Western Australian Current Acts

TRUSTEES ACT 1962

TABLE OF PROVISIONS

           Long Title

   PART I -- Preliminary  

   1.      Short title
            
   2.      Commencement
            
   4.      Repeals
            
   5.      Application
            
   6.      Terms used

   PART II -- Appointment and discharge of trustees  

   7.      New trustees, appointment of
            
   8.      New trustee, protection for people dealing with in good faith
            
   9.      Trustee may retire without replacement in some cases
            
   10.     Trust property, vesting of in new or continuing trustees
            
   11.     Corporation may act as trustee in some cases
            
   12.     Renouncing probate etc., effect of
            
   13.     Trustee corporation obtaining probate etc., effect of
            
   14.     Advisory trustees, appointment and functions of
            
   15.     Custodian trustees, appointment and functions of

   PART III -- Investments  

   16.     Application of PART
            
   17.     Trust funds, investment of
            
   18.     Investment power of trustees, exercise of
            
   19.     Investment power of trustees, rules of law and equity apply
            
   20.     Investment by trustee, matters to be considered
            
   21.     Company shares etc. held in trust, trustees’ powers as to
            
   22.     Choses in action under RITS system, presumptions as to
            
   23.     Calls on shares, trustees’ powers as to
            
   24.     Residence for beneficiary, power to invest in etc.
            
   25.     Retained authorised investments, no liability for
            
   26.     Loans secured against property, trustees’ liability for
            
   26A.    Improper loans, trustees’ limited liability for
            
   26B.    Breach of trust as to investments, factors to be considered by Court
            
   26C.    Breach of trust as to investments, Court may set off losses against gains
            
   26D.    Housing loans, trustees’ liability for
            
   26E.    Authorised trustee investments, meaning of

   PART IV -- General powers of trustees  

   27.     Property, powers to sell, lease, exchange, etc.
            
   28.     Trust or power to sell property, duration of
            
   28A.    Option to purchase land, trustees’ liability for grant of
            
   29.     Rule against perpetuities, application of
            
   30.     Property, miscellaneous powers as to
            
   31.     Trust or power to sell, ancillary powers to
            
   32.     Depreciatory conditions of sale, effect of
            
   33.     Land may be sold and proceeds secured by mortgage
            
   34.     Property may be sold on terms of deferred payment
            
   35.     Onerous leases or property may be surrendered
            
   36.     Leases may be renewed
            
   37.     Equity of redemption may be purchased instead of foreclosing
            
   38.     Property may be sold after right of redemption barred
            
   39.     Equity of redemption may be released in discharge of mortgage debt
            
   40.     Trustee as mortgagee in possession, application of income by
            
   41.     Receipts may be given
            
   42.     Property, debts, etc., miscellaneous powers as to
            
   43.     Capital money may be raised by sale, mortgage, etc. of trust property
            
   44.     Purchasers etc. dealing with trustees, protection for
            
   45.     Trustees dying, devolution of powers or trusts
            
   46.     Insuring trust property
            
   47.     Insurance money, application of
            
   48.     Trust’s documents may be put in safe custody
            
   49.     Reversionary interests, powers as to
            
   50.     Valuation of trust property, powers as to
            
   51.     Trust’s accounts, audit of
            
   52.     Co-owners, power to act in conjunction with
            
   53.     Agents, attorneys, etc., power to employ
            
   54.     Delegation of trustees’ powers during absence from State or incapacity
            
   55.     Business, trade, etc. of deceased, power to carry on
            
   56.     Business, power to convert into, or sell to, a company
            
   57.     Trustee may sue himself in a different capacity

   PART V -- Maintenance, advancement and protective trusts  

   58.     Infant beneficiary, application of income until
            
   59.     Capital may be applied for maintenance, education, etc.
            
   60.     Advances for maintenance etc. may be made conditionally
            
   61.     Protective trusts, rules as to

   PART VI -- Indemnities and protection of trustees, etc.  

   62.     Leases etc., trustees’ liability under
            
   63.     Deceased estate, advertising for claims against, trustees’ protection
            
   64.     Claims etc., procedure for barring
            
   65.     Deceased estate, claims made after distribution of, tracing, following assets
            
   66.     Unknown beneficiaries, advertising for, distribution of shares of
            
   67.     Service of notices etc. under s. 30(1)(k), 64 and 66
            
           68. Trustee of more than one trust, protection as to notice
            
   69.     Powers of attorney, protection for trustees relying on
            
   70.     Trustees liable for own defaults etc. only
            
   71.     Trustees’ expenses, reimbursement out of trust property
            
   72.     Chattels, bequest for life etc. or interest in, trustees’ protection
            
   73.     Chattels bequeathed to infant, dealing with
            
   74.     Shares, trustees’ liability for calls on after transfer of
            
   75.     Breach of trust, Court may relieve trustee from personal liability for
            
   76.     Breach of trust, Court may order beneficiary to give indemnity for

   PART VII -- Further powers of the Court

           Division 1 -- Appointment of new trustees  

   77.     New trustees, Court may appoint

           Division 2 -- Vesting orders  

   78.     Vesting orders, when Court may make
            
   79.     Vesting orders, terms of etc.
            
   80.     Contingent rights of unborn persons, orders as to
            
   81.     Mortgagee under a disability, orders as to
            
   82.     Infant’s beneficial interest, orders as to
            
   83.     Order for sale or mortgage of land, effect of etc.
            
   84.     Orders for conveyance of land etc., consequential declarations and orders as to
            
   85.     Vesting orders, effect of
            
   86.     Vested stock etc., directions as to transfer of etc.
            
   87.     Person may be appointed to convey instead of vesting order
            
   88.     Charities etc., vesting property in

           Division 3 -- Jurisdiction to make other orders  

   89.     Additional powers, Court may confer on trustee etc.
            
   90.     Varying or revoking certain trusts, Court’s powers as to
            
   91.     Periodic payments, Court may vary amount of
            
   92.     Directions, trustee may ask Court for
            
   93.     Applications to Court, who may make
            
   94.     Review of trustee’s acts by Court etc.
            
   95.     Trustee acting under Court’s direction, protection of
            
   96.     Absence etc. of parties, Court may proceed in
            
   97.     Costs of court proceedings, orders as to
            
   98.     Trustees’ remuneration
            
   99.     Payment into Court by trustees

   PART VIII -- Miscellaneous  

   100.    Indemnity to persons acting under this Act etc.
            
   101.    Bankers acting on trustees’ authority, protection of
            
   102.    Non-charitable and invalid purposes, inclusion does not invalidate a trust
            
   103.    Interest bearing securities, apportionment of interest on sale etc.
            
   104.    Residuary estate of deceased, application of income from
            
   105.    Residuary estate of deceased, application of income pending sale etc.
            
   106.    Annuities etc., to be applied as income in some cases
            
   107.    Trustees’ remuneration deemed testamentary expenses
            
   108.    Missing beneficiaries etc., costs of inquiries as to
            
   109.    Life tenant etc. to have powers of a trustee in certain cases
            
   110.    Regulations
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