PUBLIC TRUST OFFICE ACT, 1872.
The preamble states tli it it is expedient to make provision for the custody and management of certain property held in trust within the Colony of l\ew Zealand.
Clause 3 provides for the establishment of a public trust office and the appointment of a public trustee by the Governor.
Clause 4 constitutes the public trustee a Corporation sole. Clause 5 prohibits the public trustee sitting in the Colonial or Provincial Parliaments, or of 'engaging in business ; but permits his holding shares in public companies.
Clauses 6 to 8 inclusive, give power to the Governor to appoint other officers and fix their salaries. They are to give security. Clause 9 authorises the Governor, by Order in Council, to determine the duties of the officers, and. fix the scale of charges. Clause 10 authorises the Colonial Treasurer, with 'the advice of the AttorneyGeneral, to determine any doubtful question.
Clause 11 renders it lawful for the Governor, by Order in Council, to vest public trust property in the public trustee. Clause 12 provides for working such Order.
Clause 13. Private property or the property of any company or association may be vested in the public trustee by deed or will. By the same clause building, land, or friendly societies may convey securities in trust to him.
Clause 14. A Board, consisting of the Colonial Treasurer, the Government Annuities Commissioner, the Auditor, and the Public Trustee, are to decide whether property can be administered in terms of the conveyance, and the trust to be accepted or rejected accordingly. Clause 15 prescribes that notice of acceptance or rejection of a proffered trust is to be given. Clause 17 provides that a testator may deposit a will in the Public Trust office. If such will is opened prior to the death of the testator, the person guilty of such an Act to be liable to a penalty of LIOO,
Clause 18 gives power to the Supreme Court to appoint the public trustee, a trustee or guardian of any property, or a committee of a lunatic's estate.
The remaining clauses, of which there are 26, relate to the management of the office, provide as far as possible against abuse or fraud.
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Tuapeka Times, Volume V, Issue 237, 15 August 1872, Page 5
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369PUBLIC TRUST OFFICE ACT, 1872. Tuapeka Times, Volume V, Issue 237, 15 August 1872, Page 5
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