Union Trustee Company of Australia, Limited, Acts Amendment Act of 1930 (21 Geo v) (Qld)

COMPANIES. Union Trustee Coy. of Australia, Etc., Act. 21 GEO. V., parts of the value of such lands as stated in such report, and that the loan was made under the advice of the surveyor or valuer expressed in such report. (5.) The Company or the Company and any such individual person or persons acting jointly with the Company shall not be liable for breach of trust by reason only of continuing to hold an investment which has ceased to be an investment authorised by this section: Provided that the Company shall as soon as possible realise such investment to the best advantage for the beneficiaries concerned." Sections 15 21. Sections fifteen and sixteen of *" The Queensland an2nu2dma1nb6dern2eod3w. T tw ru o s a te n e d s, tw L e im nt i y te - d th , r A ee ct r , e1sp8e9c2t,i"vealrye. renumbered twenty- Short title. 25, This Act may be cited as " The Queensland Trustees, Limited, Act, 1930." 21 Geo. V. An Act to Amend "The Union Trustee Company UTNHIOEN of Australia, Limited, Acts, 1890 and 1892." TRUSTEE COMPANY OF AUSTRALIA, [ASSENTED TO 24TH DECEMBER, 1930.] LIMITED, ACTS HEREAS an Act was passed in the fifty-fourth AMENDMENT ACT OF 1930. . . year of the reign of Her Majesty Queen Victoria Preamble. mtituled " An Act to confer powers upon the Union Trustee Company of Australia, Limited " : And whereas an Act was passed in the fifty-sixth year of the reign of Her Majesty Queen Victoria intituled "An Act to Amend The Union Trustee Company of Australia, Limited, Act " : And whereas it is expedient to Amend the said Acts in the manner hereinafter appearing: Be it therefore enacted by the King'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 :— Short title. 1. This Act may be cited as " The Union Trustee Company of Australia, Limited, Acts Amendment Act of 1930." * 56 Vic., supra, page 3910.

1930. COMPANIES. Union Trustee . Coy. of Australia, Etc., Act. 13249 2. *The Union Trustee Company of Australia, Construe. Limited, Act, hereinafter referred to as the Principal tion• Act, t"The Union Trustee Company of Australia, Limited, Act Amendment Act of 1892, and this Act shall be construed as one Act, and may together be cited as "The Union Trustee Company of Australia, Limited, Acts, 1890 to 1930." Amendments of the Principal Act. 3. Section two of the Principal Act is amended by Amendment inserting after the definition of "Committee" the follow- of 8. 2 ' ing definition :— " " Officer of the Company" —The managing officer of the director, manager, acting manager, assistant Company. manager, superintendent, or secretary of the Company: the term also includes any other person in the employment of the Company appointed by the directors for any purpose or purposes of this Act." 4. Section four of the Principal Act is amended as Amendment follows :— of s. 4. (a) After the word "obtain," where it first occurs, the words "probate of the will or" are inserted. (b) After the words "such private person," the words "may join with the Company in an application for probate and/or letters of administration with the will annexed to be granted to himself and the Company jointly, which application may be granted accordingly, or" are inserted. 5. Section five of the Principal Act is amended by Amendment inserting after the words "this Act," the words "may of s. 5. join with the Company in applying for administration of such estate to be granted to himself and the Company jointly, which application may be granted accordingly or." 6. In section eight of the Principal Act, the words Amendment "the managing director, manager, acting manager, of s. 8. secretary, or any two of the directors of the Company" are repealed, and the words "an officer of the Company" are inserted in lieu thereof. * 54 Vic (Act of 1890), supra, page 3913. t 56 Vic. supra, page 3925.

