New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 15B

15B Maintenance etc of minor or incapable person

(1) In this section,
"incapable person" , in relation to money in the hands of a trustee company, means a person who, in the opinion of the trustee company, is unable to give a good discharge.

(2) Where a minor or an incapable person is entitled to money in the hands of a trustee company, the trustee company may, notwithstanding any law to the contrary, from time to time:

(a) pay that money to such person as the trustee company thinks fit, to be applied by that person for the maintenance, education, advancement or benefit of the minor or incapable person, or

(b) so apply that money itself.

(3) A trustee company is not bound to see to the application of money paid to a person under subsection (2) (a).

(4) A trustee company may, at any time and from time to time, apply to the Court:

(a) for directions as to the administration of any money referred to in subsection (2),

(b) to vary directions which may already have been given in regard to that money, or

(c) to determine any matter relating to that money,

and any direction or determination of the Court shall, if given effect to by the trustee company, exonerate the trustee company from any claim or demand by any person.

(5) A reference in subsection (2) to a minor being entitled to money in the hands of a trustee company includes a reference to a minor who is entitled to that money contingently on attaining an age specified in the instrument creating the entitlement.

(6) The powers conferred on a trustee company by this section may be exercised by the trustee company in respect of money held by the trustee company to which a minor or incapable person is entitled even though the trustee company held the money before the commencement of this section.