An Act to consolidate the law relating to trustee companies and for purposes connected therewith
1-
Short title
This Act may be cited as the Trustee Companies Act 1968.
4-
Definitions
In this Act--
administration with the will annexed includes administration with exemplification of probate or letters of administration with the will annexed or duplicate or copy probate of the will annexed.
books includes any register or other record of information and any accounts or accounting records, however compiled, recorded or stored, and also includes any document.
corporation means any body corporate, whether formed or incorporated within or outside the State, and includes any company and any foreign company but does not include--
(a)
a body corporate that is incorporated within Australia or an external Territory of the Commonwealth and is a public authority or an instrumentality or agency of the Crown;
(b)
a corporation sole.
Court means the Supreme Court of Queensland.
director includes a local director.
estate includes all real and personal property of whatever nature or kind committed to the administration or management of a trustee company.
financial institution includes--
(a)
an insurance company; and
(b)
the trustees or managers of a superannuation fund established under a law of the Commonwealth or another State; and
(c)
a corporation, or a corporation included in a class of corporations declared under a regulation to be a financial institution.
financial institution's books means--
(a)
books of a financial institution, including any documents used in the ordinary business of a financial institution; or
(b)
cheques, orders for the payment of money, bills of exchange and promissory notes in the possession or under the control of a financial institution; or
(c)
securities or documents of title to securities in the possession or under the control of a financial institution whether by way of pledge or otherwise.
foreign company has the meaning given by the Corporations Act.
insurance company means a corporation that is registered under the Life Insurance Act 1945 (Cwlth).
Judge means a Judge of the Supreme Court.
new trustee company means a trustee company whose name is inserted in Part 1 of Schedule 2 on or after 21 June 1983.
officer of the trustee company means the managing director, general manager, State manager, manager, acting manager, assistant manager or secretary of the trustee company and includes in relation to any purpose or purposes of this Act any other officer of the trustee company designated as such by the board of directors for that purpose or those purposes.
probate includes ancillary probate.
registrar means the chief executive of the department.
related corporation, in relation to a corporation, means a corporation that is deemed to be related to the first mentioned corporation by virtue of section 4A(5).
trustee company means any company mentioned in part 1 of schedule 2.
unincorporated association means any unincorporated joint venture, partnership, trust or any other form of unincorporated association.
4AA
Powers conferred on trustee companies are additional powers
The powers conferred on trustee companies by this Act shall be in addition to and not in derogation of any powers conferred on trustee companies or on executors, administrators, trustees, receivers, committees, guardians, liquidators, official liquidators, guarantors or sureties or attorneys by any other Act.
4A
Subsidiaries, holding companies and related corporations
(1)
For the purposes of this Act, a corporation shall, subject to subsection (3), be deemed to be a subsidiary of another corporation if--
(a)
that other corporation--
(i)
controls the composition of the board of directors of the first mentioned corporation; or
(ii)
is in a position to cast, or control the casting of, more than one-half of the maximum number of votes that might be cast at a general meeting of the first mentioned corporation; or
(iii)
holds more than one-half of the issued share capital of the first mentioned corporation (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital); or
(b)
the first mentioned corporation is a subsidiary of any corporation that is that other corporation's subsidiary (including a corporation that is that other corporation's subsidiary by another application or other applications of this paragraph).
(2)
Without limiting by implication the circumstances in which the composition of a corporation's board of directors is to be taken to be controlled by another corporation, the composition of a corporation's board of directors shall be taken to be controlled by another corporation if that other corporation, by the exercise of some power exercisable whether with or without the consent or concurrence of any other person by that other corporation, can appoint or remove all or a majority of the directors, and for the purposes of this provision that other corporation shall be deemed to have power to make such an appointment if--
(a)
a person cannot be appointed as a director without the exercise in his or her favour by that other corporation of such a power; or
(b)
a person's appointment as a director follows necessarily from the person being a director or other officer of that other corporation.