13250 COMPANIES. Union Trustee. Goy. of Australia, Etc., Act. 21 GEO. V., 7. After section eight of the Principal Act, the following new section 8A is inserted :— Reseal of "[8A.] The Company, as attorney lawfully Fertotbe arst eosf and a u thorised for that purpose by the executor or adminis- administra- trator under any probate or letters of administration tion. granted by a Court of Probate in a part of His Majesty's Dominions to which *" The British Probates Act, 1898" applies, or by a British Court in a foreign country within the meaning of that Act, may make application to the Registrar to seal such probate or letters of administration on a duplicate or copy thereof under the said Act, and the Registrar shall have authority to seal the same. In all such cases the Registrar shall receive and may act upon an affidavit made by an officer of the Company in place of an affidavit required to be made by a private person making a similar application." Amendment 8. Section eleven of the Principal Act is amended; of s. 11. by omitting the words "and shall" occurring after the words "and in every such case the Company may." Amendment 9. Section twelve of the Principal Act is amended of s. 12. as follows :— (a) After the word "corporation," where it first occurs, the words "including a power of attorney to apply for and obtain a grant of probate or ancillary probate, or a reseal of probate or letters of administra- tion, or a duplicate or copy thereof as attorney for such person, company, or corporation" are inserted. (b) After the words "carried into execution," the words "by the managing director, manager, acting manager, secretary, or any two of the directors of the Company" are repealed, and the words "by an officer of the Company, and the Court in which or the officer before whom any application as such attorney is made shall receive and may act upon an affidavit made by an officer of the Company in place of any affidavit required to be made by a private person making a similar application" are inserted in lieu thereof. Aofms.en1d4m. ent of th 1 e 0 P . r(ian)cIinpathl eAscetc,otnhde pwaorargdrsa"pAh nodf swechteionnevfoeurr"teaerne repealed, and the words "Provided that when" are * 62 Vie. No. 10, supra, page 3394. 1 i c h i a a " s " t m " t " s w l w m a i w m a i a a u w a " o w l

COMPANIES. 13251 1930. Union Trustee Coy. of Australia, Etc., Act. inserted in lieu thereof; and the words "with the consent of the Court to be obtained in the manner hereinafter mentioned" are repealed, (b) The third paragraph of the said section fourteen is amended by omitting the words "and shall" occurring after the words "In every Rich case the Company may." 11. Section seventeen of the Principal Act is Amendment amended as follows :— of s. 17. (a) After the words "in the person of," the words "the managing director, manager, acting manager, or secretary of the Company" are repealed, and the words "an officer of the Company" are inserted in lieu thereof. (b) After the words "on behalf of the Company," the words "by the managing director, manager, acting manager, or secretary" are repealed, and the words "by an officer of the Company" are inserted in lieu thereof. (c) After the words "surety as aforesaid," the words "the managing director, manager, acting manager, or secretary, as the case may be," are repealed, and the words "such officer of the Company" are inserted in lieu thereof. (d) After the words "to the same extent," the words "as if such managing director, manager, acting manager, or secretary, as the case may be," are repealed, and the words "as if such officer of the Company" are inserted in lieu thereof. (e) After the words "personal responsibility," the words "of the said managing director, manager, acting manager, or secretary, as the case may be" are repealed, and the words "of such officer of the Company" are inserted in lieu thereof. 12. Section nineteen of the Principal Act is Amendment amended by omitting the words "and in addition to *i s' 19 ' any commission which may' be allowed by the Court under any law of general application" occurring after the words "or guardian." 13. In section twenty-one of the Principal Act, Amendment after the words "demand in writing made," the words of 8. 21. " to the managing director, manager, acting manager, or secretary of the Company" are repealed, and the words "to an officer of the Company" are inserted in lieu thereof.

