Trustee Act 1925

Where there are more than two trustees or where there are two trustees one of whom is the NSW Trustee or a trustee company and the trustees by writing under their hands authorise a bank, building society or credit union—

to pay bills of exchange drawn upon the banking account of the trustees by two or more trustees named in that behalf in the authority, or by the NSW Trustee or a trustee company if one of the trustees and so named in that behalf in the authority, or

to recognise as a valid endorsement upon any bill of exchange or promissory note payable to the order of the trustees the indorsement thereon by two or more trustees named in that behalf in the authority, or by the NSW Trustee or a trustee company if one of the trustees and so named in that behalf in the authority, or where the indorsement is for collection and credit of any account of the trustees with a bank, building society or credit union, the indorsement thereon by any one or more of the trustees named in that behalf in the authority,

the trustee or one of the trustees named in the authority is the Public Trustee or a trustee company, or

the authority is to indorse for collection and credit of any account of the trustees with a bank, building society or credit union.

This section shall not affect any question of the liability of any trustee for breach of trust in giving the authority.

This section applies only if and as far as a contrary intention is not expressed in the instrument, if any, creating the trust, and shall have effect subject to the terms of that instrument and to the provisions therein contained.

This section applies to trusts created either before or after the commencement of this Act.