New South Wales Consolidated Acts
[Index]
[Table]
[Search]
[Search this Act]
[Notes]
[Noteup]
[Previous]
[Next]
[Download]
[History]
[Help]
TRUSTEE ACT 1925 - SECT 24
Accrued interest on debentures or stock sold or purchased
24 Accrued interest on debentures or stock sold or purchased
(1) Where any payment received by a trustee in respect of a sale of debentures
or inscribed stock bearing interest at a fixed rate shall be or include
payment for the right to receive any interest accrued from the debentures or
stock at the time of the sale, though the interest may not then be due, the
amount of the accrued interest shall for the purposes of the trust be deemed
to have been received as interest in respect of the period during which the
interest so accrued.
(2) Where any payment made by a trustee in respect of a
purchase of any debentures or inscribed stock bearing interest at a fixed rate
shall be or include payment for the right to receive any interest accrued from
the debentures or stock at the time of the purchase, though the interest may
not then be due, the amount of the accrued interest when received shall for
the purposes of the trust be deemed to have been received as purchase money
repaid.
(4) Anything done by a trustee before the commencement of this Act
which would have been authorised by this section if then in force shall be
deemed to have been and is hereby authorised by this Act.
(5) This section
applies only if and as far as a contrary intention is not expressed in the
instrument, if any, creating the trust, and shall have effect subject to the
terms of that instrument and to the provisions therein contained.
(6) This
section applies to trusts created either before or after the commencement of
this Act.
AustLII: Copyright Policy
| Disclaimers
| Privacy Policy
| Feedback