13252 COMPANIES. Union Trustee Coy. of Australia, Etc., Act. 21 GEO. V., oAfms. en3d1m. ent amen 1 d 4 e . d Sasefcotliloownsth: — irty-one of the Principal Act is (a) The words "The managing director, manager, acting manager, or secretary of the Company," before the word " shall " are repealed, and the words "An officer of the Company" are inserted in lieu thereof. (b) After the words "default continues and," the words "every managing director, manager, acting manager, or secretary of the Company, as the case may be," are repealed, and the words every officer of the Company" are inserted in lieu thereof. Balance. sheet. 15. The following new section is inserted after section thirty-three of the Principal Act, as follows :— "[33A.] A balance-sheet certified to as correct by its auditors shall be transmitted to the Attorney-General within fourteen days of the annual meeting of the Company and shall be duly laid by the Attorney-General before Parliament within fourteen days from the receipt thereof if Parliament is in session, and if not, then within fourteen days after the commencement of the next session." Amendments of *"TheUnionTrustee Company of Australia, Limited, Act Amendment Act of 1892." Amendment 16. In section three of *" The Union Trustee Company of Com- of Australia, Limited, Act Amendment Act of 1892," the opfan18y9' s2Act words "reserving leave, if necessary, for any other [56 Vie.), executor or person so entitled as aforesaid to come in 8. 3. and apply for probate at any time thereafter" are repealed, and the following paragraphs are inserted before the first proviso to the said section :— Joint grants. "Such grant may be made notwithstanding that any other person so named or so entitled as aforesaid has applied for and has been granted probate, in which event the Company and such other executor or person shall administer the estate jointly, or the • grant may, if necessary, reserve leave for any other executor or person so entitled as aforesaid to come in and apply for probate at any time thereafter. Cf. R.S.C. Applications under this section may be made in the 0. 71, r. 7. first instance to the Registrar, who shall have power to make the grant and who may refer any question arising upon the application to a Judge, or may require the application to be made to the Court. * 56 Vie., supra, page 3925-,

COMPANIES. 13253 1930. Union Trustee Coy. of Australia, Etc., Act. Where a person so named or entitled as aforesaid, Disclaimer and so joining with the Company in an application fori) otintrtust on administration with the will annexed to be granted to application. the Company, is also named in the will as sole trustee Cf. "Real of lands of the testator in Queensland subject to the .1:fr°11ge6litY Act trusts of the will, and in such application disclaims the P;. 83. 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 1877," 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 as trustee on the trusts of the will for all the right, title, and interest therein of the testator." 17. Section four of t" The Union Trustee Company Amendment of Australia, Limited, Act Amendment Act of 1892" is of s. 4. repealed and the following new section is inserted in lieu thereof :— 4 -4 [4.] The term "probate" in the Principal Act and cons truction this Act includes "ancillary probate"; and the term of terms ' "administration with the will annexed," in the last preceding section, includes "administration with exemplification of probate or duplicate or copy probate of the will annexed." " 18. After section six of t" The Union Trustee Company of Australia, Limited, Act Amendment Act of 1892," the following new section seven is inserted, namely :— "[7.] (1.) (a) Subject as hereinafter provided, the company sCoolemtpruasntyeeminayalbl ecaaspesponionttweidth, sotranmdainygctohnattiintuies,ptroovaicdteadsaamcpaptY, ° 1g3° e t d to by the terms of the instrument (if any) creating the cotntinue to trust or of any power or otherwise that there shall be n'stase. s°1e more than one trustee to perform the trust. (b) When the Company and one or more individuals are co-trustees, any one or more of such individuals may retire, and the Company shall for the purposes of any Act now or hereafter in force relating to the retirement of trustees and the vesting of trust property be deemed to be equivalent to two trustees. * 25 Vic. No. 14 and 41 Vic. No. 18, supra, pages 2984 and 3033. t 56 Vic. supra, page 3925. D

