Australian Capital Territory Consolidated Acts

TRUSTEE COMPANIES ACT 1947 - NOTES

Note 2     For example, the Legislation Act, dict, pt 1, defines the following terms:

              •     Act

              •     appoint

              •     bank

              •     corporation

              •     Corporations Act

              •     daily newspaper

              •     Executive

              •     lawyer

              •     Minister

              •     person

              •     Supreme Court.

"books"—see the Corporations Act, section 9.

"first valuation day", in relation to a common trust fund, means the day determined under section 25B (6) for the purpose of valuing the fund.

"officer", of a trustee company, means an officer of the company under the Corporations Act.

Note     Officer of a corporation is defined in the Corporations Act, s 9.

"trustee company "means a licensed trustee company within the meaning of the Corporations Act, chapter 5D.

Note     A reference to a law (including a Cwlth Act) includes a reference to the Act as originally made and as amended (see Legislation Act, s 102).

"valuation day", in relation to a common trust fund, means—

        (a)     a day mentioned in section 25F (1) (a) (i) or (ii); or

        (b)     any other day when, under section 25F (1) (b), a valuation of the fund is carried out.

Endnotes

1     About the endnotes

Amending and modifying laws are annotated in the legislation history and the amendment history. Current modifications are not included in the republished law but are set out in the endnotes.

Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history. Full details of any amendments can be obtained from the Parliamentary Counsel's Office.

Uncommenced amending laws are not included in the republished law. The details of these laws are underlined in the legislation history. Uncommenced expiries are underlined in the legislation history and amendment history.

If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.

The endnotes also include a table of earlier republications.

2     Abbreviation key

A = Act	NI = Notifiable instrument
AF = Approved form	o = order
am = amended	om = omitted/repealed
amdt = amendment	ord = ordinance
AR = Assembly resolution	orig = original
ch = chapter	par = paragraph/subparagraph
CN = Commencement notice	pres = present
def = definition	prev = previous
DI = Disallowable instrument	(prev...) = previously
dict = dictionary	pt = part
disallowed = disallowed by the Legislative	r = rule/subrule
Assembly	reloc = relocated
div = division	renum = renumbered
exp = expires/expired	R[X] = Republication No
Gaz = gazette	RI = reissue
hdg = heading	s = section/subsection
IA = Interpretation Act 1967	sch = schedule
ins = inserted/added	sdiv = subdivision
LA = Legislation Act 2001	SL = Subordinate law
LR = legislation register	sub = substituted
LRA = Legislation (Republication) Act 1996	underlining = whole or part not commenced
mod = modified/modification	or to be expired

3     Legislation history

This Act was originally a Commonwealth ordinance—the Trustee Companies Ordinance 1947 No 15 (Cwlth).

The Australian Capital Territory (Self-Government) Act 1988 (Cwlth), s 34 (4) converted most former Commonwealth ordinances in force in the ACT into ACT enactments. This allowed the ACT Legislative Assembly to amend and repeal the laws. This Act was converted into an ACT enactment on 11 May 1989 (self-government day).

As with most ordinances in force in the ACT, the name was changed from Ordinance to Act by the Self-Government (Citation of Laws) Act 1989 No 21, s 5 on 11 May 1989 (self-government day).

Before 11 May 1989, ordinances commenced on their notification day unless otherwise stated (see Seat of Government (Administration) Act 1910 (Cwlth), s 12).

After 11 May 1989 and before 10 November 1999, Acts commenced on their notification day unless otherwise stated (see Australian Capital Territory (Self-Government) Act 1988 (Cwlth) s 25).

