New South Wales Consolidated Acts

TRUSTEE ACT 1925 - SECT 47

47 Payment to the NSW Trustee or a trustee company

(1) Where any money is held in trust for a minor, or for a person who is unable to give a good discharge or cannot be found, the trustee may pay the money to the NSW Trustee or, except where the money is held in trust for a person who cannot be found, a trustee company, and on such payment shall furnish the NSW Trustee or trustee company, as the case may be, with a copy of the trust instrument, or where there is no such instrument, then with a statutory declaration setting forth the trusts on which the money is held and shall also furnish such information as to the disability or identity of the person for whom such money is held in trust as the public trustee or trustee company, as the case may be, may require.

(2) The NSW Trustee or trustee company shall hold the money in trust for the minor or for such other person in accordance with the trusts affecting the same.

(3) Where the money is held in trust for a minor or an insane or incapable person, the NSW Trustee or trustee company may at the NSW Trustee's or the trustee company's discretion exercise in respect of such money the powers conferred upon the NSW Trustee or trustee company, as the case may be, by this or any other Act in respect of money held in trust for a minor.

(4) This section applies to trusts created either before or after the commencement of this Act.