13254 COMPANIES. Union Trustee Coy. of Australia, Etc., Act. 21 GEO. V., (2.) The Company shall not be appointed or be entitled to act as sole trustee in any case in which the instrument creating the trust or power expressly provides that there shall be another trustee in addition to the Company, or that the Company shall not be appointed or act as sole trustee." Sections 7, 8, 19. Sections seven, eight, and nine of *" The Union b9er:eed n8,- 9 Trustee Company of Australia, Limited, Act Amendment 10, and • , Act of 1892" are renumbered sections eight, nine, and an to mumse.nb9demr( enedonwts tteonsreecsptieocntivneilnye, a(nndotwherfeonlluowmibnegrpeadrasgercaptihosnarteenad) , daeds 8. 10). follows :— Parties may " When all the parties interested in any estate, Creolemapseany other than creditors and other than the Company itself, from filing are sui juris, they may by release dispense with the filing aocrcpoausnsitns. g of such accounts or with the passing of such accounts Cf. 0. 73, or with both the filing and passing of such accounts. rr. 3, 4. If the Company files in the Registry of the Supreme Court within fifteen calendar months after having obtained probate or letters of administration a release dispensing with the filing of accounts in the estate verified by the oath of an officer of the Company to the best of his information and belief, and setting forth that the parties by whom it is executed are all the parties interested in the estate other than creditors (and other than the Company if it is interested) and are sui juris, the Company shall be exempted from the obligation of filing an account unless required to do so by the order of the Court or a Judge." rsSe. en1cu6tim,onnbee1wr0ed •of A 2 u 0 st . ra S l e ia c , ti L o i n mi t t e e n d, o A f c * t " ATmheenUdnmioenntTAructstoefe C 18 o 9 m 2 pa " n i y s s. 12 inserted renumbered section eleven, and the following new section a( rfetenrums.b1e0red (twelve) is inserted after section ten (renumbered section 8. 11.) eleven) as follows :— C tPoo o wd m ie p srt a r n o i f b y ute t h e c " la [1 im 2.] inWwhheonleeveorr tihnepCarotmopfaannyyrpeefurssoesn two hreoccolganimises assets of to be a creditor against the estate of any deceased person, ensottaictee aofnter it may give notice in •writing of such refusal to the failure of person so claiming, and if such person does not within calcatiimonanbty. six months after the receipt of such notice institute any Cf. " The proceeding to enforce such claim it shall be lawful for PoCfuub 1 ral 9 itc 1 o 5 r ," Act tpheersCono,mwpiathnoyuttoredgiasrtdribtouttheethcelaaimsseotrstoofsosumchucdhetcheearseeodf s. 65. * 56 Vie., supra, page 3926. CO 1930. Union Trustee Co as the Company has by th and thereupon the right the Company the amou thereof which the Corn refused to recognise shal For the purpose of served on any person by post letter addressed to and every such notice received by such person unless the Company has the distribution of assets 21. Section eleven o. of Australia, Limited, A, renumbered section thir sections, namely, sectic seventeen, eighteen, nine after section eleven (rer follows :— " [14.] Subject to t anything in t" The Ink the Company may, unk under any instrument of addition to and not in r under this Act or any ot powers :— (i.) Sell land the p auction or p] no sale of la contract unlee been offered f not sold, or in writing to s. (ii.) For the purpc leasehold este allotments, ar and dedicate streets and dc Company thin] by any law or 1 and in exercisi gagee, this po Company; (iii.) Exchange pro' property; * 56 Vic., supra, page 3925. t 41 Vic. No., 24, supra, page

. COMPANIES. 13255 1930. Union Trustee Coy. of Australia, Etc., Act. as the Company has by the said notice refused to recognise, and thereupon the right of such person to recover from the Company the amount of the claim or the portion thereof which the Company has by the said notice refused to recognise shall be absolutely barred. For the purpose of this section a notice may be served on any person by posting it to him in a registered post letter addressed to the address given in the claim, and every such notice shall be deemed to have been received by such person in the ordinary course of post unless the Company has notice to the contrary before the distribution of assets." of Au 2 s 1 t . ra S l e ia c , ti L on im e i l t e e v d e , n A o c f t * A " mTehnedUmneionnt TArcutsotefe 1 C 8 o 9 m 2 p " an i y s srSe. e7c3tim.obne1r1ed renumbered section thirteen, and the following new New sections sections, namely, sections fourteen, fifteen, sixteen, i"8" ted' seventeen, eighteen, nineteen, and twenty are inserted after section eleven (renumbered section thirteen), as follows :— " [14.] Subject to this Act and notwithstanding General athneyCthoimngpainnyt` m T a h y e , u In n t l e e s s t s ac e y xp A r c e t s o sl f y1p8r7o7h"ibcitoendtabiyneodr, cfro. wm„ PeTZrf' under any instrument of trust, at its discretion and in Public addition to and not in restriction of any other powers ci, ctir5at toor Acts, under this Act or any other Act, exercise the following 1924," s. 58. powers :— (i.) Sell land the property of any estate by public auction or private contract provided that no sale of land 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; (ii.) For the purpose of the sale of any real or leasehold estate subdivide the same into allotments, and for that purpose construct and dedicate all such roads, footpaths, and streets and do all such other things as the Company thinks necessary, or as are required by any law or by-law relating to subdivisions; and in exercising any power of sale as mort- gagee, this power may be exercised by the Company; (iii.) Exchange property or join in a partition of property; * 56 Vie., supra, page 3925. • t 41 Vic. No., 24, supra, page 3372.

