Trustee Legislation (Miscellaneous Amendments) Act 2006
An Act to amend the Public Trustee Act 1930 , the Trustee Act 1898 and 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:
PART 1 - Preliminary
This Act may be cited as the Trustee Legislation (Miscellaneous Amendments) Act 2006 .
This Act commences on a day to be proclaimed.
PART 2 - Public Trustee Act 1930 Amended
In this Part, the Public Trustee Act 1930 is referred to as the Principal Act.
4. Section 3 amended (Interpretation)
Section 3(1) of the Principal Act is amended as follows:(a) by omitting "person." from the definition of spouse and substituting "person;";(b) by inserting the following definition after the definition of spouse :trust instrument includes an order of a court that gives rise to a trust.
5. Section 20 amended (Administration of small estates without grant of probate or administration)
Section 20 of the Principal Act is amended as follows:(a) by omitting from subsection (1) "$20 000" and substituting "the prescribed amount";(b) by omitting from subsection (4)(a) "the sum of $21 000" and substituting "the prescribed amount".
6. Section 20A amended (Administration of small estates)
Section 20A of the Principal Act is amended as follows:(a) by omitting from subsection (1) "$2 000" and substituting "the prescribed amount";(b) by omitting from subsection (5) "$2 000" and substituting "the prescribed amount".
7. Section 32 amended (Express powers of Public Trustee)
Section 32 of the Principal Act is amended as follows:(a) by omitting from subsection (1)(y) "$5 000" and substituting "the prescribed amount";(b) by omitting from subsection (1)(z) "Commissioner of Taxes" and substituting "Commissioner of State Revenue";(c) by omitting subsection (2) ;(d) by omitting subsection (4) .
8. Section 34 amended (Power of Public Trustee to apply income and capital for maintenance, &c., of infant)
Section 34(1)(b) of the Principal Act is amended by omitting "the sum of $2 000" and substituting "the prescribed amount".
9. Section 56 amended (Allowance by Public Trustee of claims, &c., against estates)
Section 56(c) of the Principal Act is amended by omitting "$5 000" and substituting "the prescribed amount".
10. Section 63 amended (Payment of small sums without probate or letters of administration)
Section 63(1) of the Principal Act is amended by omitting "$2 000" and substituting "the prescribed amount".
11. Section 72 amended (Remedy against Public Trustee)
Section 72 of the Principal Act is amended as follows:(a) by omitting "him" and substituting "the Public Trustee";(b) by omitting "his" and substituting "its".
12. Section 74 amended (Power of Public Trustee to submit certain matters for opinion or direction of judge)
Section 74(1) of the Principal Act is amended by omitting "$10 000" and substituting "the prescribed amount".
PART 3 - Trustee Act 1898 Amended
In this Part, the Trustee Act 1898 is referred to as the Principal Act.
14. Section 25A amended (Distribution of property or estate after notice by trustee or executor or administrator)
Section 25A of the Principal Act is amended by omitting subsection (2) and substituting the following subsection:(2) Subject to subsection (3) , the notice required to be given by a trustee or an executor or administrator of a deceased person for the purposes of subsection (1) is to be published –(a) in the Gazette; and(b) in at least one newspaper published or circulating in the locality in which the deceased person resided or carried on business immediately before his or her death.
15. Schedule II repealed
Schedule II to the Principal Act is repealed.
PART 4 - Trustee Companies Act 1953 Amended
In this Part, the Trustee Companies Act 1953 is referred to as the Principal Act.
17. Section 10A amended (Election to administer small estates without grant of probate, &c.)
Section 10A of the Principal Act is amended as follows:(a) by omitting from subsection (1)(c) "$20 000" and substituting "the prescribed amount";(b) by omitting from subsection (6)(a) "$22 000" and substituting "the prescribed amount".
18. Section 18 amended (Commission chargeable by trustee company)
Section 18(4A) of the Principal Act is amended as follows:(a) by omitting "$100 or such other amount as may be prescribed" and substituting "the prescribed amount";(b) by omitting "sum" and substituting "amount".
[Second reading presentation speech made in:
House of Assembly on 14 JUNE 2006
Legislative Council on 13 JULY 2006]