(3)
In determining whether one corporation is a subsidiary of another corporation--
(a)
any shares held or power exercisable by that other corporation in a fiduciary capacity shall be treated as not held or exercisable by it; and
(b)
subject to paragraphs (c) and (d), any shares held or power exercisable--
(i)
by any person as a nominee for that other corporation (except where that other corporation is concerned only in a fiduciary capacity); or
(ii)
by, or by a nominee for, a subsidiary of that other corporation, not being a subsidiary that is concerned only in a fiduciary capacity;
shall be treated as held or exercisable by that other corporation; and
(c)
any shares held or power exercisable by any person by virtue of the provisions of any debentures of the first mentioned corporation, or of a trust deed for securing any issue of such debentures, shall be disregarded; and
(d)
any shares held or power exercisable by, or by a nominee for, that other corporation or its subsidiary (not being held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by that other corporation if the ordinary business of that other corporation or its subsidiary, as the case may be, includes the lending of money and the shares are held or the power is exercisable only by way of security given for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money, not being a transaction entered into with a person associated with the other corporation or its subsidiary.
(4)
A reference in subsection (5) to the holding company of another corporation shall be read as a reference to a corporation of which that other corporation is a subsidiary.
(5)
Where a corporation--
(a)
is the holding company of another corporation; or
(b)
is a subsidiary of another corporation; or
(c)
is a subsidiary of the holding company of another corporation;
that first mentioned corporation and that other corporation shall, for the purposes of this Act, be deemed to be related to each other.
(6)
For the purposes of this Act, a corporation is the ultimate holding company of another corporation if--
(a)
the other corporation is a subsidiary of the corporation; and
(b)
the first mentioned corporation is not itself a subsidiary of any corporation.
5-
Trustee company may act as executor and obtain probate
(1)
Whenever a trustee company is named expressly or by implication either alone or jointly with any other person as executor of the last will of any testator (whether the will was made before or after the commencement of this Act) the trustee company may act as executor and may apply to the Court for probate of the will of the testator.
(2)
The Court may grant probate to the trustee company on an application pursuant to subsection (1).
(3)
Where a grant of probate is made to a trustee company pursuant to this section, the trustee company may perform and discharge all the acts and duties of an executor as fully and effectually as a private individual may do when appointed executor.
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Persons entitled to obtain probate of the will or administration with the will annexed may authorise trustee company to apply for administration with will annexed
(1)
In all cases in which a private individual may apply for and obtain--
(a)
probate of the will without reserving leave to any other person to apply for probate; or
(b)
letters of administration with the will annexed of the estate;
of a deceased person, that individual may--
(c)
join with a trustee company in an application for--
(i)
in a case where the individual may apply for and obtain probate--a joint grant of probate to himself or herself and letters of administration with the will annexed to the trustee company; or
(ii)
a grant of letters of administration with the will annexed to himself or herself and the trustee company jointly; or
(d)
instead of himself or herself applying, authorise a trustee company to apply for and obtain letters of administration with the will annexed unless the testator by will has expressed the desire that the office of executor should not be delegated or that the trustee company should not act in the trusts of the will.
(2)
Where--
(a)
a person joins with a trustee company in an application pursuant to subsection (1); or
(b)
a trustee company makes an application that it has, pursuant to that subsection been authorised to make;
the Court may make a joint grant of probate and letters of administration with the will annexed or a grant of letters of administration with the will annexed, as the case may be, in accordance with the application.
(3)
This section applies to wills whether made before or after the commencement of this Act.
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Person entitled to obtain administration on intestacy may authorise trustee company to obtain administration
(1)
Any person entitled to obtain administration of the estate of any intestate may--
(a)
join with a trustee company in an application for the grant of letters of administration of the estate to himself or herself and the trustee company jointly; or
(b)
instead of himself or herself applying--authorise a trustee company to apply for and obtain letters of administration of the estate.
