Number 20 of 1931.
TRUSTEE ACT, 1931.
ARRANGEMENT OF SECTIONS
Act Referred to | |
No. 2 of 1922 | |
Number 20 of 1931.
TRUSTEE ACT, 1931.
Definitions.
1.—In this Act—
the word “office” includes any office, post, or situation, whether paid or unpaid, and any title or dignity;
the word “instrument” includes an Act of the Parliament of Ireland, an Act of the United Kingdom Parliament, and an Act of the Oireachtas;
the words “trust” and “trustee” have the meanings assigned to them respectively by section 50 of the Trustee Act, 1893.
Construction.
2.—This Act shall be read and construed as one with the Trustee Act, 1893, and accordingly every order made by the High Court under this Act shall, for the purpose of the Trustee Act, 1893, be deemed to be an order made under that Act.
Appointment of new trustee in place of the holder of an extinct office.
3.—(1) The power of the High Court under section 25 of the Trustee Act, 1893 to make an order appointing a new trustee or new trustees shall extend to every case in which the holder for the time being of an office was, by the instrument creating the trust or an order under this section or otherwise, constituted to be a trustee by virtue of and during his tenure of such office, and such office has ceased to exist, whether such cesser occurred before or after or by reason of the establishment of Saorstát Eireann or before or after the passing of this Act.
(2) Where the High Court has power under the said section 25 as extended by this section to make an order appointing a new trustee, the High Court may, in lieu of appointing a particular person to be such new trustee, make an order appointing the holder for the time being of a specified office to be a trustee by virtue of and during his tenure of such office in the place of the holder of the office the cesser of which occasioned such appointment.
(3) Where the High Court makes an order under this section appointing the holder for the time being of a specified office to be a trustee, the person who is at the date of such order and from time to time thereafter the holder of that office shall, by virtue of and during his tenure thereof and without any further or other appointment, be such trustee.
(4) The High Court shall not make an order under this section appointing the holder for the time being of an office to be a trustee unless the person who is the holder of such office at the date of such order consents thereto.
Appointment of new trustees where the appointer is the holder of an extinct office.
4.—(1) The power of the High Court under section 25 of the Trustee Act, 1893 to make an order appointing a new trustee or new trustees shall extend to every case in which the power of appointing or nominating or of consenting to or approving of the appointment of new trustees is, by the instrument creating the trust or an order under this section or otherwise, vested either solely or in conjunction with another person or other persons in the holder for the time being of an office and such office has ceased to exist, whether such cesser occurred before or after or by reason of the establishment of Saorstát Eireann or before or after the passing of this Act.
(2) Where the High Court has power under the said section 25 as extended by this section to make an order appointing a new trustee or new trustees the High Court may, in lieu of appointing a new trustee or new trustees, make an order vesting the power of appointing or nominating or of consenting to or approving of the appointment of new trustees (as the case may require) in the holder for the time being of a specified office by virtue of and during his tenure of such office in the place of the holder of the office the cesser of which occasioned such appointment.
(3) Where the High Court makes an order under this section vesting the power of appointing or nominating or of consenting to or approving of the appointment of new trustees in the holder for the time being of a specified office, the person who is at the date of such order and from time to time thereafter the holder of that office shall, by virtue of and during his tenure thereof and without any further order, have and exercise the said power either (as the case may require) alone or in conjunction with the other person or persons in whom such power is for the time being vested.
(4) The High Court shall not make an order under this section vesting the power of appointing or nominating or of consenting to or approving of the appointment of new trustees in the holder of an office unless the person who is the holder of such office at the date of such order consents thereto.
Exercise of powers subject to consent of the holder of an extinct office.
5.—(1) Where a power of sale or any other power (except a power of appointing new trustees), whether special or general, vested in any trustees is, by the instrument creating the trust or otherwise, exercisable only with the consent or at the request or subject to the approval of the holder for the time being of a particular office (either alone or in conjunction with another person or other persons) and such office has ceased to exist, whether such cesser occurred before or after or by reason of the establishment of Saorstát Eireann or before or after the passing of this Act, the High Court may, on the application of such trustees, either—
(a) make an order consenting to, requesting, or approving of (as the case may require) any particular exercise of such power by such trustees, or
(b) make an order appointing the holder for the time being of a specified office to be, by virtue of and during his tenure of such office and in place of the holder of the said office which has ceased to exist, the person or one of the persons entitled to consent to, request, or approve of (as the case may require) the exercise of such power by such trustees.
(2) Where the High Court makes an order under this section consenting to, requesting, or approving of an exercise of a power by trustees, such order shall for all purposes be as effective as a consent, request, or approval (as the case may be) by the person or persons named in that behalf by the instrument creating the trust or otherwise.
(3) Where the High Court makes an order under this section appointing the holder for the time being of a specified office to be the person or one of the persons to consent to, request, or approve of the exercise of a power by trustees, every consent, request or approval given or made by the holder for the time being of such specified office to, for, or of an exercise of such power by such trustees shall be as effective as if such holder were the holder for the time being of the office the cesser of which occasioned the making of such order.
(4) The High Court shall not make an order under this section consenting to, requesting, or approving of an exercise of a power by trustees unless such of the persons whose consent to, request for, or approval of (as the case may be) such exercise is required by the instrument creating the trust or otherwise as are in existence consent to the making of such order.
(5) The High Court shall not make an order under this section appointing the holder for the time being of a particular office to be the person or one of the persons to consent to, request, or approve of the exercise of a power by trustees unless the person who is the holder of such office at the date of such order consents thereto.
Short title and citation.
6.—(1) This Act may be cited as the Trustee Act, 1931.
(2) The Trustee Act, 1888, so far as unrepealed, the Trustee Act, 1893, the Trustee Act, 1893, Amendment Act, 1894, section 18 of the Adaptation of Enactments Act, 1922 (No. 2 of 1922), and this Act may be cited together as the Trustee Acts, 1888 to 1931.