Trustee Companies Act 1988 (SA)

South Australia Trustee Companies Act 1988 An Act to make provision in relation to trustee companies.

Contents Part 1—Preliminary 1 Short title 3 Interpretation Part 2—Powers of trustee companies 4 Trustee company may act as executor or administrator 5 Trustee company may act as trustee, agent, attorney, manager or receiver 6 Trustee company may act for children or persons who are unable to manage their affairs 7 Officers may represent or make affidavits etc for company 8 Trustee company may act jointly 13 Investment of trust funds 14 Money from several estates may be invested as one fund 16 Power of trustee company acting in representative capacity to hold its own shares etc Part 3—Duties and liabilities of trustee companies 23 Directors and managers responsible to the Court 24 Trustee company may be removed from office 25 Appointment by Court of administrator of trustee company's affairs Part 3A—Transfer of estate assets and liabilities 25A Interpretation 25B Purpose and application of Part 25C Transfer of transferring company's estate assets and liabilities 25D Certificates evidencing operation of Part 25E Registration or record of transfer 25F Exemption from State taxes 25H Relationship of Part with other laws Part 4—Miscellaneous 26 False or misleading statements 28 Evidentiary provision 29 Act not to affect other Acts or remedies 31 Regulations Legislative history

The Parliament of South Australia enacts as follows: Part 1—Preliminary 1—Short title This Act may be cited as the Trustee Companies Act 1988. 3—Interpretation (1) In this Act, unless the contrary intention appears— appointment includes nomination; Commonwealth Act means the Corporations Act 2001 of the Commonwealth; the Court means the Supreme Court of South Australia; estate, in relation to a trustee company, includes any real or personal property committed to the administration or management of the trustee company whether as executor, administrator or in any other capacity authorised by this Act, but does not include money deposited with the trustee company for the purpose only of investment in a common fund; letters of administration means letters of administration of the estate of a deceased person, with or without the will annexed; officer, of a trustee company, means a director or manager of the company or some other officer or employee of the company designated by the board of directors as an officer for the purposes of this Act; the Registrar means the Registrar of Probates and includes an acting or deputy Registrar of Probates; trustee includes a bare trustee or custodian trustee; trustee company means a licensed trustee company within the meaning of Chapter 5D of the Commonwealth Act; trustee investment means an investment in which a trustee is authorised by law to invest trust funds; will includes codicil. (2) Where an unincorporated body is named in an instrument establishing a trust, the persons for the time being comprising the body will be taken to have been individually named in the instrument. (3) Subsection (2) applies for the purposes of this Act but not for the purposes of interpreting the trust instrument.