South Australian Consolidated Acts

TRUSTEE COMPANIES ACT 1988 - SECT 25

25—Appointment by Court of administrator of trustee company's affairs

        (1)         Where it appears to the Court—

            (a)         that proceedings to wind up a trustee company have commenced; or

            (b)         that a trustee company is not in a position to carry out its fiduciary duties; or

            (c)         that a trustee company has committed serious breaches of its fiduciary duties such that the power conferred by this section should be exercised,

the Court may, on application by the Minister, appoint an administrator to administer the company's affairs insofar as they involve the performance of fiduciary duties.

        (2)         The Court may determine—

            (a)         the powers and duties of an administrator appointed under this section; and

            (b)         the terms and conditions on which the administrator is appointed.

        (3)         The Court may at any time terminate an appointment made under this section.