(2)
Where--
(a)
a person joins with a trustee company in an application pursuant to subsection (1); or
(b)
a trustee company makes an application that it has, pursuant to that subsection been authorised to make;
the Court may grant letters of administration of the estate in accordance with the application.
(3)
This section applies whether the intestate died before or after the commencement of this Act.
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Saving rights of other persons to administration
Nothing in sections 6 and 7 shall be taken to prejudice or affect the right of any person interested in the estate of any deceased person (other than a person who has joined with a trustee company in, or has authorised a trustee company to make, an application under those sections) to apply for and obtain letters of administration, with or without the will annexed or other appropriate grant.
9-
Person entitled to probate may join with trustee company in applying for letters of administration to the trustee company
(1)
Any person named expressly or by implication as executor who would be entitled to obtain probate of the will of any testator may, instead of himself or herself applying for probate join with a trustee company in an application for letters of administration with the will annexed to be granted to the trustee company.
(2)
Where a person joins with a trustee company in an application pursuant to subsection (1), the Court may grant administration with the will annexed to the trustee company unless the testator by will has expressed the desire that the office of executor should not be delegated or that the trustee company should not act in the trusts of the will.
(3)
An application for a grant of letters of administration with the will annexed pursuant to this section may be made in the first instance to the Registrar of the Supreme Court who--
(a)
shall have power to make the grant; or
(b)
may refer any question arising upon the application to a Judge; or
(c)
may require the application to be made to the Court.
(4)
A grant of letters of administration with the will annexed under this section may be made to a trustee company notwithstanding that a person named expressly or by implication in the will as executor (other than the person joining with the trustee company in the application for the grant) has applied for and has been granted probate.
(5)
Where a grant of probate has been made to a person and a grant of letters of administration with the will annexed has been made to a trustee company under this section, that person and the trustee company shall administer the estate jointly.
(6)
A grant of letters of administration with the will annexed to a trustee company under this section may reserve leave for any person named expressly or by implication in the will as executor (other than the person joining with the trustee company in the application for the grant) to come in and apply for probate at any time subsequent to the grant.
(7)
This section applies to wills whether made before or after the commencement of this Act.
(8)
A person beneficially interested under the will is entitled to be heard in opposition to a grant being made under this section to a trustee company, and the Court after considering any objection by such a person may--
(a)
make a grant to the trustee company; or
(b)
upon the same application, grant probate to the person joining with the trustee company in the application.
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Trustee company may act as administrator notwithstanding its incorporation
Where the administration of any estate, with or without the will annexed, is granted to a trustee company, pursuant to this Act, the trustee company may perform and discharge all acts and duties which belong to the office of administrator or administrator with the will annexed, as the case may be, as fully and effectually as a private individual may do when granted such letters of administration.
11-
Reseal of probate and letters of administration
A trustee company as attorney lawfully authorised for that purpose by the executor or administrator under any probate or letters of administration within the meaning of the British Probates Act 1898 granted by a court of probate in a part of Her Majesty's Dominions to which that Act applies or by a British court in a foreign country within the meaning of that Act, may make application to a Registrar of the Court to seal the probate or letters of administration or an exemplification, duplicate or copy thereof under the said Act and the Registrar shall have authority to seal the grant in question or an exemplification, duplicate or copy thereof.
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Power of trustee companies to elect to administer small estates without grant of administration
(1)
Where any person has died intestate or testate, whether in or out of Queensland and whether before or after the commencement of this Act, leaving property situated in Queensland, the gross value of which as estimated by any trustee company does not at the time of the election hereinafter mentioned exceed $100000, and no person has taken out administration in Queensland, the trustee company, in any case where it would be entitled to obtain such a grant, may, in accordance with this section, instead of obtaining such a grant, file in the Court an election in writing, under the seal of the company, to administer the estate of the deceased person.
