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Trustee Corporations Act [Cap 66]

LAWS OF FIJI

CHAPTER 66

TRUSTEE CORPORATIONS

ARRANGEMENT OF SECTIONS

SECTION
1. Short title.
2. Interpretation.
3. Registration of trustee corporations.
4. Cancellation of registration.
5. Deposit.
6. Assets of trustee corporation liable for proper administration.
7. Administration bonds.
8. Power to act as executor.
9. Power to act as administrator with will annexed.
10. Power to act as administrator.
11. Trustee corporation may carry out all duties of administrator.
12. Trustee corporation may act in other capacities.
13. Declarations, affidavits, etc.
14. Restriction on voluntary liquidation.
15. Contributory investments.
16. Settlors may appoint own barristers and solicitors.
17. Fees.
18. Unclaimed property.
19. Returns.

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TRUSTEE CORPORATIONS

Ordinance No. 50 of 1968

AN ACT TO MAKE PROVISION FOR THE ESTABLISHMENT AND
REGISTRATION OF TRUSTEE CORPORATIONS SPECIFYING THEIR
FUNCTIONS AND FOR MATTERS CONNECTED THEREWITH

[24th December, 1968]

Short title

1. This Act may be cited as the Trustee Corporations Act.

Interpretation

2. In this Act, unless the context otherwise requires-

"committee" means the person having the care and management of an incapable person or a person of unsound mind;

"court" means the Supreme Court of Fiji;

"manager" means the manager of a trustee corporation and any person carrying out the duties of the manager and includes the secretary of the trustee corporation and any person carrying out the duties of the secretary;

"Registrar" means the Registrar of Companies;

"trustee corporation" means a trustee corporation registered under the provisions of this Act.

Registration of trustee corporations

3.-(1) Any company having a share capital of not less than four hundred thousand dollars of which not less than two hundred thousand dollars has been paid up in cash, incorporated or registered under the provisions of the Companies Act or any other written law relating to the incorporation or registration of corporate bodies may, if authorised by its memorandum to carry on business as a trustee corporation and subject to the provisions of this Act, apply in the manner set out in subsection (2) to be registered as a trustee corporation.
(Cap. 247.)

(2) Application for registration as a trustee corporation shall be made to the Minister who, if satisfied that the company is authorised to carry on business as a trustee corporation and that the deposit referred to in section 5 has been made, may, subject to any conditions or reservations which it may deem appropriate, authorise the Registrar to register the company as a trustee corporation.

Cancellation of registration

4. The Registrar may, when he considers such action to be justified, apply to the court for its consent to the cancellation of the registration of any trustee corporation and the court may, upon being satisfied that the interests of any persons entitled under any estate committed to the trustee corporation have been adequately safeguarded, grant an order cancelling the registration as a trustee corporation but without prejudice to the registration of the trustee corporation as a company.

Deposit

5.-(1) A company referred to in subsection (1) of section 3 desirous of being registered as a trustee corporation shall, before applying for registration, deposit with the Treasury Fiji Government securities to the value of not less than fifty thousand dollars, which securities shall be held upon trust for the company.

(2) The deposit made under the provisions of subsection (1) shall be held by the Treasury as security for the due performance by the trustee corporation of the duties of the offices of executor, administrator, trustee, receiver, committee, guardian, liquidator, surety or guarantor under the provisions of this Act and shall, in the event of the winding up of the trustee corporation, be applied in satisfaction pari passa of any claims established by any persons entitled under any estate committed to the trustee corporation in priority to all other creditors thereof and, in addition to the said security, the persons so entitled shall rank as ordinary creditors of the trustee corporation for any balance if the sum of fifty thousand dollars referred to in subsection (1) shall be insufficient to satisfy the claims so established.

Assets of trustee corporation liable for proper administration

6. Where a grant of probate or letters of administration is granted to a trustee corporation or where the trustee corporation acts in any other capacity under the provisions of this Act, all the capital of the trustee corporation, both paid and unpaid, and all its other assets shall be liable for the proper administration of the estates committed to the trustee corporation.

Administration bonds

7. Subject to the provisions of section 5, no bond or other security shall, unless specifically ordered by the court, be required to be given by a trustee corporation in relation to the proper discharge of its duties in exercise of the powers conferred upon it by the provisions of this Act.

Power to act as executor

8. Whenever a trustee corporation is named, either alone or jointly with any other person as executor in any will, such trustee corporation may apply to the court for, and obtain, probate of such will and may do and perform all the other acts and duties of an executor as fully and effectually as any other executor.

