Regulation 2

In these Rules, unless the context otherwise requires —“acceptance of a trust” and words referring to acceptance of a trust, shall be deemed to include an undertaking or an appointment to administer an estate and an appointment to act as receiver of property;“gross capital value”, in respect of any property other than cash, means the price which in the opinion of the Public Trustee the property would fetch if sold in the open market without deduction for funeral, testamentary or administration expenses, debts (other than debts specifically charged upon the property) or liabilities;“property” includes movable and immovable property, and any estate, share and interest in any property, movable or immovable, and any debt, and any thing in action, and any other right or interest, whether in possession or not;“trust” includes any trust duty or office which the Public Trustee is authorised by the Act or the Public Trustee Rules (R 1) to accept; and the expression “trustee” shall be construed accordingly;“trust property” includes all property subject to a trust, or comprised in an estate, which is or is proposed to be administered by the Public Trustee.