THE PUBLIC TRUSTEE

Otago Daily Times, Issue 23006, 8 October 1936, Page 13

THE PUBLIC TRUSTEE

ADDITIONAL POWERS INVESTMENT OF MONEYS (From Our Parliamentary Reporter) WELLINGTON, Oct. 7. Additional powers for the investment- of moneys and general administration are conferred on the Public Trustee by the Finance Bill No. 2 which was introduced in the House of Representatives to-day. In addition'to the powers of investment of moneys in the common fund of the Public Trust Office authority is given for investment in the bonds, stock and other .securities of the State Advances Corporation or by way of a mortgage on such security and in mortgage advances on bonds, stocks, debentures or other securities issued by any Government, local authority or public body, with ,the necessary proviso that it must be a lawful investment. A mortgage advance in the latter class may be made up to nine-tenths of the nominal value of the security on terms and conditions to be determined by the Public Trustee., The margins for security for certain classes of investment by the Public' Trustee as defined in the Public/Trust Office Act, 1908, are amended. In the case of real estate the margin has been,extended from three-fifths to ■ two-thirds. In local body debentures secured on rents and profits the return must be sufficient to pay one-half instead of twothirds more than the annual interest payable in respect of the advance. The margins for freehold and leasehold mortgages are extended from three-fifths to two-thirds.

Additional powers' are conferred on the Public Trustee with respect to unclaimed property, and provision is made for the opening of separate accounts for estates administered by the Public Trustee.