PUBLIC TRUST OFFICE.

Dominion, Volume 7, Issue 2018, 27 March 1914, Page 8

PUBLIC TRUST OFFICE.

INTEREST & CHARGES.

PRESENT SCALE AMENDED.

•Amended regulations under tho Public Trust Offico Act, published in last night's "Gazette," contain some new features of importance. The rate of interest payable on moneys in the Common Fund is raised. Hitherto the rato upon moneys not held at call has been 4J per cent, on tho first £3000 and 4 por cent, on tho excess. Tho rate under the new regulations, which come into force on April 1, 1914, is 4J per cent, on the first £6000, and 4J per cent, on the excess. Another alteration affects tho commission which the Public Trustee is entitled to charge upon the incomes of estates entrusted to his administration. Hitherto tho charge has been o per cent, lip to £2000 and 2J per cent, on income in excess of that amount. The new charge is 5 per cent, on incomes up to £1000 and 2J per cent, on income in excess of £1000.

To tho investigation and audit of private trust estates under tho direction of the Public Trustee (as provided for in the_ Amending Act of last year), the following provisions are to apply:— , (a) The beneficiary or trustee desiring the investigation and audit to he made shall make application to the Public Trustee.

(b) The application may name a solicitor or accountant whom the applicant agrees should be appointed to make tho investigation and audit, or may authorise the Public Trustee to select one on tho applicant's behalf. (c) When tho selection has been finally made, either by agreement between the applicant, tho Public Trustee, and tho private trustees, or if they cannot agree, then by tho Public Tnisteo alone, the Public Trustee shall, by notice, appoint the solicitor or accountant so selected, and by notice inform the applicant and tho private trustees thereof. (d) The remuneration jof the auditor and the other.'expenses of the investigation and audit (excluding the' Public Trustee's charges) shall be such as is fixed by tho Public Trustee, -with the (■oncurrenco of the private trustees, or if they do not. agree, then by a Judge of the Supreme Court. Othor passages in tho regulations read:— '

Tho Public Trustee shall'keep a complaint book, in which shall be entered all matters of complaint: that come to his knowledge. The ■complaint book shall be laid before the Office Board at every meeting of that board.

Tho Public Trustee shall lay before tho Office Board at every meeting thereof a record of all securities which have not been completed within two months after final approval.