acts, t 54 V. | 56 V.

COMPANIES. 837 P art III.— A mendments 1959. TrusteeCompanies Act. of “ T he U nion T rustee C ompany of 20. Section nineteen of *“ The Union Trustee AL uismtritaeldia , , Company of Australia, Limited, Act," is amended by A tocts 1,95158. 9"0 inserting the word “ liquidator ” after the word Amendment “ committee ” wherever such word appears. of s. 19. of Au 2 s 1 tr . al S ia e , ct L io im n t i w ted en , t A y c o t f ," *“ is T a h m e U en n d io ed n T b r y us i t n e s< e e C rt o in m g pa th n e y Aofms.en20d.ment word “ liquidator ” after the word “ co > : m mittee ” wherever such word appears. 22. Sec - tio - n twe - nty-three of *u -- T - he - Union T _ r _ u _ stee ( A )t m g# en 20 d l ment Company of Australia, Limited, Act," is amended by adding thereto the following paragraph :— “ Upon the taking of any such account the payment of all sums exceeding ten pounds shall be vouched by proper receipts signed by the persons to whom the payments are alleged to have been made, or in such manner as the Registrar of the Supreme Court may deem satisfactory, provided however that where such account has been duly audited by an accountant duly qualified within the meaning of The Public Accountants Registration Acts, 1946 to 1954,” such account may be passed on the production of a certificate by such auditor as to the correctness thereof without revouching.” 23. Section twenty-seven of *“ The Union Trustee Amendment Company of Australia, Limited, Act," is repealed and ° s' ‘ the following section is inserted in lieu thereof, namely :—- “ [27.] (1.) The Company may establish and keep Common in its books one or more funds to be called a “ Common un * Fund ”. (2.) A Common Fund established in the books of the Company shall be invested in such class or classes of investments as is determined by the Company prior to the establishment of the Fund. (3.) The Company may in its discretion invest any moneys in its hands either— (a) On the separate account of the estate, trust, property or person to which or to whom the moneys belong ; or * 54 V. j* 11 G. 6 No. 4 and amending Acts.

838 PART III.— A mendments of “ T he U nion T rustee C ompany of A ustralia , L imited , A cts , 1890 TO 1955.” COMPANIES. TrusteeCompaniesAct. 8 E liz . II. No. 14, (6) (If the moneys are not directed to be invested in some other specified manner, and investment in a Common Fund is not inconsistent with the terms of the trust, deed, will or instrument (if any) governing the said moneys) as part of any Common Fund established and kept in the books of the Company the investment in which is limited to such class or classes of investments as such moneys might lawfully be invested in on the separate account of the estate, trust, property or person to which or to whom the moneys belong. (4. ) Moneys in the hands of the Company (whether forming part of a Common Fund or not) may be invested— (а) In any manner in which trust moneys may be invested by a trustee under *“ The Trustees and Executors Act of 1897,” or any Act passed in substitution therefor or amendment thereof, or any other Act; or (б) On deposit (interest bearing fixed deposit or otherwise) with any bank or savings bank carrying on business in Queensland. (5.) Investments made from moneys forming part of a Common Fund shall not be made on account of or belong to any particular estate, trust, property or person, but the Company shall cause to be kept in the books of the Company an account showing at all times the current amount at credit in a Common Fund on account of such estate, trust, property or person. (6.) The Company may sell investments belonging to a Common Fund and may withdraw any of the moneys belonging to a Common Fund for any purpose of or relating to the exercise and discharge of its powers, authorities, duties and functions. (7.) The Company may in its discretion at any time withdraw from a Common Fund any amount at credit in a Common Fund on the account of any estate, trust, property or person and invest such amount on the separate account of that estate, trust, property or person. * 61 V. No. 10.

COMPANIES. 839 ------_-----------------------------------------------------------------------------------------------------------------P art III.— „ m, . AMENDMENTS 1959. TrusteeCompanies Act. of "T he U nion •---------------------------------------------------------------------------------------------------------------------------------------- - T rustee (8.) Amounts so withdrawn from a Common Fund A ustralia , shall as from the date of such withdrawal cease to have AcTs^isgo any claim for interest or otherwise from a Common Fund. ' (9.) Any profits or losses upon realisation of any investment in a Common Fund shall be credited or debited (as the case requires) to the Common Fund and be received or borne proportionately by the several amounts invested in the Common Fund at the time of such realisation. {10.) As on the first day of every month the Company shall determine the value of the investments in each Common Fund as on that day; and in respect of investments listed on a stock exchange the quotations published by such stock exchange shall be conclusive evidence of value ; and if there are no such quotations on such day the valuation of the chairman or the secretary of such stock exchange shall be conclusive evidence of such value. {11.) Investments in or withdrawals from a Common Fund, shall during any month be effected on the basis of the valuation aforesaid made as on the first day of such month. {12.) The Company shall pay or allocate thle income arising from a Common Fund proportionately to or among the estates, trusts, properties or persons entitled to the income arising from the capital sums invested in the Common Fund according to the several sums so invested and the periods for which the same remain so invested.” 24. Section three of *“ The Union Trustee Company Amendment of Australia, Limited, Act Amendment Act of 1892,”0 s' ' is amended by inserting after the fourth paragraph of that section the following paragraph:— “ Where a person so named or so entitled as aforesaid and so joining with the Company in an application for administration with the will annexed to be granted to the Company is also named in the will as a trustee jointly with any other person or persons * 56 V.