Power to act as administrator with will annexed

9.-(1) Any person entitled to obtain a grant of letters of administration with the will annexed of the estate of any testator may authorise a trustee corporation, either alone or jointly with any other person, to apply to the court for, and obtain, such a grant which may be granted to such trustee corporation upon its own application.

(2) Any person named as an executor in any will who would be entitled to obtain probate of such a will without reserving the right of any other person to apply for probate, may authorise a trustee corporation to apply to the court for a grant of letters of administration with the will annexed, which may be granted to such trustee corporation upon its own application unless the testator has stated in his will that the office of executor should not be delegated or that a trustee corporation should not act in the trusts of his will.

Power to act as administrator

10. Any person entitled to obtain letters of administration of the estate of any intestate may authorise a trustee corporation to apply to the court for, and obtain, a grant of letters of administration for such estate, either alone or jointly with such person or any other person, and letters of administration may be granted to such trustee corporation upon its own application.

Trustee corporation may carry out all duties of administrator

11. A trustee corporation upon being granted letters of administration, with or without the will annexed, whether alone or jointly with any other person, may do and perform all the acts and duties of an administrator.

Trustee corporation may act in other capacities

12. Whenever any court or person has power to appoint any person as trustee, receiver, committee, guardian, trustee in bankruptcy, liquidator, surety or guarantor, a trustee corporation may be appointed.

Declarations, affidavits, etc.

13. Any declaration, affidavit or other document required by any written law to be made by an applicant for a grant of probate, letters of administration or in connection with any application to the court or any other body, may be made on behalf of the trustee corporation by the manager or by such other officer of the trustee corporation appointed in that behalf by its directors.

Restriction on voluntary liquidation

14. Where any estate in respect of which a trustee corporation is executor, administrator, trustee, committee or guardian, is in whole or in part unadministered, such trustee corporation shall not, without the consent of the court, be placed in voluntary liquidation and the Registrar or any person interested in any such estate, or having any claim in respect thereof, may apply to the court to restrain any shareholder in the trustee corporation from disposing of any share therein or to restrain the voluntary liquidation of the trustee corporation.

Contributory investments

15. Where a trustee corporation holds moneys belonging to more than one estate upon trusts which require or permit the investment thereof, such trustee corporation may invest such moneys as one fund and distribute the income arising therefrom rateably among the several estates to which the money so invested belongs, and any loss arising from any such investment shall likewise be borne rateably by the several estates.

Settlors may appoint own barristers and solicitors

16.-(1) Where, in any instrument creating a trust, a settlor or testator directs that any practising barrister and solicitor shall conduct the legal business of his estate, such barrister and solicitor shall be entitled to act therein accordingly, but in such case a trustee corporation shall not be liable for the negligence, misfeasance or misconduct of such barrister and solicitor.

(2) Any barrister and solicitor conducting the legal business of an estate under the provisions of subsection (1) may be removed by the court upon the application of the trustee corporation or of any person interested in such estate upon cause shown and the court may appoint a barrister and solicitor nominated by the trustee corporation in his place.

Fees

17. The maximum fees to be charged by a trustee corporation for services rendered under the provisions of this Act shall be the fees from time to time chargeable by the Public Trustee under the provisions of the Public Trustee Act.
(Cap. 64.)

Unclaimed property

18. All property, real or personal, which forms part of any estate of which a trustee corporation is executor, administrator or trustee and which remains unclaimed by the person entitled thereto for a period of six years after the time when such person became entitled thereto shall be transferred or paid to the Public Trustee as if authority had been granted by the court under the provisions of section 33, of the Public Trustee Act, whereupon the provisions of sections 37 to 41, inclusive, of such Act shall apply.
(Cap. 64.)

Returns

19.-(1) Each trustee corporation shall, no later than the 31st day of March and the 30th day of September in every year submit to the Registrar an audited return in a form to be prescribed by him from time to time, showing the assets and liabilities of the trustee corporation during the period terminating on the 31st day of December and the 30th day of June immediately preceding, respectively.

(2) A copy of each current return referred to in subsection (1) shall be displayed and kept displayed in a prominent place at the principal place of business of the trustee corporation in Fiji.

(3) In the event of there being any default in complying with the provisions of this section, the trustee corporation and the manager and directors thereof shall be guilty of an offence and shall be liable on conviction to a fine not exceeding ten dollars for every day during which the default continues.

Controlled by Ministry of the Attorney-General

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