Trustees Act 1962 (WA)

Western Australia Trustees Act 1962 Western Australia Trustees Act 1962 Contents Part I — Preliminary 1. Short title 2 2. Commencement 2 4. Repeals 2 5. Application 2 6. Terms used 4 Part II — Appointment and discharge of trustees 7. New trustees, appointment of 8 8. New trustee, protection for people dealing with in good faith 11 9. Trustee may retire without replacement in some cases 11 10. Trust property, vesting of in new or continuing trustees 12 11. Corporation may act as trustee in some cases 14 12. Renouncing probate etc., effect of 14 13. Trustee corporation obtaining probate etc., effect of 15 14. Advisory trustees, appointment and functions of 16 15. Custodian trustees, appointment and functions of 17 Part III — Investments 16. Application of Part 20 17. Trust funds, investment of 20 18. Investment power of trustees, exercise of 20 19. Investment power of trustees, rules of law and equity apply 21 20. Investment by trustee, matters to be considered 22 21. Company shares etc. held in trust, trustees' powers as to 23 22. Choses in action under RITS system, presumptions as to 24 23. Calls on shares, trustees' powers as to 25 24. Residence for beneficiary, power to invest in etc. 25 25. Retained authorised investments, no liability for 26 26. Loans secured against property, trustees' liability for 26 26A. Improper loans, trustees' limited liability for 27 26B. Breach of trust as to investments, factors to be considered by Court 27 26C. Breach of trust as to investments, Court may set off losses against gains 28 26D. Housing loans, trustees' liability for 28 26E. Authorised trustee investments, meaning of 31 Part IV — General powers of trustees 27. Property, powers to sell, lease, exchange, etc. 32 28. Trust or power to sell property, duration of 34 28A. Option to purchase land, trustees' liability for grant of 35 29. Rule against perpetuities, application of 35 30. Property, miscellaneous powers as to 36 31. Trust or power to sell, ancillary powers to 41 32. Depreciatory conditions of sale, effect of 42 33. Land may be sold and proceeds secured by mortgage 42 34. Property may be sold on terms of deferred payment 43 35. Onerous leases or property may be surrendered 44 36. Leases may be renewed 45 37. Equity of redemption may be purchased instead of foreclosing 45 38. Property may be sold after right of redemption barred 46 39. Equity of redemption may be released in discharge of mortgage debt 46 40. Trustee as mortgagee in possession, application of income by 47 41. Receipts may be given 49 42. Property, debts, etc., miscellaneous powers as to 49 43. Capital money may be raised by sale, mortgage, etc. of trust property 50 44. Purchasers etc. dealing with trustees, protection for 50 45. Trustees dying, devolution of powers or trusts 50 46. Insuring trust property 51 47. Insurance money, application of 51 48. Trust's documents may be put in safe custody 52 49. Reversionary interests, powers as to 53 50. Valuation of trust property, powers as to 54 51. Trust's accounts, audit of 54 52. Co-owners, power to act in conjunction with 55 53. Agents, attorneys, etc., power to employ 55 54. Delegation of trustees' powers during absence from State or incapacity 57 55. Business, trade, etc. of deceased, power to carry on 59 56. Business, power to convert into, or sell to, a company 61 57. Trustee may sue himself in a different capacity 61 Part V — Maintenance, advancement and protective trusts 58. Infant beneficiary, application of income until 18 62 59. Capital may be applied for maintenance, education, etc. 64 60. Advances for maintenance etc. may be made conditionally 65 61. Protective trusts, rules as to 66 Part VI — Indemnities and protection of trustees, etc. 62. Leases etc., trustees' liability under 68 63. Deceased estate, advertising for claims against, trustees' protection 69 64. Claims etc., procedure for barring 71 65. Deceased estate, claims made after distribution of, tracing, following assets 72 66. Unknown beneficiaries, advertising for, distribution of shares of 76 67. Service of notices etc. under s. 30(1)(k), 64 and 66 79 68. Trustee of more than one trust, protection as to notice 80 69. Powers of attorney, protection for trustees relying on 80 70. Trustees liable for own defaults etc. only 80 71. Trustees' expenses, reimbursement out of trust property 81 72. Chattels, bequest for life etc. or interest in, trustees' protection 81 73. Chattels bequeathed to infant, dealing with 82 74. Shares, trustees' liability for calls on after transfer of 82 75. Breach of trust, Court may relieve trustee from personal liability for 82 76. Breach of trust, Court may order beneficiary to give indemnity for 83 Part VII — Further powers of the Court Division 1 — Appointment of new trustees 77. New trustees, Court may appoint 84 Division 2 — Vesting orders 78. Vesting orders, when Court may make 85 79. Vesting orders, terms of etc. 86 80. Contingent rights of unborn persons, orders as to 87 81. Mortgagee under a disability, orders as to 87 82. Infant's beneficial interest, orders as to 87 83. Order for sale or mortgage of land, effect of etc. 88 84. Orders for conveyance of land etc., consequential declarations and orders as to 88 85. Vesting orders, effect of 89 86. Vested stock etc., directions as to transfer of etc. 90 87. Person may be appointed to convey instead of vesting order 91 88. Charities etc., vesting property in 91 Division 3 — Jurisdiction to make other orders 89. Additional powers, Court may confer on trustee etc. 91 90. Varying or revoking certain trusts, Court's powers as to 92 91. Periodic payments, Court may vary amount of 94 92. Directions, trustee may ask Court for 94 93. Applications to Court, who may make 94 94. Review of trustee's acts by Court etc. 95 95. Trustee acting under Court's direction, protection of 95 96. Absence etc. of parties, Court may proceed in 96 97. Costs of court proceedings, orders as to 97 98. Trustees' remuneration 97 99. Payment into Court by trustees 98 Part VIII — Miscellaneous 100. Indemnity to persons acting under this Act etc. 99 101. Bankers acting on trustees' authority, protection of 99 102. Non‑charitable and invalid purposes, inclusion does not invalidate a trust 100 103. Interest bearing securities, apportionment of interest on sale etc. 101 104. Residuary estate of deceased, application of income from 102 105. Residuary estate of deceased, application of income pending sale etc. 103 106. Annuities etc., to be applied as income in some cases 104 107. Trustees' remuneration deemed testamentary expenses 104 108. Missing beneficiaries etc., costs of inquiries as to 105 109. Life tenant etc. to have powers of a trustee in certain cases 105 110. Regulations 105 First Schedule — Acts repealed Second Schedule — Form of notice by advertisement Notes Compilation table 108 Defined terms Western Australia Trustees Act 1962 An Act to consolidate and amend the law relating to trustees.