TRUSTEES' POWERS.

Auckland Star, Volume LV, Issue 250, 21 October 1924, Page 8

TRUSTEES' POWERS.

INVESTMENT OP FUNDS. AMENDING BILL PASSED". WELLINGTON, Monday. The Hon. W. Downie Stewart, when moving the second reading of the Trustees Amendment Bill in the House of Representatives, said it was a measure designed to bring New Zealand law into conformity with that of Eng- ! land in regard to the powers and composition of boards of trustees and to govern the investment of trust funds in the Savings Bank and other approved institutions. The bill, as amended, authorised the investment of trust | funds in debentures of road boards, I town boards, and electric power boards. i A new clause made provision for advisory trustees to be appointed to assist private trustees. Where a trustee ncted with advisory trustees the trust property should be invested in the firstnaiiicd, to bo known as the responsible trustee, who should have the solo management and administration of the estate as if he were sole trustee. Provision was made, however, for the advisory trustee to be consulted on any matter affecting the estate. | The bill was reported with amendments and passed.