13256 COMPANIES. Union Trustee Coy. of Australia, Etc., Act. 21 GEO. V., (iv.) Where in connection with any estate the Company is lawfully holding any shares in a company or other institution, and on •a reconstruction thereof or otherwise the share- holders thereof are offered an option to take up additional shares, the Company may on behalf of the estate take up such additional shares or any of them; for such purpose the Company may apply funds belonging to the estate, or may advance on the security of the estate such sums as may be necessary: in this paragraph "shares" includes debentures and debenture stock. (v.) Appropriate any part of any estate in or towards satisfaction of any legacy or share (whether settled contingent or absolute) to which any person is entitled, and for that purpose value the whole or any part of the estate in such manner as the Company thinks fit: Provided that before any such appropria- tion is effectual, notice thereof shall be given to all persons sui juris who are interested in such appropriation, any of whom may within one month after receipt of such notice apply to the Court to vary the same, and such appropriation shall be conclusive save as otherwise directed by the Court: Provided further, that where the person interested is out of the jurisdiction, the said 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; (vi.) Consult with and employ such persons as the company deems expedient for advising or assisting it in the administration or manage- ment of any estate, and remunerate any such person in such manner as the Company thinks fit; (vii.) From time to time expend portion of the capital of any estate under its administration on, the improvement or development thereof, and for the like purpose advance money on the security of such estate:

13257 1930. Union Trustee Coy. of Australia, Etc., Act. Provided that where the sum to be expended exceeds five hundred pounds in the aggregate the consent of the Court shall be necessary. aesntdat [ et 1 ho 5 ef .] pa ( nr 1 oy .) pineIntretsaytnaoyterchaasanesywbpehaeenrrtegoraafdnmttheiedniptsotrroathptieeoCrntoyomfotphfaetnhAye, dte i m n raa t r e trios s n ' t I r a l i l t sg e M . 's T deceased intestate was at the time of his death employed business. by him in any business or undertaking, and the person cvV'NE„d. 77* or one or more of the persons beneficially entitled to 2 (i.) such property so employed are infants or is an infant, it shall be lawful for the Company with the sanction of the Court and with the consent of and after hearing such other person or persons, if any, as the Court may direct, to postpone the sale and conversion of such property into money and to manage the said property and carry on such business or undertaking with or in connection with such property for such period during the minority of such infant or infants as the Court may think fit for the benefit of the persons entitled to such property. (2.) The sanction of the Court may be obtained on summons to be served on such persons as the Court or a Judge may direct, and the Court or a Judge may direct the costs of and incidental to such 'summons to be borne and paid by such persons as may be just. [16.] In any case where the Company is pursuant Power of to any provision of this Act administering the estate of cc:Z:7.1e's any deceased testator, and the testator has by his will of devises devised land— of realty. (a) To any person, and the Company is satisfied iluZhe that the debts and liabilities of the said Curatorm testator due at his death cannot be fully go 1624,- satisfied without recourse to the land so s• 53A. devised; or (b) To any person who at the date of the death of such testator is under the age of twenty-one years, then the Company shall, notwithstanding the provisions of any law to the contrary, be entitled to have trans- mission of the said land entered up to it as trustee in the proper registry, and shall have the same powers and authority to deal with such land as though the same had by the will of such testator been devised to it upon trust for the devisee; and without limiting the powers

