Trustees Act Amendment Act 1968 (WA)

No 18.] Trustees. [1963.

TRUSTEES.

No. 18 of 1968.

AN ACT to amend the Trustees Act, 1962.

[Assented to 16th October, 1968.]

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and the Legislative Assembly of Western Australia, in this present Parliament assembled, and by the authority of the same, as follows:—

Elargittlieon. 1. (1) This Act may be cited as the Trustees Act

Amendment Act, 1968.

(2) In this Act the Trustees Act, 1962, is referred

to as the principal Act.

(3) The principal Act as amended by this Act may

be cited as the Trustees Act, i962-1968.

1968.] Trustees. [No. 18.

8 .16

2. Section sixteen of the principal Act is amended.

amended, as to subsection (1),—

(a)	by deleting the word, "and", at the end of paragraph (m);
(b)	by substituting for the passage, "Com- panies.", at the end of paragraph (n), the passage, "Companies; and"; and
(c)	by adding, after paragraph (n), the follow- ing paragraph

(o) in the common trust fund of a trustee

corporation. .

3. Section thirty of the principal Act is._3!) amended.

amended

(a)	by substituting for the words, "or any share thereof", in line three of paragraph (k) of subsection (1), the passage, ", or in or towards satisfaction of any share of the trust property,"; and
(b)	by adding, after subsection (2), the follow- ing subsection

(3) Nothing in paragraph (k) of sub- section (1) of this section shall be read as requiring a trustee to give to himself, in some other capacity, notice of an appropriation; but, where a trustee would, but for this subsection, be obliged to give to himself such a notice, the appropriation is not effectual until it has been approved by the Court, on the ex parte application of the trustee or other- wise. .

4. Section ninety-eight of the principal Act is	amended.
S. 98

amended by repealing subsections (2) and (3) and

re-enacting them, as follows

(2) The aggregate commission or per-

centage allowed under subsection (1) of

No. 18.] Trustees. [1968.

this section shall not exceed five per centum of the gross value of the trust property.

(3) The Court may, from time to time, allow such portion of the aggregate com- mission or percentage allowable under this section as it thinks fit. .