Trustees and Executors Act Amendment Act of 1902 (2 Edw VII No. 7) (Qld)

8566 SOCIETIES-TRUSTEES AND EXECUTORS. Trustees and Executors Act Amendment Act. 2 BDW. VII. ~ o. 7, 2. The'following provision is added to subsection one of section sixteen of the Principal Act :- Arendm~ nt Notwithstanding anything in the Principal Act to the ~r: ~; ~ ~ Act. contrary contained, the rules of a society or branch may Withdrawal:: provide that the trustees shall be empowered to open a fo r f om funbd a s n k . special account at an e y ban - k in . the J' oint names of two or more registered officers of the sOCIety or branch, and to pay moneys into such account from time to time, and that the officers in whose names such account is opened shall be ampowered from time to time to withdraw from such .account such sum of money as may be required for the purposes ot the society or branch. SPECIAL RETRENCHMENT. See REYENUE. TOTALISATOR TAX. See GAMING. TREASURY BILLS. See LOANS. TRUSTEES AND EXECUTORS. 2 Edw. VII. No. 7. THE TREUXSETCEUETSOR A S ND An Aot to Amend the Enaotments relating to Trustees and Exeoutors. [ S A SENTED ' '[0 1 ST N OVEMBER, 1902 . ] AME~ : ; ~ ENT BE it enacted by the King's Most Excellent Majesty, OF" i~ ~ 2. by and with the advice and consent of the Legis- lative Council and Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :- ffuort title and . 1. This Act may be cited as "The Trustees and constrnction. Executors Act Amendment Act of 1902," and shall be read and construed with and as an amendment of " The Trustees and Executors Act of 1897,"* hereinafter called the Principal ACt, and" The Trustees and Executors Act 0/1897 Amendment Act."t Those Acts and this Act may together be cited as " The Trustees and Executors Acts, 1897 to 1902." . Power to 2. (1.) When any property is now or shall hereafter psaolsetpaonnde become vested in any trustee in trm;t for an infant, or for conversion in an infant and any other person or persons, and such trustee certain cases. '" 61 Vic. No. 10, supra, page 6359. t 62 Vie. No. 8, supra, page 6739.

TRUSTEES AND EXECUTORS. - - - - - - - - - ~ - - - - - - - ~ ~ ~- 1902. Trustees and Executors Act Amendment Act. - ~ - - - ~ - - - - - --- is bound by law to sell and convert such property into money, it shall be lawful for such trustee, with the sanc- tion of the Court, and with the consent of and after hearing such other person or persons, if any, as the Court may dire(lt, to postpone the sale and conversion of such property into money, and to manage the said property and carry on any business or undertaking with or in connection with such property for such period during the minority of such infant as the Oourt may think fit for the benefit of the persons entitled to such property. (:l.) If any such trustee has, prior to the passing of this Act, retained any property without having realised the same, and has carried on any business or undertaking by means thereof for the benefit of the persons entitled thereto. the Court may ill its discretion sanction any such retention and carrying on of business or undertaking, and such sanction. shall operate and take effect as if this Act had been in force when such retention and carrying on of such business or undertaking occurred and the sanc- tion had been obtained prior thereto. (3.) If any such Trustee is now or hereafter shall be authorised to carry on any business or undertaking as aforesaid, the Oourt may, either in lieu of or in addition to the commission mentioned in section fiftv-five of the Principal Act, allow to the Trustee su~ h salary or remuneration as the Oourt shall think fit for his pains and trouble in carrying on such business or undertaking. (4.) This section applies only if and so far as a con- trary intention is not expressed in the instrument, if any, creating the trust, and has effect subject to the terms of that instrument and to any provision therein contained. 8667