Trustee (Investments) Amendment Act 1983 (NSW)

TRUSTEE (INVESTMENTS) AMENDMENT ACT, 1983,

No. 204

ANNO TRICESIMO SECUNDO

ELIZABETHvE U REGINiE

Act No. 204, 1983.

An Act to amend the Trustee Act, 1925, in relation to the securities in which a trustee may invest trust funds, and in certain other respects. [Assented to, 31st December, 1983.]

Act No. 204, 1983.

Trustee (Investments) Amendment.

BE it enacted by the Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows:—

Short title.

1.           This Act may be cited as the “Trustee (Investments) Amendment Act,

1983”.

Amendment of Act No. 14, 1925.

2. The Trustee Act, 1925, is amended in the manner set forth in Schedule

1.

Saving.

A reference in any other Act, or in any statutory instrument or in any other document, whether of the same or a different kind, to a bank or corporation prescribed by rules of court under section 14 (2) (f) of the Trustee Act, 1925, shall be read and construed as a reference to a bank or corporation prescribed, or deemed to have been prescribed, by the Attorney General under that paragraph.

3.

SCHEDULE 1.

(Sec. 2.)

A mendments to the Trustee Act, 1925.

(1) (a) Section 14 (2) (b l) —

After section 14 (2) (b), insert:—

( b l ) any debentures or securities issued by—

(i)   a public authority and guaranteed by the Commonwealth, any State of the Commonwealth or the Northern Territory; or

3  A ct No. 204 , 1983.

Trustee {Investments) Amcndmein.

SCHHDULF, {---continurd.

A mf.ndmenis to mr. Trusttf Act, \9'.l5-- continued.

(ii)   the Northern Territory and guaiaiitccd by the Commonwealth;

(b) Section 14 (2) ff) —

Omit “rules of court’", insert instead “the Attorney Genera! by notification published in the Gazette"’.

(c) Section 14 (2) (h) —

Omit “1967.”, in.sert instead “1967;”.

(d) Section 14 (2) (i)—

After section 14 (2) (h), insert; —

(i)   subscription of share capital in, deposit with, or loan of money to, a building society specified in the Second Schedule to the Co-operation Act, 1923, and prescribed by the Attorney General by notification published in the Gazette.

(e) Section 14 (2a), (2b), (2c ) —

After section 14 (2). insert: —

(2a) In subsection (2) (hi ) , “public authority’’ means a public or local authority, or a statutmy bod\ representing the C’rown, constituted by or under any law (4' the Cominonvsvalth, of any State of the Commonwealth, of the Notihern Tcrnloi'y or of the Australian Capital Territory'.

(2b) Any bank or corporation prescribed under subsection (2) (f) by rules of court in force imuiLsiiaiclN' before the commencement of the Trvrstce (Investmeirtsl Amendnient Act. 1983, shall be deemed to have been prescribed under that paragraph, as in force immediately after that comnicnccmcnf, by the Attorney General.

Act No. 204, 1983. 4

Trustee {Investments) Amendment.

SCHEDULE \— continued.

A mendments to the Trustee Act, 1925—continued.

(2c) The Attorney General may, by notification published in the Gazette, revoke wholly or partly or alter a prescription, or deemed prescription, of a bank or corporation under subsection (2) (f) or a building society under subsection (2) (i).

(f) Section 14 (3 )—

Omit “paragraphs (a) (b) (c) and (d) of subsection (2 )”, insert instead “subsection (2) (a), (b), (b l) , (c) and (d )”.

(2) Section 14a—

After section 14, insert:—

Advisory committee.

14a. (1) In this section, “Committee” means the committee

constituted by subsection (2).

(2) There is hereby constituted a committee consisting

of—

(a) the public trustee;

(b)	a master of the Court nominated by the Chief Justice of the Court and appointed by the Attorney General; and
(c)	an officer of the Treasury nominated by the Secrctai^' and Comptroller of Accounts, the Treasury, and appointed by the Attorney General.

(3) The functions of the Committee shall be to advise

the Attorney General on matters relating to the prescription of banks or corporations under section 14 (2) (f) or building societies under section 14 (2) (i).

5  Act No. 204, 1983.

Trustee {Investments) Amendment.

SCHEDULE 1—continued.

A mendments to the Trustee Act, 1925—continued.

(4) The Attorney General shall not be bound by the

advice of the Committee.

(5) The Committee may regulate its own procedure.

(3) (a) Section 15 (1 )—

Omit “Colonial”.

(b) Section 15 (1) —

Omit “prescribed by rules of court”, insert instead “referred to in or prescribed under section 14 (2) (f)”.

(4) Section 24 (3 )—

Omit “paragraphs (a) (b) (c) and (d) of subsection (2) of section

14”, insert instead “section 14 (2) (a), (b), (bl ) , (c) and (d )”.