Trustee Companies Amendment Act 1997

Trustee Companies Amendment Act 1997

An Act to amend the Trustee Companies Act 1953

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

1.   Short title

This Act may be cited as the Trustee Companies Amendment Act 1997 .

2.   Commencement

This Act commences on the day after the day on which it receives the Royal Assent.

3.   Section 39 of the Trustee Companies Act 1953 substituted

Section 39 of the Trustee Companies Act 1953 is repealed and the following section is substituted:

39.   Trustee company to insure for uncalled liability

(1)  A trustee company must arrange with an insurer and keep in force at all times a policy of indemnity insurance for an amount which is not less than the total nominal value of the shares of the company issued on the commencement of this section.

(2)  A trustee company must, at the request of the Attorney-General, produce evidence of any insurance required to be arranged and kept in force under this section.

[Second reading presentation speech made in:

House of Assembly on 4 DECEMBER 1997

Legislative Council on 27 NOVEMBER 1997]