WELCOME MEASURE

Evening Star, Issue 25895, 12 September 1946, Page 5

WELCOME MEASURE

TRUSTEE POWERS ENLARGED (Special.) WELLINGTON, Sept. 12. 'The Trustee Amendment Bill, which was before the House last night, was generally welcomed by legal members as a useful measure which will remove some of the problems of trustees. The Acting Minister of Justice, _Mr Jones, in moving the second reading, said that the Bill had been submitted to the Law Society Council, and had been very carefully considered by the Statutes Revision Committee of tiie House. It would improve the powers of trustees, and as an example he quoted a possible case where a testator's son would become entitled to a legacy on reaching the age of 21, but his education could not be adequately financed at an earlier stage. Under the. provisions of the Bill, the trustees could advance up to half the capital—£soo if the legacy was £I,OO0 —and, if the beneficiary would ultimately receive the income from the estate, an advance could be made from that source. The measure was in line with the English Trustee Act, and would apply to all trusts both before and after its adoption.

The Bill was read a second time,