Trust Accounts Act 1973

Any trustee who on 1 April in any year has in the trustee’s possession or under this control any property to which a person (the beneficiary) to whom subsection (2) relates—

is on that day; and

was during the whole of the year ended on that day;

The return shall be lodged under subsection (1) in relation to the following beneficiaries, that is to say—

a beneficiary who is not known; or

a beneficiary whose whereabouts are unknown; or

a beneficiary of whom it is not known whether the beneficiary is alive or dead; or

a beneficiary who has died, the executors or administrators of whom are dead or whose whereabouts are unknown.

The return lodged under subsection (1) shall be accompanied by a statement of all costs, charges, and expenses (if any) claimed by the trustee to be chargeable in the trustee’s favour against or payable to the trustee out of the property referred to in the return, and of any claim or lien by the trustee and of the full and true reasons why the property has not been transferred, assigned, delivered, or paid over to the beneficiary.Maximum penalty—50 penalty units.

On receipt of a return under subsection (1), the public trustee may, by signed notice, require the trustee to transfer, assign, deliver, or pay over to the public trustee all property mentioned in the return within the time stated in the notice.

On the giving of a notice under subsection (5), any lien claimed against the property by the trustee stops having effect.

If a trustee fails to comply with a requirement made under subsection (5) according to its tenor the public trustee may apply by motion to the Supreme Court for an order that the trustee shall transfer, assign, deliver, or pay over the property the subject of the requirement forthwith.

An order may be made in the absence of the trustee concerned if the notice of motion has been duly served upon the trustee or the court or judge is satisfied that reasonable efforts have been made to serve the same.

In any proceeding, a certificate signed by the public trustee and stating that the public trustee has made under subsection (5) a requirement stated in the certificate is evidence of the making of the requirement.

Upon the property being transferred, assigned, delivered, or paid over to the public trustee in accordance with a requirement or order under this section, the public trustee shall deal with and apply the same as the trustee thereof pursuant to the provisions of the Public Trustee Act 1978 and shall without delay use every endeavour to ascertain the beneficiary or beneficiaries and to hand over or distribute the property to the beneficiary or amongst them.

Any costs, charges, or expenses which are claimed by the trustee to be chargeable in the trustee’s favour against or payable to the trustee out of the property in question shall be properly vouched by the trustee and investigated by the public trustee; and if the public trustee is satisfied that the same are correct, then the sum allowed by the public trustee, or, if the trustee requires that the trustee’s claim should be taxed, then the sum allowed by the taxing officer of the Supreme Court after taxation, shall be paid to the trustee as and when moneys in respect of such property become available, or in the discretion of the public trustee may be paid forthwith to the trustee, in which case the sum so paid shall be part of the costs, charges and expenses of the public trustee against the property.

In this section—trustee means a trustee within the meaning of section 4 and every person who is a trustee under any other Act or law or rule of law.