840 COMPANIES. P art III.— A mendments op “ T he TrusteeCompaniesAct. 8 E liz . II. No. 14, U nion T rustee C ompany op A ustralia , of lands of the testator in Queensland subject to the AL citms , it 1 e 8 d 9,0 trusts of the will and in such application disclaims the to 1955.” trust a grant of administration with the will annexed made to the Company on such application shall, for all purposes (including in the case of lands under *“ The Real Property Acts, 1861 to 1956,” the right to have transmission entered up under the said Acts), have the force and effect of a vesting order made by the Supreme Court vesting such lands in the Company, and such lastmentioned person or persons, or such of them as shall be living at the date of such grant, or such of them as have not disclaimed the trust before the date of such grant, as trustees on the trusts of the will for all the right, title and interest therein of the testator.” oAfms. en6d. ment Austr 2 a 5 li . a, Se L c i t m io i n te s d i , x o A f ct ATmheenUdmnieonnt TArucstteeofCo 1 m 89 p 2 a , n ” y o is f amended by repealing the words “ Notwithstanding anything to the contrary in the thirteenth and fourteenth sections of the Principal Act contained ” and inserting in lieu thereof the words “ Notwithstanding any rule of law or anything in this Act or any other Act to the contrary contained oAfms. en1d4m. ents Comp 2 a 6 n . y S o e f ct A io u n stra f l o i u a r , te L e i n mit o ed f , f A “ cTt hAemeUndnmioennt TArucstteoef 1892,” is amended— {a) By repealing subparagraph (i.) and inserting in lieu thereof the following subparagraph :— “(i.) Sell property by public auction or private contract, altogether or in parts, and subject to such conditions as the Company thinks fit; purchase in fee-simple land in Queensland ; but no sale of real property shall be made by private contract unless or until after the same has been offered for sale by public auction and not sold or unless the beneficiaries consent in writing to such sale by private contract; ” ; (b) By inserting in subparagraph (v.) after the word “ entitled ” the words “ and whether any beneficiaries so entitled are minors or not ”; * 25 V. No. 14 and amending Acts. f5 V.

COMPANIES. 841 PART III.— 1959. TrusteeCompanies Act. A mendments of “ T he U nion T rustee (c) By repealing the first and second provisoes to CA oumsptarnayliao , f the said subparagraph (v.) and by inserting, in lieu of AL citmsi , t 1 e 8 d 9,0 those repealed provisoes, the following provisoes, to 1955.” namely :— “ Provided that before any such appropriation is effectual, notice thereof shall be given to all persons mi juris who are interested in such appropriation, and whose whereabouts are known to the Company, but the Company may alter or amend such appropriation and/or notice within one month from the giving of notice, and any such person may within one month of the receipt of notice or of notice of amendment where amendment is notified, apply to the Court to vary same, and such appropriation shall be conclusive save as otherwise directed by the Court: Provided further that where any person interested is out of the jurisdiction, or the whereabouts of any person interested are unknown to the Company, the aforesaid period of one month may be extended by the Court, for such period as the Court thinks fit, on the application of the Company or of any person interested ; ” ; ( d) By inserting in subparagraph (vii.) after the words “ improvement or development thereof ” the words “or in the purchase of livestock, machinery, plant, implements and other chattels ”, and by adding after the words “ security of such estate ” the words “ and in the case of total or partial destruction of buildings or other improvements utilise any insurance moneys received in respect thereof together with such additional moneys of the estate as may be necessary for the restoration of any such building or improvement ” ; (e) By repealing in the proviso to the said subparagraph (vii.) the words “ five hundred ” and inserting, in lieu of those repealed words, the words “ two thousand ”, and by inserting in the said proviso after the word “ Court ” the words “or of the beneficiaries ” ;