    Legislation before becoming Territory enactment

Trustee Companies Act 1947 No 15

notified 18 December 1947

commenced 18 December 1947

as amended by

Companies Ordinance 1954 No 14

notified 20 August 1954

commenced 1 October 1954

Trustee Companies Ordinance 1954 No 16

notified 26 August 1954

commenced 26 August 1954

Trustee Companies Ordinance 1960 No 7

notified 22 September 1960

commenced 22 September 1960

Trustee Companies Ordinance 1961 No 19

notified 27 July 1961

commenced 27 July 1961

Companies Ordinance 1962 No 7

notified 21 June 1962

commenced 1 July 1962

Trustee Companies Ordinance 1962 No 11

notified 13 September 1962

commenced 13 September 1962

Trustee Companies Ordinance 1965 No 4

notified 6 May 1965

commenced 6 May 1965

Trustee Companies Ordinance 1966 No 12

notified 4 August 1966

commenced 4 August 1966

Ordinances Revision (Decimal Currency) Ordinance 1966 No 19

notified 23 December 1966

commenced 23 December 1966

Trustee Companies Ordinance 1968 No 8

notified 18 April 1968

commenced 18 April 1968

Ordinances Revision (Companies Amendments) Ordinance 1982 No 38

notified 30 June 1982

commenced 1 July 1982

Ordinances Revision (Companies Amendments) Ordinance (No 2) 1982 No 93

notified 17 December 1982

commenced 17 January 1983 (Cwlth Gaz 1983 No S7)

Trustee Companies (Amendment) Ordinance 1984 No 6

notified 15 March 1984

commenced 15 March 1984

Trustee Companies (Amendment) Ordinance 1985 No 34

notified 20 August 1985

commenced 20 August 1985

Administrative Arrangements (Consequential Amendments) Ordinance 1988 No 17 sch 2

notified 22 April 1988

commenced 22 April 1988

Self-Government (Consequential Amendments) Ordinance 1989 No 38 sch 1

notified 10 May 1989 (Cwlth Gaz 1989 No S160)

s 1, s 2 commenced 10 May 1989 (s 2 (1))

sch 1 commenced 11 May 1989 (s 2 (2) and see Cwlth Gaz 1989 No S164)

    Legislation after becoming Territory enactment

Statute Law Revision (Miscellaneous Provisions) Act 1992 No 23 sch 1

notified 4 June 1992 (Gaz 1992 No S71)

commenced 4 June 1992

Trustee Companies (Amendment) Act 1992 No 49

notified 1 September 1992 (Gaz 1992 No S148)

ss 1-3 commenced 1 September 1992 (s 2 (1))

remainder commenced 1 December 1992 (s 2 (2) and Gaz 1992 No 47)

Trustee Companies (Amendment) Act 1993 No 53

notified 27 August 1993 (Gaz 1993 No S165)

commenced 27 August 1993 (s 2)

Statute Law Revision Act 1994 No 26 sch, note

notified 31 May 1994 (Gaz 1994 No S93)

commenced 31 May 1994 (s 2)

Statute Law Revision Act 1995 No 46 sch

notified 18 December 1995 (Gaz 1995 No S306)

amdts commenced 18 December 1995 (s 2)

Legal Practitioners (Consequential Amendments) Act 1997 No 96 sch 1

notified 1 December 1997 (Gaz 1997 No S380)

s 1, s 2 commenced 1 December 1997 (s 2 (1))

sch 1 commenced 1 June 1998 (s 2 (2))

Statute Law Revision (Penalties) Act 1998 No 54 sch

notified 27 November 1998 (Gaz 1998 No S207)

s 1, s 2 commenced 27 November 1998 (s 2 (1))

sch commenced 9 December 1998 (s 2 (2) and Gaz 1998 No 49)

Financial Sector Reform (ACT) Act 1999 No 33 sch

notified 25 June 1999 (Gaz 1999 No S34)

s 1, s 2, dict commenced 25 June 1999 (s 2 (1))

sch commenced 1 July 1999 (s 2 (2) and Cwlth Gaz 1999 No S283)

Statute Law Amendment Act 2000 No 80 amdt 3.28

notified 21 December 2000 (Gaz 2000 No S69)

commenced 21 December 2000 (s 2)

Legislation (Consequential Amendments) Act 2001 No 44 pt 396

notified 26 July 2001 (Gaz 2001 No 30)

s 1, s 2 commenced 26 July 2001 (IA s 10B)

pt 396 commenced 12 September 2001 (s 2 and see Gaz 2001 No S65)

Statute Law Amendment Act 2001 (No 2) 2001 No 56 pt 3.50

notified 5 September 2001 (Gaz 2001 No S65)

commenced 5 September 2001 (s 2 (1))

Sexuality Discrimination Legislation Amendment Act 2004 A2004-2 sch 1 pt 1.18

notified LR 18 February 2004

s 1, s 2 commenced 18 February 2004 (LA s 75 (1))

sch 1 pt 1.18 commenced 22 March 2004 (s 2 and CN2004-4)