(2)
On any such election being filed, the trustee company shall be deemed to be the executor of the will or the administrator of the estate, as the case may be, in like manner and to the same extent in all respects as if administration had been duly granted to it.
(3)
Every such election shall set forth the name, residence, and occupation of the deceased so far as they are then known to the trustee company, and the date of the death of the deceased and the property situated in Queensland of the deceased as then known.
(4)
The election shall contain in every case where the deceased died intestate a statement to that effect, and in every case where the deceased died testate a statement that after due inquiries the trustee company believes that the document annexed to the election is the testator's last will (or an exemplification thereof where administration has been granted out of Queensland) and that the will has been validly executed according to the law governing the execution of wills.
(5)
No such election may be filed under this section unless there is endorsed thereon a certificate by a solicitor (whether in the employment of the trustee company or not) that (as the case may require) the solicitor is satisfied that the Court would, on application duly made, grant to the trustee company--
(a)
probate of the will to which the election relates; or
(b)
letters of administration with the will to which the election relates annexed; or
(c)
letters of administration of the estate of the deceased person without a will annexed.
(6)
Any such election to administer shall be filed in any registry of the Court in which an application for a grant of administration of the will or estate of the deceased person may be filed.
(7)
If after filing any such election as aforesaid the gross value of the property situated in Queensland to be administered is found to exceed the sum of $120000, the trustee company shall as soon as practicable thereafter file in the registry of the Court in which the election to administer was filed a memorandum under the seal of the trustee company stating the fact, and shall thereupon proceed in the ordinary manner to obtain a grant of administration in Queensland, and for that purpose may uplift from the Court any will or exemplification filed with the election.
(8)
Notice of an election under this section shall be advertised once in the gazette in a form approved by the person who for the time being holds the office of the registrar.
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Elections in respect of unadministered balance of an estate
(1)
Where a grant of administration (the original grant) has been made in Queensland in respect of the estate of any deceased person (the original estate) and the persons to whom the original grant or any substituted grant of administration was made have died, whether before or after the commencement of this Act, leaving part of the original estate unadministered, and the gross value of the property situated in Queensland so left unadministered, as estimated by the trustee company at the time of the election hereinafter mentioned, does not exceed the sum of $100000, and no person has since the death of the last administrator taken out letters of administration de bonis non in Queensland in respect of the original estate, the trustee company may, in accordance with this section, instead of applying for letters of administration de bonis non in Queensland, file in the registry of the Court out of which the original grant was issued an election in writing under the seal of the company setting forth the fact of the original grant, the death of the executors or other administrators, and the particulars of the property situated in Queensland so left unadministered, and electing to administer the part of the original estate so left unadministered.
(2)
On the election being filed, the trustee company shall be deemed to be administrator of the original estate left unadministered in like manner and to the same extent in all respects as if letters of administration de bonis non had been duly granted to it.
(3)
No such election may be filed under this section unless there is endorsed thereon a certificate by a solicitor (whether in the employment of the trustee company or not) that the solicitor is satisfied that the Court would, on application duly made, grant to the trustee company letters of administration de bonis non in respect of the part of the original estate so left unadministered.
(4)
If after the filing of any such election the gross value of the property situated in Queensland to be administered by the trustee company is found to exceed the sum of $120000, the trustee company shall, as soon as practicable thereafter, file in the said registry of the Court a memorandum under the seal of the trustee company stating the fact, and shall thereupon proceed in the ordinary manner to obtain in Queensland letters of administration de bonis non (either with or without the will annexed, as the case may be) in respect of the said estate, and for that purpose may uplift from the Court any will or exemplification filed with the election.
(5)
Notice of an election under this section shall be advertised once in the gazette in a form approved by the person who for the time being holds the office of the registrar.
14-
Notice of filing of election
(1)
If a trustee company files an election under section 12 or 13, it must give notice of the election to the commissioner of state revenue appointed under the Taxation Administration Act 2001.
(2)
The notice must be in the form approved by the commissioner.
15-
Operation of election to administer as regards property out of State
In determining the value of the property of any person that is situated in Queensland for the purposes of sections 12 and 13, that property shall not include or be deemed to include property situated out of Queensland at the time of the filing of any election to administer, whether or not the property may afterwards be transferred to Queensland (whether to the trustee company or to any other person) in due course of administration, whether for the purposes of distribution to the persons beneficially entitled thereto or otherwise howsoever, but in all other respects every election referred to in sections 12 and 13 shall extend and apply to and include the property situated out of Queensland in the same manner and to the same extent in all respects as a grant of administration obtained by the trustee company would in the circumstances of each particular case extend or apply to or include that property.
16-
Revocation of elections filed in error
(1)
Where any trustee company has, pursuant to any of the provisions of sections 12 and 13, filed an election to administer the estate of a deceased person, and the trustee company subsequently discovers that the election is invalid or ineffective by reason of the discovery of a will or a later will, or of the revocation or invalidity of a will, or for any other reason, then and in any such case the trustee company shall file in the registry of the Court in which the election to administer was filed a memorandum under the seal of the trustee company setting out the facts and certifying that the election already filed is invalid or ineffective.
(2)
Upon any such memorandum being filed, the election to administer previously filed shall cease to be of any effect whatsoever, and thereafter an application for administration may be made or a fresh election may be filed in all respects as if the election to administer previously filed had not been filed.
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Effect of joint grant on application under s 6
(1)
Where a person--
(a)
is named in a will, whether made before or after the commencement of this Act, as the only trustee of the lands of the testator in Queensland subject to the trusts of the will; and
(b)
pursuant to section 6, joins with a trustee company in an application for--
(i)
a joint grant of probate to himself or herself and letters of administration with the will annexed to the trustee company; or
(ii)
a grant of letters of administration with the will annexed to himself or herself and the trustee company jointly;
a joint grant on such an application of--
(c)
probate to the person and letters of administration with the will annexed to the trustee company; or
(d)
letters of administration with the will annexed to the person and the trustee company;
as the case may be, has, for all purposes (including the right to be registered under the Land Title Act 1994 as personal representative), the force and effect of a vesting order made by the Court vesting the lands in respect of which the person joining with the trustee company in the application is named in the will as the only trustee, in that person and the trustee company as trustees on the trusts of the will for all the right, title and interest therein of the testator.
(2)
Where a person--
(a)
is named in a will, whether made before or after the commencement of this Act, as a trustee jointly with any other person or persons of lands of the testator in Queensland subject to the trusts of the will; and
(b)
pursuant to section 6, joins with a trustee company in an application for--
(i)
a joint grant of probate to himself or herself and letters of administration with the will annexed to the trustee company; or
(ii)
a grant of letters of administration with the will annexed to himself or herself and the trustee company jointly;
a joint grant on such an application of--
(c)
(d)
probate to the person and letters of administration with the will annexed to the trustee company; or
letters of administration with the will annexed to the person and the trustee company;
as the case may be, has, for all purposes (including the right to be registered under the Land Title Act 1994 as personal representative), the force and effect of a vesting order made by the Court vesting the lands in respect of which the person joining with the trustee company in the application is named in the will as a trustee, in that person, the trustee company and the other person or persons so named in the will or such of them as are living at the date of the grant and have not disclaimed the trust before that date, as trustees on the trusts of the will for all the right, title and interest therein of the testator.
18-
Effect of disclaimer of trustee on authorisation under s 6
(1)
Where any person--
(a)
who is named in a will, whether made before or after the commencement of this Act, as the only trustee of lands of the testator in Queensland subject to the trusts of the will; and
(b)
who pursuant to section 6 authorises a trustee company to apply for and obtain letters of administration with the will annexed;
disclaims the trust in the authorisation, a grant of letters of administration with the will annexed made to the trustee company on an application made pursuant to the authorisation has, for all purposes (including the right to be registered under the Land Title Act 1994 as personal representative), the force and effect of a vesting order made by the Court vesting the lands in respect of which the person giving the authorisation is named in the will as the only trustee, in the trustee company as trustee on the trusts of the will for all the right, title and interest therein of the testator.