842 COMPANIES. P art hi .— A mendments of “ T he TrusteeCompaniesAct. 8 E liz . II. No. 14, U nion T rustee C ompany of A ustralia , (/) By adding after the said proviso to the said AL citms , it 1 e 8 d 9,0 subparagraph (vii.) the following subparagraphs, to 1955." namely:— “(viii.) From time to time postpone the conversion of any real or leasehold estate for such time as the Company thinks fit; (ix.) In exercising any power of sale conferred by this Act or by any instrument, give a lease of the property with an optional or compulsory purchasing clause ; (x.) Lease property for a term not exceeding twenty-one years, and renew any such lease or enter into any share-farming agreement or renew any such share-farming agreement; (xi.) Surrender or concur in surrendering any lease, and accept a new lease ; (xii.) Repair and insure against fire, accident or loss any property ; (xiii.) Pay rates, taxes, assessments, insurance premiums and other outgoings ; (xiv.) Borrow money (but not exceeding two thousand pounds unless by order of the Court or with the consent of the beneficiaries) upon the security of property, and secure the payment thereof and interest by mortgage or charge of such property, with or without a power of sale, and enter into such covenants, provisions and agreements as may be agreed upon by the Company and the mortgagee. The power to give such security extends to any debt or liability incurred before the date of the Company’s appointment or authority, and the Company may pay the interest secured by such mortgage or charge out of the income, or, if such income is insufficient, out of capital; (xv.) Grant easements and enter into party wall agreements; (xvi.) Do or omit all acts and things, and execute all instruments, necessary to carry into effect any of the Company’s powers and authorities.” ; and

COMPANIES. 843 P art III.— Trustee Companies Act. No. 8 E liz . II. 14, 1959 A moepn “ dm T ehnets U nion T rustee (g) By adding the following paragraph to the said CA oumsptarnayliao , p section, namely:— L imited , A cts , 1890 TO 1955.“ “Notwithstanding anything hereinbefore in this section contained the Company may purchase land in Queensland for the purpose of providing and/or erecting a home for any person interested beneficially for a life estate or greater interest in the moneys used for such purchase.” Comp 2 a 7 n . y S o ec f ti A o u n str t a w li e a n , ty Lim o it f ed, *“ ATctheAmUenndiomnentTrAucstteoef Aofms.en2d0m. ent 1892,” is amended by repealing the proviso to Subsection three thereof. 28. Section twenty-two of *“ The Union Trustee ^™°^ments Company of Australia, Limited,, Act Amendment Act of s’ ’ 1892,” is amended— (a) By adding to the second paragraph of subsection one thereof the following proviso, namely :— “ Provided that where a testator by his will, whether made before or after the passing of this Act, directs that any devise or legacy be free of duty, such commission shall be payable out of that portion of the estate of the testator out of which such duty is, pursuant to such direction, payable if such portion is sufficient to enable the payment in full of such commission as well as such duty.” ; and (b) By inserting in subsection two thereof after the words “ report upon real ” the words “ and personal ”. 29. The following new sections are inserted afterNewss .23 section twenty-two of *“ The Union Trustee Company of Verted. Australia, Limited, Act Amendment Act of 1892 ” :— “[23.] (1 .) Any commission which the Company ^e“ission is entitled to receive in respect of the capital value of payable, an estate, the administration of which is committed to it on or after the date of the enactment of this section, may be paid out of or deducted from the estate at any time after the administration of the estate has been committed to the Company : * 56 V.

844 COMPANIES. PART III.— A mopen “ dm T henets Wynnum and Manly Gas and Lighting, Etc., Act. 7 E liz . II., U nion T rustee C ompany op A ustralia , Provided however that the Company shall not be AL citms , it 1 e 8 d 9,0 entitled to draw such commission in respect of any to 1955." portion of the estate that has not been realised over and above one-half of an amount of commission calculated on the value of that portion at the time the administration of the estate was so committed to the Company, the amount of commission so drawn being adjusted when such portion of the estate has been realised. (2.) Such commission shall be calculated at the rate chargeable at the time when the administration of the estate is committed to the Company. Co-adminis­ [24.] The powers hereinbefore conferred upon the etprxoaewtrocerirsssemofay aCnoymppaenrysonmahyoldalisnog bteheexoefrfciciseedofbyextehceutoCro, mtrpuasntyeeanodr Company. administrator jointly with the Company.” 7 E liz . II. An Act to Amend “ The Wynnum and Manly Gas T he W ynnum and M anly G as and Lighting Company, Limited, Act of and L ighting 1912,” in certain particulars. C ompany , L imited , A ct A mendment [A ssented to 7 th O ctober , 1958.] A ct op 1958. 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:— Short title. 1. (1.) This Act may be cited as “ The Wynnum and Manly Gas and Lighting Company, Limited, Act Amendment Act of 1958.” Principal (2.) *“ The Wynnum and Manly Gas and Lighting Act. Company, Limited, Act of 1912,” is in this Act referred to as the Principal Act. Collective (3.) The Principal Act and this Act may be title. collectively cited as “ The Wynnum and Manly Gas and Lighting Company, Limited, Acts, 1912 to 1958.” Amendments 2. Section forty-four of the Principal Act is of s. 44. amended— (a) By repealing the definition “ Corporation of the Shire of Wynnum ” ; and * 3 G. 5.