New South Wales Consolidated Acts

CONVEYANCING ACT 1919 - SECT 151D

151D Power to appoint trustees of minors' property

(1)

(a) Where a minor is absolutely entitled under the will or on the intestacy of a person dying before or after the commencement of the Conveyancing (Amendment) Act 1930 (in this section called
"the deceased" ), to a devise or legacy, or to the residue of the estate of the deceased, or any share therein, and such devise, legacy, residue, or share is not under the will, if any, of the deceased, devised or bequeathed to trustees for the minor, the personal representatives of the deceased may by registered deed appoint a trust corporation or two or more individuals not exceeding four (whether or not including the personal representatives or one or more of the personal representatives) to be the trustee or trustees of such devise, legacy, residue, or share for the minor, and to be trustees of any land devised or any land being or forming part of such residue or share for the purposes of section 151C.

(b) Where a trust corporation, or a trust corporation and one or more individuals are the personal representatives of the deceased, the personal representatives may by registered deed appoint the trust corporation either alone or with one or two individuals (whether or not including one or both the individual personal representatives) to be such trustees for the minor.

(c) On such appointment the provisions of section 9 of the Trustee Act 1925 shall apply to the vesting in the trustees of such devise, legacy, residue, or share.

(d) On such appointment--

(i) the personal representatives, as such, shall be discharged from all further liability in respect of such devise, legacy, residue or share,

(ii) the rights to which the minor is entitled in virtue of such devise, legacy, residue or share shall be restricted to the property which, by the operation of this section and section 9 of the Trustee Act 1925 , is vested in the trustees for the minor and shall not extend to any other property,

(iii) the devise, legacy, residue or share may be retained in its existing condition or state of investment or may be converted into money and such money may be invested in any authorised investment.

(2) Where a personal representative has, before the commencement of the Conveyancing (Amendment) Act 1930 , retained or sold any such devise, legacy, residue, or share, and invested the same or the proceeds thereof in any investments in which the personal representative was authorised to invest money subject to the trust, then, subject to any order of the court made before such commencement, the personal representative shall not be deemed to have incurred any liability on that account, or by reason of not having paid or transferred the money or property into court.