Victorian Current Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

ANZ EXECUTORS & TRUSTEE COMPANY ACT 1983 - SECT 2

Definitions

In this Act unless inconsistent with the context or subject-matter—

"Bank" means Australia and New Zealand Banking Group Limited;

"excluded items" means—

        (a)     all assets held by or for the Old Trustee of which the Old Trustee is the beneficial owner (other than the assets included in the definition of the trust business of the Old Trustee);

        (b)     all rights of the Old Trustee to any security deposits or similar sums or assets lodged with any court, public office or authority (including debentures or inscribed stock invested in by the Old Trustee pursuant to section 10 of the Trustee Companies Act 1958 );

        (c)     all liabilities of the Old Trustee present or future certain or contingent ascertained or sounding only in damages and all claims by persons against the Old Trustee and any officer of the Old Trustee in respect of breach of trust, misfeasance non-feasance or the exercise of or failure to exercise discretion in acting in the capacity of trustee, including claims in respect of any deficiency in trust assets whether or not the claims have been notified or ascertained;

        (d)     the right of the Old Trustee to indemnity under any insurance policy held by it other than in the capacity of trustee;

        (e)     the right to contribution by members and ex-members of the Old Trustee pursuant to clause 1 of the Second Schedule to the Trustee Companies Act 1958 ; and

        (f)     all the assets undertakings and liabilities of the Old Trustee in its businesses of property developer, packager of projects, entrepreneur, property owner, renovator and dealer, short-term money market dealer, mortgage lender of its own money, dealer in securities and any other businesses it conducted on its own behalf;

"in the capacity of trustee" means (whether alone or jointly with any other person)—

        (a)     as trustee or custodian trustee of any trust deed, settlement, covenant, agreement or will, whether originally so appointed or not and whether appointed under hand or seal or by order of a court or otherwise;

        (b)     as executor of a will of a deceased person;

        (c)     as administrator of the estate of a deceased person;

        (d)     as judicial trustee appointed by order of any court;

        (e)     as agent, attorney or nominee; or

        (f)     as receiver, committee or guardian of estates under the Mental Health Act 1959 or the Public Trustee Act 1958 or as guarantor or surety or guardian of a minor or lunatic;

"land" includes any estate, interest or right in over or under land;

"Old Trustee" means The Trustees Executors & Agency Company Limited;

"the trust business of the Old Trustee" means the business of the Old Trustee of acting in the capacity of trustee and includes—

        (a)     the assets held on trust by the Old Trustee including all records, securities and other documents and information whether recorded on paper, microfilm, magnetic tape or disc or otherwise held or maintained by the Old Trustee in its capacity of trustee;

        (b)     the liabilities and obligations properly incurred by the Old Trustee acting in the capacity of trustee including undertakings to courts and public officers and authorities;

        (c)     the rights of indemnity of the Old Trustee against trust assets in respect of liabilities incurred by the Old Trustee acting as trustee;

        (d)     the rights of the Old Trustee to commission, remuneration, fees and reimbursement for disbursements whether billed or unbilled in respect of its acting in the capacity of trustee;

        (e)     the benefit and obligations under contracts of employment with employees of the Old Trustee who are employed primarily in the trust business of the Old Trustee including obligations with respect to holiday pay, long service leave, sick leave and other benefits applicable to those employees other than the liability to make any payments to any superannuation scheme that should have been but have not been made before the commencement of Part V;

        (f)     the benefit and obligations under rental or leasing contracts in respect of the computers used by the Old Trustee in the trust business of the Old Trustee;

        (g)     all rights of the Old Trustee in respect of the use of the computer programmes used by the Old Trustee in the trust business of the Old Trustee;

        (h)     all the issued shares of The Trustees Executors and Agency Company (Canberra) Limited;

              (i)     all the issued shares of T.E.A. Nominees Limited;
s. 2

        (j)     all the shares in the Executor Trustee and Agency Company of South Australia Limited owned by the Old Trustee;

        (k)     the corporate and accounting records of the Old Trustee to the extent to which they relate to the trust business of the Old Trustee;

        (l)     the liability to perform further administration of any trust or other administration undertaken by the Old Trustee;

        (m)     all assets of trusts and other appointments of the Old Trustee in its business of acting in the capacity of trustee; and

        (n)     all other assets and undertakings of the Old Trustee being part of or incidental to or used in its business of acting in the capacity of trustee

but does not include the excluded items;

"will" includes a codicil and any other testamentary writing.

__________________

PART II—ALTERATIONS TO THE STRUCTURE CAPITAL AND NAME OF GARIWANG PTY. LTD.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback