South Australian Current Acts South Australian Current Acts31—Shares with contingent liability
(1) Where trust
property includes shares not fully paid up in any company in respect of which
there is a contingent liability to contribute, then so soon as the trustee has
procured registration of those shares in the name of some other person he may
transfer and distribute the trust property without retaining any portion
thereof for payment of calls made on those shares after the date of the
registration whether made by the company or its directors or by its liquidator
in a winding up or by a receiver or manager on behalf of the holders of any
debenture or otherwise, and the trustee shall not in such case be personally
liable to pay any call after the registration except to the extent of trust
property which, at the time when the call is made remains, or should in the
due course of administration have remained, in his hands and is, or should
have been, available for paying such calls.
(2) This section shall
not affect the right to follow assets into the hands of any person or persons
to or amongst whom the assets may have been transferred or distributed for the
purposes of recovering payment of any such call.
(3) This section
applies to trusts created either before or after the commencement of the
Trustee Act Amendment Act 1941 .