Victorian Current Acts Victorian Current Acts(1) Trustees may deposit any documents held by them relating to the trust, or to the trust property, with any banker or banking company or any other company whose business includes the undertaking of the safe custody of documents, and any sum payable in respect of such deposit shall be charged against the income of the trust property.
(2) Where there are two or more trustees of a trust and the trustees by writing under their hands authorize a banker—
(a) to pay bills of exchange drawn upon the banking account of the trustees by the trustee or trustees named in that behalf in the authority; or
(b) to recognize as a valid indorsement upon any bill of exchange payable to the order of the trustees the indorsement thereon by the trustee or trustees named in that behalf in the authority—
the banker acting in pursuance of such an authority shall not be deemed privy to a breach of trust in the ground only of notice that the persons giving such authority were trustees, or that the instrument (if any) by which the trust was created did not contain any express power to give such an authority.
This subsection shall not affect any question of the liability of any trustee for breach of trust in so authorizing a banker as aforesaid; and in this subsection bill of exchange has the like meaning as in the Commonwealth Act known as the Bills of Exchange Act 1909–1936 or any amendment thereof.
(3) Whenever any payment received by a trustee in respect of a sale of trust property being securities bearing interest at a fixed rate is or includes payment for the right to receive any interest accrued from such securities at the time of such sale though such interest may not then be due the amount of such accrued interest shall for the purposes of the trust be deemed to have been received by the trustee as interest in respect of the period during which such interest so accrued.
(4) Whenever any payment made by a trustee out of trust money in respect of a purchase of any securities bearing interest at a fixed rate is or includes payment for the right to receive any interest accrued from such securities at the time of such purchase though such interest may not then be due, the amount of such accrued interest when received on account of the trust shall for the purposes of the trust be deemed to have been so received as purchase money repaid.
No. 5770 s. 26.