Justice and Community Safety Legislation Amendment Act 2005 (No 3) A2005-43 sch 1 pt 1.15

notified LR 30 August 2005
s 1, s 2 commenced 30 August 2005 (LA s 75 (1))
sch 1 pt 1.15 commenced 1 October 2005 (s 2 (3) and CN2005-18)

Statute Law Amendment Act 2009 A2009-20 sch 3 pt 3.72

notified LR 1 September 2009

s 1, s 2 commenced 1 September 2009 (LA s 75 (1))

sch 3 pt 3.72 commenced 22 September 2009 (s 2)

Justice and Community Safety Legislation Amendment Act 2009 (No 4) A2009-54 sch 1 pt 1.5

notified LR 18 December 2009

s 1, s 2 commenced 18 December 2009 (LA s 75 (1))

sch 1 pt 1.5 commenced 13 August 2010 (s 2 (1) and CN2010-9)

Justice and Community Safety Legislation Amendment Act 2010 A2010-13 sch 1 pt 1.8

notified LR 31 March 2010

s 1, s 2 commenced 31 March 2010 (LA s 75 (1))

sch 1 pt 1.8 commenced 13 August 2010 (s 2 (2) (a) and see A2009-54 s 2 (1) and CN2010-9)

Justice and Community Safety Legislation Amendment Act 2012 A2012-13 sch 1 pt 1.9

notified LR 11 April 2012

s 1, s 2 commenced 11 April 2012 (LA s 75 (1))

sch 1 pt 1.9 commenced 12 April 2012 (s 2 (1))

4     Amendment history

Dictionary
s 2     orig s 2 am 1985 No 34
    om 1992 No 23 sch 1
    (prev s 3) am 1954 No 16; 1982 No 38; 1985 No 34; 1988 No 17 sch 2
    renum as s 2 2001 No 44 amdt 1.4109
    sub A2005-43 amdt 1.43
    def bank om 1999 No 33 sch
    def books am 1995 No 46 sch
    def financial institution am 2001 No 44 amdt 1.4108
    def first valuation day ins 1992 No 49 s 4
    def officer am 1995 No 46 sch
    def related corporation om 1995 No 46 sch
    def related body corporate ins 1995 No 46 sch
    def trustee company am 1992 No 23 sch 1; 1995 No 46 sch
    def valuation day ins 1992 No 49 s 4

Notes
s 3     ins 2001 No 44 amdt 1.4110
    sub A2005-43 amdt 1.43

Change of name
s 3A     ins 1993 No 53 s 4
    om A2009-54 amdt 1.9

Authorisation given to trustee company to act by person entitled to probate
s 5     sub 1992 No 49 s 5
    am A2005-43 amdt 1.44

Authorisation given to trustee company to act by 1 of several executors
s 6 hdg     sub 1994 No 26 note
s 6     sub 1992 No 49 s 5

Authorisation given to trustee company to act by person entitled to administration with will annexed
s 7     sub 1992 No 49 s 5

Authorisation given to trustee company to act by person entitled to administration on intestacy
s 8     sub 1992 No 49 s 5

Capacity of trustee company to act
s 8A     ins 1992 No 49 s 5

Assets of company to be liable for proper administration of estates
s 10     am 1966 No 19; 1985 No 34
    sub A2005-43 amdt 1.45

Company may be appointed trustee, receiver or guardian of estate
s 11     am 1985 No 34; 1994 No 26 sch; A2005-43 amdt 1.46

Company may act under power of attorney by managing director, manager or 2 directors
s 12     am 1985 No 34

Company may be appointed to act as temporary executor or administrator
s 13     am 1993 No 53 sch

Application for consent under s 14
s 15 hdg     sub A2005-43 amdt 1.47
s 15     am 1985 No 34; 1993 No 53 sch; 1994 No 26 sch; A2005-43 amdt 1.48; A2009-20 amdt 3.210

Manager and directors personally responsible to court
s 17     am 1985 No 34

Estate fees
s 18     am 1954 No 16; 1966 No 19; 1985 No 34
    sub 1992 No 49 s 6
    om A2009-54 amdt 1.10

Fees for preparation of returns
s 18A     ins 1992 No 49 s 6
    am A2005-43 amdt 1.49
    om A2009-54 amdt 1.11

Fees generally
s 18B     ins 1992 No 49 s 6
    om A2009-54 amdt 1.12

Trustee company to be subject to same duties as individual
s 19     am 1993 No 53 sch

Company may hold property as joint tenant
s 19A     ins 1954 No 16

Company may be removed from office by court and provisions for relief against company or directors
s 20     am A2005-43 amdt 1.50

Order for account on application of trustee etc
s 21     am 1993 No 53 sch; A2004-2 amdt 1.58, amdt 1.59; A2005-43 amdt 1.51, amdt 1.52
    om A2009-54 amdt 1.13

Supreme Court may order audit in any estate committed to the company
s 22     am 1985 No 34; 1993 No 53 sch; 1998 No 54 sch; A2005-43 amdt 1.53, amdt 1.54
    om A2009-54 amdt 1.14

Voluntary winding-up of company or disposal of shares may be restrained by Supreme Court
s 23     am 1993 No 53 sch; A2005-43 amdts 1.55-1.57

Restriction on classes of business
s 24     am 1954 No 14; 1962 No 7; 1966 No 19; 1982 No 93; 1985 No 34; 1995 No 46 sch; 1998 No 54 sch; ss renum R5 LA; A2005-43 amdt 1.58
    om A2009-54 amdt 1.15

Separate accounts of each estate to be kept
s 25     om A2009-54 amdt 1.16

Contributory investments
s 25A     ins 1985 No 34
    am 1994 No 26 sch; 2001 No 56 amdt 3.858
    om A2009-54 amdt 1.17

Common trust funds
s 25B     ins 1992 No 49 s 7
    am 1994 No 26 sch
    om A2009-54 amdt 1.18

Crediting of money to common trust fund
s 25C     ins 1992 No 49 s 7
    om A2009-54 amdt 1.19

Investment in and withdrawal from common trust fund
s 25D     ins 1992 No 49 s 7
    om A2009-54 amdt 1.20

Beneficial interest in common trust fund
s 25E     ins 1992 No 49 s 7
    om A2009-54 amdt 1.21

Valuation of common trust fund
s 25F     ins 1992 No 49 s 7
    om A2009-54 amdt 1.22

Payment of income
s 25G     ins 1992 No 49 s 7
    om A2009-54 amdt 1.23

Realisation and acquisition of investments of common trust fund
s 25H     ins 1992 No 49 s 7
    om A2009-54 amdt 1.24

Trustee company acting jointly with another person
s 25I     ins 1992 No 49 s 7
    om A2009-54 amdt 1.25

Fees in relation to common trust fund
s 25J     ins 1992 No 49 s 7
    om A2009-54 amdt 1.26

Improper dealings with money
s 26     am 1966 No 19; 1985 No 34; 1998 No 54 sch
    om A2009-54 amdt 1.27

Power to deposit amounts with banks
s 27     am 1985 No 34
    sub A2005-43 amdt 1.59
    om A2009-54 amdt 1.28

Payment of money unclaimed
s 28     am 1966 No 19; 1985 No 34; 1988 No 17 sch 2; 1993 No 53 sch; 1998 No 54 sch; ss renum R5 LA; A2005-43 amdt 1.60
    om A2009-54 amdt 1.29

Persons entitled may apply subsequently
s 29     am 1985 No 34; 1988 No 17 sch 2; A2005-43 amdt 1.61
    om A2009-54 amdt 1.30

Order for account on application of Minister
s 30     am 1985 No 34; 1988 No 17 sch 2; 1993 No 53 sch; A2005-43 amdts 1.62-1.64
    om A2009-54 amdt 1.31

Quarterly financial declarations
s 31     am 1966 No 19; 1985 No 34; 1988 No 17 sch 2; 1998 No 54 sch; 2001 No 44 amdt 1.4111, amdt 1.4112; pars renum R5 LA
    om A2009-54 amdt 1.32

Information etc for Minister
s 31A     ins 1985 No 34
    am 1988 No 17 sch 2; 1993 No 53 sch; 1998 No 54 sch
    om A2009-54 amdt 1.33

Inquiries and audits
s 31B     ins 1985 No 34
    am 1988 No 17 sch 2; 1998 No 54 sch; A2005-43 amdt 1.65
    om A2009-54 amdt 1.34

