Victorian Current Acts

TRUSTEE ACT 1958

TABLE OF PROVISIONS

           Long Title

   PART IA--PRELIMINARY

   1.      Short title and commencement  
   2.      Repeals, savings and application of Act  
   3.      Definitions  

   PART I--INVESTMENTS

   4.      Application of Part  
   5.      Investments of trust funds  
   6.      Duties of trustee in respect of power of investment  
   7.      Law and equity preserved  
   8.      Matters to which trustee must have regard in exercising power of investment  
   9.      Powers of trustee in relation to securities  
   9A.     Investment in securities under RITS system  
   10.     Power of trustee as to calls on shares  
   11.     Power to purchase dwelling house as residence for beneficiary  
   12.     Power of trustee to retain investments  
   12A.    Loans and investments by trustees not breaches of trust in certain circumstances  
   12B.    Limitation of liability of trustee for loss on improper investments  
   12C.    Factors Court may take into account in action for breach of trust  
   12D.    Power of Court to set off gains and losses arising from investment  
   12E.    Housing loans by trustees  
   12F.    Transitional provision  

   PART II--GENERAL POWERS OF TRUSTEES AND PERSONAL REPRESENTATIVES

           Division 1--General powers

   13.     Power of trustees to sell by auction etc.  
   14.     Duration of trust or power to sell  
   15.     Power to sell subject to depreciatory conditions  
   16.     Mortgage on sale of land  
   17.     Deferred payment on sale of land  
   18.     Power to trustees to give receipts  
   19.     Power to compound liabilities  
   20.     Power to raise money by sale, mortgage etc.  
   21.     Protection to purchasers and mortgagees dealing with trustees  
   22.     Devolution of powers or trusts  
   23.     Power to insure  
   24.     Application of insurance money where policy kept up under any trust power or obligation  
   25.     Deposit of documents with bankers for safe custody  
   26.     Reversionary interests and valuations  
   27.     Audit  
   28.     Power to employ agents  
   29.     Power to concur with others  
   30.     Power to delegate trusts during absence abroad[6]  
   31.     Trustee's power of appropriation[7]  

           Division 2--Indemnities

   32.     Protection against liability in respect of rents and covenants  
   33.     Protection by means of advertisements  
   34.     Personal representatives relieved from personal liability in respect of calls made after transfer of shares  
   35.     Protection in regard to notice when a person is trustee etc. of more than one estate or trust  
   36.     Implied indemnity of trustees  

           Division 3--Maintenance advancement and protective trusts

   37.     Power to apply income for maintenance etc. and to accumulate surplus income during a minority  
   38.     Use of capital for maintenance education advancement and benefit of beneficiaries  
   39.     Protective trusts  

   PART III--APPOINTMENT AND DISCHARGE OF TRUSTEES

   40.     Limitation of the number of trustees  
   41.     Power of appointing new or additional trustees  
   42.     Supplemental provisions as to appointment of trustees  
   43.     Evidence as to vacancy in a trust  
   44.     Retirement of trustee without a new appointment  
   45.     Vesting of trust property in new trustee or continuing trustees  
   46.     Disclaimer of trusts on renunciation of probate  
   47.     Trustee company obtaining grant to become trustee  

   PART IV--POWERS OF THE COURT

           Division 1--Appointment of new trustees

   48.     Power of Court to appoint new trustees  
   49.     Effect of order under the preceding section  
   50.      Powers of new trustee appointed by the Court  

           Division 2--Vesting orders

   51.     Vesting orders  
   52.     In whom property to be vested etc.  
   53.     Orders as to contingent rights of unborn persons  
   54.     Vesting order in place of conveyance by minor or mortgagee with mental illness  
   55.     Vesting orders in relation to minor's beneficial interests  
   56.     Vesting order consequential on order for sale or mortgage of land  
   57.     Vesting order consequential on judgment for specific performance etc.  
   58.     Effect of vesting order  
   59.     Directions etc. as to manner of transferring stock etc.  
   60.     Power to appoint person to convey  
   61.     Vesting orders of charity property  
   62.     Commission concerning persons of unsound mind  

           Division 3--Jurisdiction to make other orders

   63.     Power of Court to authorize dealings with trust property  
   63A.    Power of Court to vary trusts  
   64.     Persons entitled to apply for orders  
   65.     Persons entitled to apply for trustee  
   66.     Power to charge costs or to order payment  
   67.     Power to relieve trustee from personal liability  
   68.     Indemnity for breach of trust[13]  

           Division 4--Payment into Court

   69.     Payment into court by trustees  

   PART V--GENERAL PROVISIONS

   70.     Application of Act to Settled Land Act trustees  
   71.     Appointment of certain corporations as custodian trustees  
   72.     Trust estates not affected by trustee becoming a convict[15]  
   74.     Application of income of settled residuary estate  
   75.     Certain periodical payments to be applied as income  
   76.     Payment to representative official on behalf of residents or subjects of countries outside Australia  
   77.     Commission allowable to trustee of a settlement  
   78.     Indemnity to banks etc.  
           FIRST SCHEDULE
           SECOND SCHEDULE
           ENDNOTES