(2)
Where any person--
(a)
who is named in a will, whether made before or after the commencement of this Act, as a trustee jointly with any other person or persons of lands of the testator in Queensland subject to the trusts of the will; and
(b)
who pursuant to section 6 authorises a trustee company to apply for and obtain letters of administration with the will annexed;
disclaims the trust in the authorisation, a grant of letters of administration with the will annexed made to the trustee company on an application made pursuant to the authorisation has, for all purposes (including the right to be registered under the Land Title Act 1994 as personal representative), the force and effect of a vesting order made by the Court vesting the lands in respect of which the person giving the authorisation is named in the will as a trustee, in the trustee company and the other person or persons so named in the will or such of them as are living at the date of the grant and have not disclaimed the trust before that date, as trustees on the trusts of the will for all the right, title and interest therein of the testator.
(3)
This section does not apply in any case in which the testator has by will expressed the desire that the trustee company should not act in the trusts of the will.
19-
Effect of disclaimer of trustee on joint application under s 9
(1)
Where any person--
(a)
who is named in a will, whether made before or after the commencement of this Act, as the only trustee of lands of the testator in Queensland subject to the trusts of the will; and
(b)
who, pursuant to section 9, joins with a trustee company in an application for the grant of letters of administration with the will annexed to the trustee company;
disclaims the trust in the application, a grant of letters of administration with the will annexed made to the trustee company on the application has, for all purposes (including the right to be registered under the Land Title Act 1994 as personal representative), the force and effect of a vesting order made by the Court vesting the lands in respect of which the person joining in the application is named in the will as the only trustee, in the trustee company as trustee on the trusts of the will for all the right, title and interest therein of the testator.
(2)
Where any person--
(a)
who is named in a will, whether made before or after the commencement of this Act, as a trustee jointly with any other person or persons of lands of the testator in Queensland, subject to the trusts of the will; and
(b)
who pursuant to section 9 joins with a trustee company in an application for the grant of letters of administration with the will annexed to the trustee company;
disclaims the trust in the application, a grant of letters of administration with the will annexed made to the trustee company on the application has, for all purposes (including the right to be registered under the Land Title Act 1994 as personal representative), the force and effect of a vesting order made by the Court vesting the lands in respect of which the person joining in the application is named in the will as a trustee, in the trustee company and the other person or persons so named in the will or such of them as are living at the date of the grant and have not disclaimed the trust before that date, as trustees on the trusts of the will for all the right, title and interest therein of the testator.
(3)
This section does not apply in any case in which the testator has by will expressed the desire that the trustee company should not act in the trusts of the will.
20-
Executor or administrator may appoint trustee company in his or her place
(1)
With the consent of the Court or a Judge, any executor, whether appointed before or after the commencement of this Act, may, before or after taking out probate, appoint a trustee company as an executor in his or her place.
(2)
With the consent of the Court or a Judge, an administrator with or without the will annexed, whether appointed before or after the commencement of this Act may appoint a trustee company as an administrator in his or her place.
(3)
A trustee company shall not be appointed under this section in any case in which the testator has by will expressly prohibited the appointment of the trustee company to the office in question.
(4)
Upon an appointment under this section, the trustee company shall have the same powers authorities functions and duties as if it had been the original executor or administrator, as the case may be.
21-
Trustee company may be appointed trustee receiver etc.
