Australian Capital Territory Numbered Acts

TRUSTEE (AMENDMENT) ACT 1999 (NO. 28 OF 1999) - SCHEDULE

    SCHEDULE     Section 20

CONSEQUENTIAL AMENDMENTS

Financial Management Act 1996

Section 53—

    Omit “in any investment specified in section 14 of”, substitute “as if the Treasurer were a trustee under”.

Public Trustee Act 1985

Subsection 4 (1) (definition of “common fund”)—

    Omit “the common”, substitute “a common”.

Subsection 47 (1)—

    Omit “the common”, substitute “a common”.

Heading to Division 2 of Part 6—

    Omit “"Fund"”, substitute “"funds"”.

Subsection 55 (1)—

    Omit “a common fund”, substitute “1 or more common funds”.

Subsection 55 (2)—

    Omit “the common fund”, substitute “1 or more of the common funds”.

Subsection 55 (3)—

    Omit “the common” (wherever occurring), substitute “a common”.

Subsection 55 (4)—

    Omit “the common” (first occurring), substitute “a common”.

Subsections 56 (1) and (2)—

    Omit “the common”, substitute “a common”.

Section 57—

    Omit “the common”, substitute “a common”.

Paragraph 57 (c)—

    Omit “interest”, substitute “capital or income”.

Subsections 58 (1) and (2)—

    Omit “the common”, substitute “a common”.

Subsection 58 (3)—

    Omit the subsection, substitute the following subsection:

“(3)     An amount withdrawn from a common fund under this section shall, from the date of withdrawal, cease to have a claim for any benefit from the common fund.”.

Section 59—

    Repeal the section, substitute the following section:

“59.     Distribution of capital and income

    Subject to any general direction of the Board about the distribution of capital or income paid into an income account, the capital or income is to be distributed to the estates, trusts or persons having an interest in the common fund at times decided by the Public Trustee.”.

Subsections 59A (2) and (3)—

    Omit “the common”, substitute “a common”.

Section 60—

    Repeal the section, substitute the following section:

“60.     Income accounts

“(1)     The Public Trustee shall establish and maintain for each common fund an account called an income account.

“(2)     The income account forms part of the common fund.

“(3)     The Public Trustee shall pay any capital or income received in relation to the common fund into that income account.

“(4)     If an amount to the credit of the income account is not for the time being required—

(a)     to be distributed under section 59;

(b)     to be transferred to the Common Fund Guarantee and Reserve Account under section 61; or

(c)     to be applied in accordance with section 63 (Application of surplus funds);

the amount, or the part of the amount decided by the Board, shall be invested by the Public Trustee in accordance with the Board's directions.

“(5)     Capital or income received on investments made under subsection (4) is to be paid into the income account.”.

Subsection 61 (2)—

    Omit “of the common”, substitute “of a common”.

Subsection 61 (3)—

    (a)     Omit “payment of interest”, substitute “distribution of capital and income”.

    (b)     Omit “the Common Fund Interest Account”, substitute “an income account”.

Paragraph 61 (5) (a)—

    Omit “the common” (first occurring), substitute “a common”.

Paragraphs 61 (5) (b), (c) and (d)—

    Omit “the common” (wherever occurring), substitute “a common”.

Subsection 61 (7)—

    Omit “Interest”, substitute “Capital or income”.

Section 63—

    Omit “the Common Fund Interest Account”, substitute “an income account”.

Section 64—

    Omit “the common”, substitute “a common”.

Subsection 65 (1)—

    Omit “the common fund”, substitute “a common fund containing money received by the Public Trustee on behalf of the estate, trust or person”.