13258 COMPANIES. Union Trustee Coy. of Australia, Etc., Act. 21 GEO. V., of the Company in other respects, it shall, notwithstanding any provision of the testator's will to the contrary, have power to raise such sum or sums of money as it deems sufficient for the purpose of discharging any debts or liabilities charged upon the testator's estate or for the payment of which such estate may be made available by mortgage (at such rate of interest and repayable within such period as it thinks proper) or by sale at public auction or, subject to offer for sale at public auction, at the best price obtainable thereafter (on such terms and conditions as it thinks proper) or by lease at the best rent obtainable (of such duration as it thinks proper) of the land so devised or any part thereof. tCPooomwmeaprkaonefy tratio [1 n 7 b 1 y (1 th .) e WCohmerepaannyinatnesdtattheeerestaatreeiisnufnandetsr eadnmtitilneids-, iponaufytamonfte'snts tohfeefaoclhloinwfianngt' sspsehcairael: p—rovisions shall apply in the case share of intestate estate for (a) The Company may out of the infant's share make periodical or other payments towards infant's mainten- ance, &c. the maintenance, education, or advancement of the infant, not exceeding eighty pounds Cf. " The in any one year; Public Curator Act of 1915," (b) The payments authorised by this section may be made by the Company to such person and S. 73. in such manner as it thinks fit without seeing to the application thereof or being responsible for the non-application thereof. (2.) The powers by this section conferred upon the Company may be exercised without obtaining any order of Court, and are irrespective of and in addition to all other powers exercisable by it. (3.) The Court may in any case authorise the making of payments for any of the purposes aforesaid in excess of the limit hereinbefore prescribed. CtPoooawmpeppralonyty Com [ p 1 a 8 n .] y (1 in .) tWrusht eforer aanniynfparnot, ptehretyCoismhpealndy bmyaythaet ninoctoemxcee, eodr- its sole discretion apply for the maintenance, education, ing one half or otherwise for the benefit of such infant, during ofteofnrcamanpcaieitn,a- & l, c. smhianroertiotyw, thhiechwshuocleh oinr faannyt ipsaertnotiftltehde iinncpoomsseesosfiothne, Cf. " The and may at its sole discretion apply for the advancement PCuubralitcor Act or otherwise for the benefit of an infant any part or of 1915," parts, not exceeding in the whole one-half of the corpus s. 74. or capital, of the share to which the infant is entitled in possession or reversion immediately expectant on a

COMPANIES. 1930. Union Trustee Coy. of Australia, Etc., Act. prior interest; but no such application of a reversionary share shall be made without the previous consent in writing of the person entitled to such prior interest. Provided that the Company may— (i.) In any case for such purposes apply the corpus of the share of any infant to the extent of five hundred pounds; (ii.) Instead of itself as applying such income, corpus, or capital pay the same to any person to be so applied without seeing to the application or being answerable for the mis- application or non-application thereof. Nothing in this subsection shall apply to a case— (a) Where provision is expressly made for the maintenanoe, education, advancement, or otherwise for the benefit of an infant, unless such provision is insufficient, of which insufficiency the Company shall be sole judge; or (b) Where provision is expressly made against any such application. (2.) In addition to and not as restricting the powers conferred by the last preceding subsection, where any property is held by the Company in trust for an infant, either for life or for any greater interest, and whether absolutely or contingently upon the infant attaining a specified age, or on the occurrence of any event before attaining that age, the Company may, at its sole dis- cretion, apply for or towards the infant's maintenance, education, or benefit the income of that property or any part thereof, whether there is any fund available for the same purpose, or any person is bound by law to provide for the infant's maintenance or education or not; or may pay such income to any person to be so applied without seeing to the applicatidn or being answerable for the mis-application or non-application thereof. The Company shall aCcumulate all the residue of that income in the way of compound interest by investing the same and the resulting income thereof, and shall hold those accumulations for the benefit of the persons who ultimately become entitled to the property from which the same arise, but so that the Company may 13259