(1)
Subject to this section, any court, Judge or person (not being himself or herself a trustee) who has power to appoint or approve of any person as--
(a)
trustee; or
(b)
receiver; or
(d)
guardian of any person or of his or her estate; or
(e)
liquidator or official liquidator; or
(f)
guarantor or surety for any person appointed as administrator whether solely or jointly with any person;
may appoint or approve of the appointment of, a trustee company either solely or jointly with any other person to any of those offices or positions in respect of which it or he or she has the said power.
(2)
Subject to this section, a trustee company may be appointed, or may continue, to act as sole trustee in all cases notwithstanding that it is provided by the terms of the instrument (if any) creating the trust or of any power or otherwise that there shall be more than 1 trustee to perform the trust.
(3)
Where a trustee company and 1 or more individuals are co-trustees, any 1 or more of such individuals may retire, and the trustee 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.
(4)
A trustee company shall not be appointed in any case in which the instrument creating the trust or power forbids the appointment of the trustee company to the relevant office or position.
(5)
A trustee 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 a trustee company or that a trustee company shall not be appointed or act as sole trustee.
(6)
Where a trustee company is appointed to any of the offices or positions referred to in subsection (1) the trustee company may perform, exercise and discharge all the powers and duties and shall be liable to all the obligations pertaining to the office or position to which it is appointed.
(7)
Notwithstanding any Act or rule of law, a trustee, or other person having power to appoint a trustee, may appoint a trustee company to be a trustee without the consent of the Court in any case in which he or she has power to appoint a new trustee.
(8)
Notwithstanding anything contained in or omitted from the memorandum or articles of association of a trustee company, the trustee company may be appointed and may act--
(a)
as guardian of the person and the estate of any person; and
(b)
as liquidator or official liquidator of any company under the provisions of the Corporations Act.
22-
Trustee company may act under power of attorney by an officer of the company etc.
(1)
A trustee company may act, either alone or jointly with any other person, under any power of attorney by which the trustee company is appointed attorney by any person or by any company or other corporation (including a power of attorney to apply for and obtain a grant of probate, letters of administration with the will annexed, letters of administration or other appropriate grant or the sealing thereof or an exemplification, duplicate or a copy thereof) as attorney for the person company or corporation, as the case may be, and all the powers conferred upon the trustee company by the power of attorney may be exercised and carried into execution by an officer of the trustee company.
(2)
Nothing in this section shall be taken to authorise any person, company or other corporation to confer any power upon the trustee company which cannot be legally conferred upon a private individual.
23-
A holder of certain offices and positions may appoint a trustee company to discharge duties
(1)
Any executor or administrator acting under any probate or letters of administration, whether granted before or after the commencement of this Act, and any trustee, receiver, committee, guardian, liquidator or official liquidator whether appointed before or after that commencement, with the consent of the Court may appoint a trustee company to perform and discharge all the acts and duties of the executor, administrator, trustee, receiver, committee, guardian, liquidator or official liquidator, as the case may be, and the trustee company shall have power to perform and discharge all those acts and duties accordingly.
(2)
Where a trustee company is appointed under this section to perform and discharge the acts and duties of an office or position, the executor, administrator, trustee, receiver, committee, guardian, liquidator or official liquidator so appointing the trustee company shall be released from liability in respect of all acts done by or omitted to be done by the trustee company acting under the appointment.
24
Trustee may appoint a trustee company a trustee
(1)
Subject to subsection (2), any trustee may appoint a trustee company to be trustee in his or her place.
(2)
Unless under the instrument creating the power or trust or under some other Act the trustee is authorised to appoint another person as trustee any appointment under subsection (1) is subject to the consent of the Court.
(3)
Section 21(2) to (5) shall apply to an appointment under this section.
(4)
Where a trustee company is appointed a trustee under this section, the trustee company may perform and discharge all the acts and duties, and shall be liable to all the obligations, pertaining to the office of the trustee in whose place it is appointed and the person so appointing the trustee company is released from liability in respect of all acts done by or omitted to be done by the trustee company acting under an appointment pursuant to this section.