Testators may appoint own lawyers
s 33     am 1993 No 53 sch; 1997 No 96 sch 1
    sub A2005-43 amdt 1.66

Incorporation and powers of company except so far as specifically altered to remain
s 34     om A2009-54 amdt 1.35

Approved forms
s 34A     ins 2001 No 44 amdt 1.4113
    (4)-(7) exp 12 September 2002 (s 34A (7))
    om A2009-54 amdt 1.36

Transfer determinations
s 34B hdg     sub A2012-13 amdt 1.41
s 34B     ins A2010-13 amdt 1.34
    am A2012-13 amdt 1.42

Regulation-making power
s 35     am 1966 No 19; 1985 No 34; 1988 No 17 sch 2; 1989 No 38 sch 1; 1998 No 54 sch
    sub 2001 No 44 amdt 1.4114

Transitional
s 36     ins 2000 No 80 amdt 3.28
    om A2009-54 amdt 1.37

Transitional—def trustee company
s 37     ins A2009-54 amdt 1.38
    exp 13 August 2011 (s 37 (2) (a))

Specified trustee companies
sch 1 hdg     sub 1985 No 34
    sub 2001 No 44 amdt 1.4115
sch 1     am 1954 No 16; 1960 No 7; 1961 No 19; 1962 No 11; 1965 No 4; 1966 No 12; 1968 No 8; 1984 No 6
    om A2009-54 amdt 1.39

Quarterly financial declaration
sch 2     am 1966 No 19
    sub 1985 No 34
    am 1994 No 26 sch; 1995 No 46 sch
    om 2001 No 44 amdt 1.4116

Dictionary
dict     ins A2005-43 amdt 1.67
    am A2009-20 amdt 3.211
    def books ins A2005-43 amdt 1.67
    def first valuation day ins A2005-43 amdt 1.67
    def officer ins A2005-43 amdt 1.67
    def trustee company ins A2005-43 amdt 1.67
    sub A2009-54 amdt 1.40; A2010-13 amdt 1.35
    def valuation day ins A2005-43 amdt 1.67

5     Earlier republications

Some earlier republications were not numbered. The number in column 1 refers to the publication order.

Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register. A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1. Electronic and printed versions of an authorised republication are identical.

Republication No	Amendments to	Republication date
1	Ord 1989 No 38	30 September 1991
2	Act 1992 No 49	31 July 1993
3	Act 1995 No 46	1 January 1996
4	Act 1998 No 54	31 March 1999
5	Act 2001 No 56	9 August 2002
6	A2001-56	13 September 2002
7	A2004-2	22 March 2004
8	A2005-43	1 October 2005
9	A2009-20	22 September 2009
10	A2010-13	13 August 2010
11	A2010-13	14 August 2011

© Australian Capital Territory 2012

Australian Capital Territory

A1947-15

Republication No 12

Effective: 12 April 2012

Republication date: 12 April 2012

Last amendment made by A2012-13





Unauthorised version prepared by ACT Parliamentary Counsel's Office
About this republication

The republished law

This is a republication of the Trustee Companies Act 1947

(including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes)) as in force on 12 April 2012

. It also includes any commencement, amendment, repeal or expiry affecting this republished law to 12 April 2012

.

The legislation history and amendment history of the republished law are set out in endnotes 3 and 4.

Kinds of republications

The Parliamentary Counsel's Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at www.legislation.act.gov.au):

              • authorised republications to which the Legislation Act 2001 applies

              • unauthorised republications.

The status of this republication appears on the bottom of each page.

Editorial changes

The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication. Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117). The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.

This republication includes amendments made under part 11.3 (see endnote 1).

Uncommenced provisions and amendments

If a provision of the republished law has not commenced, the symbol  U  appears immediately before the provision heading. Any uncommenced amendments that affect this republished law are accessible on the ACT legislation register (www.legislation.act.gov.au). For more information, see the home page for this law on the register.

Modifications

If a provision of the republished law is affected by a current modification, the symbol  M  appears immediately before the provision heading. The text of the modifying provision appears in the endnotes. For the legal status of modifications, see the Legislation Act 2001, section 95.

Penalties

At the republication date, the value of a penalty unit for an offence against this law is $110 for an individual and $550 for a corporation (see Legislation Act 2001, s 133).

Australian Capital Territory

Trustee Companies Act 1947

Endnotes18

Trustee Companies Act 1947