Trustees Act 1967 · 2020 Revised Edition · Part 5 · Powers of Court
62. Payment into court by trustees
Feedback & supportTrustees, or the majority of trustees, having in their hands or under their control money or securities belonging to a trust, may pay the same into court; and the same is, subject to Rules of Court, to be dealt with according to the orders of the court.
securities
“securities” includes debentures, stocks, funds and shares; and so far as relates to payments into court has the same meaning as in the written laws relating to funds in court;
The receipt or certificate of the proper officer is a sufficient discharge to trustees for the money or securities so paid into court.
court
“court” means the General Division of the High Court and includes, in any case where the trust concerned is an executorship or administratorship, a Family Court;
Where money or securities are vested in any persons as trustees, and the majority are desirous of paying the same into court, but the concurrence of the other or others cannot be obtained, the court may order the payment into court to be made by the majority without the concurrence of the other or others.
Where any such money or securities are deposited with any banker, broker, or other depositary, the court may order payment or delivery of the money or securities to the majority of the trustees for the purpose of payment into court.
Every transfer, payment and delivery made pursuant to any such order is valid and takes effect as if the same had been made on the authority or by the act of all the persons entitled to the money and securities so transferred, paid or delivered.
transfer
“transfer”, in relation to stock or securities, includes the performance and execution of every deed, power of attorney, act, and thing on the part of the transferor to effect and complete the title in the transferee;