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TRUSTEE COMPANIES ACT 1964 - SECT 27
Applications by persons entitled to trust funds
27 Applications by persons entitled to trust funds
(1) Any person entitled to any money forming part of the testamentary and
trust fund may: (a) where the amount claimed is less than $10,000--apply in
writing to the Treasurer requesting payment of the money to the person, or
(b) where the amount claimed is $10,000 or more--apply to the Court for an
order directing payment of the money to the person.
(2) If the Treasurer is
satisfied that an applicant under subsection (1) (a) is entitled to the whole
or part of the amount claimed, the Treasurer may pay over any money standing
to the credit of the testamentary and trust fund to which the person, in the
Treasurer's opinion, is entitled.
(3) An applicant under subsection (1) (a)
whose claim the Treasurer has refused to accept in whole or in part may apply
to the Court for an order directing payment of any money to which the
applicant is entitled and which has not been paid to the applicant by the
Treasurer.
(4) Where the Court makes an order directing payment of any money
and specifies the amount which the claimant is entitled to be paid from the
amount at credit of the particular estate in the testamentary and trust fund,
the Treasurer shall not pay over any money or for that purpose sign any
transfer of investments standing to the credit of the fund unless: (a) a copy
of the order and particulars of the name, addition or description of the
claimant to whom the money is to be paid has been left at the office of the
Treasurer, and
(b) the purchase money of any investments to be sold has been
received by the Treasurer.
(5) If the Treasurer appears on an application to
the Court under this section, the Treasurer shall be entitled to such costs
against the applicant or out of the testamentary and trust fund as the Court
may direct.
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