AN ACT to consolidate Enactments and A.D. 1898. amend the Law relating to Trustees.

[29 October, 1898.]

BE it enacted by His Excellency the Governor of Tasmania, by and

with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART I.

PRELIMINARY.

1 This Act may be cited as "The Trustee Act, 1898."

Short title.

2 This Act shall come into operation on the First day of November, Commencement. One thousand eight hundred and ninety-eight.

3 The Acts mentioned in the Schedule to this Act are hereby Repeal. repealed to the extent mentioned in the Third column of that Schedule: Provided that this repeal shall not affect anything done or suffered,

or any right acquired or accrued, before the commence.nent of this Act under the said repealed Acts.

When in any Act reference is made to any of the said repealed provisions, such reference shall be taken to be to the corresponding provisions of this Act.

Trustees.

A.D. 1898.

Definitions. 56 & 57 Vict. c. 53, s. 50.

38 Vict. No. 1.

4 In this Act, unless the context otherwise indicates

"Banker" means any Bank, or the Manager for the time being of any Bank, authorised under this Act to receive Fixed Deposits from Trustees:

66

Company" includes any Banking or Mercantile or Trading
Corporation, however created, and any Company registered,
incorporated, or constituted under or pursuant to any Act
of Parliament :

"The Court" means the Supreme Court of Tasmania, or a
Judge thereof:
"Contingent right," as applied to land, includes a contingent
or executory interest, a possibility coupled with an interest,
whether the object of the gift or limitation of the interest,
or possibility, is or is not ascertained, also a right of
entry whether immediate or future, and whether vested or
contingent:

"Convey" and "Conveyance," applied to any person, include the
execution by that person of every necessary or suitable
assurance for conveying, assigning, appointing, surrender-
ing, or otherwise transferring or disposing of any property
whereof he is seized or possessed, or wherein he is entitled
to a contingent right, either for his whole estate or for any
less estate, together with the performance of all formalities
required by law to the validity of the conveyance:
"Devisee" includes the heir of a devisee and the devisee of an
heir, and any person who may claim right by devolution of
title of a similar description:

"Instrument" includes Act of Parliament:

66

66

Land" includes incorporeal as well as corporeal hereditaments, and any interest therein, and also an undivided share of land:

Mortgage" and " Mortgagee" include and relate to every estate and interest regarded by law or in equity as merely a security for money, and every person deriving title under the original mortgagee :

"Pay" and

"

Payment," as applied in relation to stocks and securities, and in connection with the expression "into Court," include the deposit or transfer of the same in or into Court:

"Possessed" applies to receipt of income of, and to any vested
estate less than, a life estate, legal or equitable, in possession
or in expectancy, in any land:
"Property" includes real and personal property, and any estate
and interest in any property, real or personal, and any debt
and any thing in action, and any other right or interest,
whether in possession or not, excluding only Stock and
choses in action in the construction and interpretation of
Section Thirty-one of this Act:

66

Representative" includes

1. The Devisee or Devisees, or the Executor or Executors, Administrator or Administrators, or the Curator of the intestate estate of any person :

II. The heir of any person who died intestate before the First day of October, One thousand eight hundred and seventy-four:

Trustees.

'Rights" includes estate and interests:
"Securities" includes stocks, funds, and shares, and any money
or securities for money paid into or deposited in Court to
the credit of any cause, matter, or account:
Stock" includes fully paid-up shares, and, so far as relates
to vesting orders made by the Court under this Act,
includes Debentures, shares in companies, and any fund,
annuity, or security transferable in books kept by any
company or society, or by instrument of transfer either
alone or accompanied by other formalities, and any share
or interest therein :

"Transfer," in relation to stock, includes the performance and
execution of every deed, power of attorney, act, and thing
on the part of the transferror to effect and complete the
title in the transferree :

"Trust" does not include the duties incident to an estate
conveyed by way of mortgage, but with this exception
"trust" includes implied and constructive trusts, and cases
where the trustee has a beneficial interest in the trust
property and the duties incident to the office of representa-
tive of a deceased person:

"Trustee" includes

1. Any person seized or possessed of or entitled to any
property subject to any Trust as aforesaid :

11. Any person who has also a beneficial interest in the -
Trust property:

III. The Committee of any Lunatic:

IV. Any Company, Corporation, Firm, or Association
authorised by law to act as Trustee, Executor, or
Administrator of the estate of any deceased person:
v. Any Representative in any way possessed of or entitled
to any property subject to any Trust express or
implied:

VI. Any Trustee whose Trust arises by construction or
implication of law, but does not include a mortgagee;

and

VII. Joint Trustees, Executors, or Administrators, where
more than one person is acting in any of the said
capacities.

A.D. 1898.

PART II.

INVESTMENTS.

5 A Trustee may, unless expressly forbidden by the instrument, if Authorised any, creating the trust, invest any trust funds in his hands, whether at the time in a state of investment or not, in manner following, that is to

say

I. In

any of the parliamentary stocks or public funds, or
Government securities of the United Kingdom:

II. On real or heritable securities in Great Britain or Ireland:
II. In the stock of the Bank of England or the Bank of Ireland:

investments.

56 & 57 Vict. c. 53, s. 1.