13260 COMPANIES. Union Trustee Coy. of Australia, Etc., Act. 21 GEO. IT., at any time at its sole discretion apply those accumula- tions or any part thereof as if the same were income arising in the then current year. This subsection applies only if and so far as a contrary intention is not expressed in the instrument under which the interest of the infant arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained. (3.) In addition to and not as restricting any of the powers conferred by the two last preceding subsections, with the consent of the persons having prior estates or interests in property, whether corpus, capital, or income, held under any instrument, whether the income is directed to be accumulated or not, if such corpus, capital, or income is made payable to a class of persons, and the members of that class, or some of them, would ultimately, on attaining a specified age or on the happening of an event, be entitled to a share of such corpus, capital, or income, and by survivorship or otherwise may become entitled to the shares of the other members of the class the contingencies being equal, the Court may authorise the application of the presumptive or contingent shares of infants belonging to the class towards their mainten- ance, education, or advancement notwithstanding that there may be future members of the class who may come into existence: Provided that where any member. of the class has attained the required age or become entitled by age or - otherwise, then the consent of such person shall be necessary to such application. Applications under this subsection to the Court may be made by the Company, but without restricting its powers, or by an infant. (4.) In construing and giving effect to the respective provisions of this section, the one shall be taken in aid of the other, and so that each of the provisions can be exercised independently the one of the other. (5.) This section shall apply to cases arising under any Act or instrument passed or made before or after the commencement of this Act. S j ouf a r veisionugerttai.sonto from [1 m 9.] akNinogthainngy ionrdtherisfoArctthsehaapllprleicstartiicotnthoef Ceiothuerrt Cf. " The corpus, capital, or income for the maintenance, education, PC 19 uu 1 br 5 ali , tco s r . 7 A 5 c . t, audnvdaenr caenmyeontth, eorrAoctht errewlaitsiengfotrotthheesbeenmeafittteorfs.an infant

COMPANIES. 13261 1930. Union Trustee Coy. of Australia, Etc., Act. [20.] (1.) Subject as hereinafter provided, it shall Company be lawful for the Company and for the Company and any ncaoanYti? ibiuntoinry individual person or persons acting jointly with the mortgages to Company in the administration of any estate or estates, je°,,i,n„tpta eesk to employ in one and the same investment, and not secured over separately but as a blended fund, the moneys of separate farenerld trust estates or of several owners by lending the same to a joint stock company duly incorporated and registered under *" The Companies Acts, 1863 to 1913," or any Act amending or in substitution for such Acts, or duly registered under t" The British Companies Act of 1886" or t.` The Foreign Companies Act of 1895," or any Act amending or in substitution for either of such Acts, on the security of lands in Queensland held in fee-simple under the provisions. of §" The Beal Property Acts, 1861 to 1887." (2.) Every such loan shall be secured by debentures duly registered over all the property and undertaking, including uncalled capital, of the company to which such loan is made, and such debentures shall be supported by a trust deed of which the Company shall be sole trustee, and by a duly registered first mortgage in favour of the Company as such sole trustee over such lands. (3.) Such debentures shall be transferable and shall carry interest at a given rate payable at stated periods, and shall rank equally inter se but may be of varying denominations: Provided that the moneys advanced from each separate trust estate and by each several owner shall correspond with the nominal value of one or more of such debentures and shall be represented exactly thereby. (4.) In the case of any such loan the Company if Such invest- acting alone, or the Company and such individual person mehlurtgseanit or persons acting jointly with the Company, shall not be as breaches chargeable with breach of trust by reason only of the of trust ' proportion borne by the amount of the loan to the value CNfo..61101s/ .ie6.. of such lands at the time when the loan was made, provided that it appears to the Court that in making the loan the Company or the Company and such individual person or persons was or were acting upon a report as to * 27 Vic. No. 4 and amending Acts, supra, pages 186 et seq. • I' 50 Vic. No. 31, supra, page 277. I 59 Vic. No. 2, supra, page 280. § 25 Vic. No. 14 et seq, supra, pages 2984 et seq.

