Trusts (Investments) Amendment Bill 1998 (Qld)

Queensland

TRUSTS (INVESTMENTS) AMENDMENT BILL 1998

Queensland

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TRUSTS INVESTMENTS) AMENDMENT

BILL 1998

TABLE OF PROVISIONS

Section Page PART 1—PRELIMINARY 1 Short title 2.2... eee eee 4 PART 2—AMENDMENT OF TRUSTS ACT 1973 2 Act amended in pt2 ......... 0... eee 4 3 Amendment of s 5 (Definitions) .............. 0.000.000 02. c eee eee 4 4 Replacement of pt 3 (Investments) .............. 0.0. e cece eee eee ee 5 PART 3—INVESTMENTS 20 Application of pt 3.2... 0... eee eee 5 21 Power of trustee to invest ..... 6.6... c eee ee eee eee 5 22 Duties of trustee in relation to power of investment............. 5 23 Law and equity preserved ........ 6.0... cece eee eee 6 24 Matters to which trustee must have regard in exercising power of investment... 6.2... eee eee eee 6 25 Powers of trustee in relation to securities ................0000. 8 26 Investment in securities under RITS system................... 9 27 Power of trustee as to calls on shares .............-.00000000- 9 28 Power to purchase dwelling house as residence for beneficiary ... 9 29 Power of trustee to retain investments ...............0.00 eee ee 10 30 Loans and investments by trustees not breaches of trust in certain circumstances ......... 0.0... c cee eee eee ee 11 30A Limitation of liability of trustee for loss on improper investments... 0.0... eee eee eee 11 Trusts (Investments) Amendment

30B Court may take into account investment strategy etc. in action for breach of trust... 0.6.0... eee eee eee ees 12

30C Power of court to set off gains and losses arising from investment ...... 6... ieee eects 12

30D __' Transitional—Trusts (Investments) Amendment Act 1998 ....... 13 PART 3—CONSEQUENTIAL AMENDMENTS

Amended legislation—sch ............ 6.6 c cece ec ee ees 13 PART 4—EXPIRY EXPY 2. ete teen eens 13 SCHEDULE ......................... 14 CONSEQUENTIAL AMENDMENTS ABORIGINAL LAND REGULATION 1991 ........... 0.0 e cece eee eee 14 COLLECTIONS REGULATION 1975 ........ 60 cece eee eee ees 14 COURT FUNDS ACT 1973 2.0... ccc ccc eee 14 FUNERAL BENEFIT BUSINESS ACT 1982 .............0000 000000 15 QUEENSLAND INVESTMENT CORPORATION ACT 1991 ........... 15 QUEENSLAND TREASURY CORPORATION ACT 1988 ...........-. 16 STATE DEVELOPMENT AND PUBLIC WORKS ORGANIZATION ACT 1971 1... cence eens 16 STATE HOUSING ACT 1945) 2... eee eee 16 STATUTORY BODIES FINANCIAL ARRANGEMENTS ACT 1982 .... 16 TORRES STRAIT ISLANDER LAND REGULATION 1991 ........... 18 TRUSTEE COMPANIES ACT 1968 ............ 00.2 eee 18 TRUSTS ACT 1973 1... ene teens 18