Clause 13

Where any property not exceeding in value ten thousand dollars is held by the Official Assignee, whether by virtue of a grant of letters of administration to him or by virtue of the powers conferred on him by this Ordinance, and such property is held by him upon trust for any person for any interest whatsoever, whether vested or contingent, then, subject to any prior interest or charges affecting that property, the Official Assignee may in his sole discretion, during the minority of any such person, in respect of such person’s maintenance, education or benefit make payments of the whole or such part of the income and capital money of such property as may in all the circumstances be reasonable.(2) When the property so held exceeds ten thousand dollars but does not exceed twenty thousand dollars in value, the Official Assignee may make such payments of capital money to the extent of ten thousand dollars.(3) Such payments may be made to the parent or guardian of such person or otherwise as the Official Assignee may, in his discretion, determine, and whether or not there is —

any other fund applicable to the same purpose; or

any person bound by law to provide for such person’s maintenance or education.Exemption from necessity of giving notice of distribution of property of less than $5,00060B. Where the total value of any property (without deduction for debts, but not including the value of any property which the deceased possessed or was entitled to as trustee and not beneficially) administered by the Official Assignee whether by virtue of a grant of letters of administration to him or by virtue of the powers conferred on him by this Ordinance, does not exceed five thousand dollars, it shall not be necessary for the Official Assignee to give notice by advertisement in the Gazette or otherwise of his intention to distribute the estate or require any person interested to send in particulars of his claim against the estate, but the Official Assignee may proceed forthwith to convey or distribute the estate or any part thereof to or among the persons entitled thereto, having regard only to the claims, whether formal or not, of which the Official Assignee then had notice, and the Official Assignee shall not, as respects the property so conveyed or distributed, be liable to any person of whose claim the Official Assignee has not had notice at the time of conveyance or distribution; but nothing in this section shall —

prejudice the right of any person to follow the property representing the same, into the hands of any person, other than a purchaser, who may have received it; or

free the Official Assignee from any obligation to make searches similar to those which an intending purchaser would be advised to make or obtain.When interest is payable into Consolidated Fund60C. Where any trust money in the hands of the Official Assignee is normally insufficient to earn bank interest if kept in a bank current account the money may be kept in a general banking account or deposited in any bank and any interest allowed by the bank shall be paid into the Consolidated Fund.”.