South Australian Current Acts South Australian Current Acts47—Payment into Court by trustees and mortgagees
(1) Trustees or
mortgagees, or the majority of trustees or mortgagees, having in their hands
or under their control money or securities belonging to a trust, or in respect
whereof a trust has arisen by implication or construction of law, may, on
filing an affidavit shortly describing the instrument under or in consequence
of which the trust arises, according to the best of their knowledge and
belief, or if there be no such instrument, then shortly setting out the facts
of the case, pay the money or securities into the Supreme Court.
(2) On such payment
the money or securities shall, subject to rules of court, be dealt with
according to the orders of the Supreme Court, which may also order the
administration of the trusts in respect of the money or securities.
(3) The receipt or
certificate of the proper officer shall be a sufficient discharge to trustees
for the money or securities so paid into court.
(4) Where any moneys
or securities are vested in any persons as trustees or mortgagees, and the
majority are desirous of paying the same into court, but the concurrence of
the other or others cannot be obtained, the Supreme Court may order the
payment into court to be made by the majority without the concurrence of the
other or others; and where any such moneys or securities are deposited with
any ADI, broker, or other depositary, the court may order payment or delivery
of the moneys or securities to the majority of the trustees for the purpose of
payment into court, and every transfer, payment, and delivery made in
pursuance of any such order shall be valid and take effect as if it had been
made on the authority or by the act of all the persons entitled to the moneys
and securities so transferred, paid, or delivered.