13262 COMPANIES. Union Trustee Coy. of Australia, Etc., Act: 21 GEo. V., the value of such lands made by a person whom it or they reasonably believed to be an able practical surveyor or valuer instructed and employed independently of any owner of such lands, whether such surveyor or valuer carried on business in the locality where such lands are situate or elsewhere, and that the amount of such loan did not exceed two equal third parts of the value of such lands as stated in such report, and that the loan was made under the advice of the surveyor or valuer expressed in such report. (5.) The Company or the Company and any such individual person or persons acting jointly with the Company shall not be liable for breach of trust by reason only of continuing to hold an investment which has ceased to be an investment authorised by this section: Provided that the Company shall as soon as possible realise such investment to the best advantage for the beneficiaries concerned." Sections 12 22. Sections twelve and thirteen of *" The Union arenndu1m3bered Trustee Company of Australia, Limited, Act Amendment ss. 21 and 22. Act of 1892" are renumbered twenty-one and twenty- A to mse.n1d3m( neonwt two respectively, and the following paragraphs are added numbered to section thirteen (now renumbered section twenty-two) s. 22.) as follows :— Legatee " Unless a testator by his will, whether made before t c o om be m a i r ssl •on or after the passing of this Act, directs that his testa- on legacy. mentary expenses (which shall be deemed to include the commission payable to the Company under the Principal Act and this section), be paid out of his estate, the commission payable to the Company under the Principal Act and this section on all devises and legacies whether specific, demonstrative, or pecuniary shall be payable by the devisee or legatee entitled, as the case may be. Compa ny's When the Company is now or hereafter shall be o oc o anr tn rbi n ue u sd s ino s en i s o s nthaeutahdomriisneidsttroatcioanrroyfownhiinchcosnhnaellchtiaovnewbietehnaonrys. heaslltabtee by it. granted or committed to it any business or undertaking, v Cf l . l. 2NEod.w7. the Court may, on application by the Company, which s. 2(3.) , application may be made by summons to be served on such persons, if any, as the Court or a Judge may direct, either in lieu of or in addition to the commission or any part of the commission mentioned in section nineteen of * 56 Vic., supra, page 3925.

COMPANIES. 13263 1930. Union Trustee Coy. of Australia,-Etc., Act. the Principal Act, allow to the Company such salary or remuneration as the Court or a Judge shall think fit for its pains and trouble in carrying on such business or undertaking. The commission which the Company is entitled to company' , receive under the nineteenth section of the Principal Act Commission or under this section shall not in any way be affected t p oper rdsiomnsinmisahyedorbmy athyenfoatcbtetheanttiatnleydotothoerr bpeeraslolonwoerdmp° teehrospo,troisf. commission in respect of the same estate. In this section the expression "capital value" D3finition amsseeatnssreaanldainndclpuedrseosntahleogfrtohseseasmtaoteunint rqeuaelsistieodn,fowritthh-e tioua.P.ital out deduction in respect of debts or liabilities secured or unsecured: Provided that— (a) The value of assets specifically devised or bequeathed shall be taken to be the sum at which the same are assessed for purposes of succession duty; and (b) The value of assets distributed in specie or transferred or appropriated to beneficiaries without realisation, whether by or as the result of agreement between beneficiaries or otherwise, shall be the value put upon the same for the purposes of such distribution in specie transfer or appropriation." HELIDON STATE QUARRIES—SALE OF. See TRADE. HOME HILL STATE FARM—SALE OF. See TRADE. KYOGLE - SOUTH BRISBANE RAILWAY. See RAlLWAYS. LANDS. See SUGAR. (TULLY SUGAR WORKS AREA LAND REGULATIONS AMENDMENT.) LANDS — BABINDA AND BASILISK. Sde SUGAR.