Trustee Companies Act of 1968 (Qld)

203 ANNO SEPTIMO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 21 of 1968 An Act to Amend " The Queensland Trustees , Limited, Acts, 1888 to 1963 ," and "The Union Trustee Company of Australia, Limited , Acts, 1890 to 1963," each in certain particulars [ASSENTED TO 22ND APRIL, 1968] BE IT ENACTED by the Queen ' s Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same, as follows:- PART I-PRELIMINARY 1. Short title . This Act may be cited as " The Trustee Companies Act of 1968." 2. Parts of Acts. This Act is divided into Parts as follows :- PART I-PRELIMINARY; PART II-AMENDMENT OF " THE QUEENSLAND TRUSTEES , LIMITED, ACTS, 1888 TO 1963 "; ?1p,T Iii-,a MENDMEN T OF "THE UNION TRUSTEE COMPANY OF '^`. Si? ILIA, P I n, .-\ c 3, 1890 T o 1963 ".

204 Trustee Companies Act of 1968, No. 21 PART II-AMENDMENT OF "THE QUEENSLAND TRUSTEES, LIMITED, ACTS, 1888 TO 1963 " 3. (1) Construction of Part H. This Part II of this Act shall be read as one with " The Queensland Trustees, Limited, Acts, 1888 to 1963." (2) Collective title . " The Queensland Trustees, Limited, Acts, 1888 to 1963," and this Part II of this Act may be collectively cited as " The Queensland Trustees, Limited, Acts, 1888 to 1968." 4. Amendment of s. 20, 56 Vic. Section twenty of " The Queensland Trustees, Limited, Act, 1892 " as previously amended is further amended by omitting subsection (2) and inserting in its stead the following subsection:- " (2) In addition to the respective commissions on income and on the capital value of any such estate as mentioned in the sixteenth section of the Principal Act and in this section, and the other moneys specified in the said sixteenth section, which it is entitled to receive the Company shall be entitled to charge against and receive- (a) from or out of the estate a fee (according to the value of the services rendered) for the undermentioned matters:- (i) arrangement of insurances; (ii) acting as auctioneer or real estate agent in the sale of any property; (iii) preparation and passing of succession accounts and estate duty returns and like accounts or returns required to be lodged or filed pursuant to any Act with any person or authority consequent upon the death of any person; (iv) preparation of income and land taxation returns; (v) inspection and report upon real and personal estate; (vi) keeping of books of account (including the preparation of balance sheets and profit and loss accounts) in respect of any business or undertaking; and (vii) where no application is made under subsection (I) of this section in respect of carrying on the business or undertaking, carrying on or supervision of any business or undertaking; and (b) from or out of any income paid or allocated to the estate from any Common Fund established and kept pursuant to section 23A of the Principal Act a fee (according to the value of the services rendered) calculated at a rate not exceeding one-half of one per centum per annum upon the capital sums invested in the Common Fund on account of the estate during the period in respect of which the income is paid or allocated, for the establishment, keeping (including the keeping of books of account) and conduct of the Common Fund, but if in any case the Court or a Judge is of opinion that a fee charged and received pursuant to this subsection is excessive it shall be competent for the Court or Judge to review and reduce the amount thereof. This subsection does not authorise the charging or receipt by the Company of a fee in respect of any service specified in subparagraph (ii), (iii) or (vii) of paragraph (a) of this subsection or in paragraph (b) of this subsection rendered by it before the enactment of " The Trustee Companies Act of 1968." ".

Trustee Companies Act of 1968, No. 21 205 PART III-AMENDMENT OF "THE UNION TRUSTEE COMPANY OF AUSTRALIA, LIMITED, ACTS, 1890 TO 1963 " 5. (1) Construction of Part III . This Part III of this Act shall be read as one with " The Union Trustee Company of Australia, Limited, Acts, 1890 to 1963." (2) Collective title . " The Union Trustee Company of Australia, Limited, Acts, 1890 to 1963 " and this Part III of this Act may be collectively cited as " The Union Trustee Company of Australia, Limited, Acts, 1890 to 1968." 6. Amendment of s. 22, 56 Vic. Section twenty-two of " The Union Trustee Company of Australia, Limited, Act Amendment Act of 1892 " as previously amended is further amended by omitting subsection (2) and inserting in its stead the following subsection:- " (2) In addition to the respective commissions on income and on the capital value of any such estate as mentioned in the nineteenth section of the Principal Act and in this section, and the other moneys specified in the said nineteenth section, which it is entitled to receive the Company shall be entitled to charge against and receive- (a) from or out of the estate a fee (according to the value of the services rendered) for the undermentioned matters:- (i) arrangement of insurances; (ii) acting as auctioneer or real estate agent in the sale of any property; (iii) preparation and passing of succession accounts and estate duty returns and like accounts or returns required to be lodged or filed pursuant to any Act with any person or authority consequent upon the death of any person; (iv) preparation of income and land taxation returns; (v) inspection and report upon real and personal estate; (vi) keeping of books of account (including the preparation of balance sheets and profit and loss accounts) in respect of any business or undertaking; and (vii) where no application is made under subsection (1) of this section in respect of carrying on the business or undertaking, carrying on or supervision of any business or undertaking; and (b) from or out of any income paid or allocated to the estate from any Common Fund established and kept pursuant to section twenty-seven of the Principal Act a fee (according to the value of the services rendered) calculated at a rate not exceeding one-half of one per centum per annum upon the capital sums invested in the Common Fund on account of the estate during the period in respect of which the income is paid or allocated, for the establishment, keeping (including the keeping of books of account) and conduct of the Common Fund, but if in any case the Court or a Judge is of opinion that a fee charged and received pursuant to this subsection is excessive it shall be competent for the Court or Judge to review and reduce the amount thereof.

206 Trustee Companies Act of 1968, No. 21 This subsection does not authorise the charging or receipt by the Company of a fee in respect of any service specified in subparagraph (ii), (iii) or ( vii) of paragraph ( a) of this subsection or in paragraph (b) of this subsection rendered by it before the enactment of " The Trustee Companies Act of 1968... ".