Trustee Act 1898

A trustee may appoint a financial institution or Australian legal practitioner to be his agent to receive and give a discharge for any money or valuable consideration or property receivable by the trustee under the trust, by permitting the financial institution or Australian legal practitioner to have the custody of, and to produce a deed or instrument, having in the body thereof, or endorsed thereon, a receipt for such money, valuable consideration, or property, such deed or instrument being executed, or such endorsed receipt being signed by the trustee; and a trustee is not chargeable with breach of trust by reason only of his having made, or concurred in making, any such appointment; and the producing of any such deed or instrument by the financial institution or Australian legal practitioner has the same validity and effect as if the person appointing the financial institution or Australian legal practitioner had not been a trustee.

A trustee may appoint a financial institution or Australian legal practitioner to be his agent to receive and give a discharge for any money payable to the trustee under or by virtue of a policy of assurance, by permitting the financial institution or Australian legal practitioner to have the custody of, and to produce, the policy of assurance, with a receipt signed by the trustee; and a trustee is not chargeable with a breach of trust by reason only of his having made or concurred in making any such appointment.

Nothing in this section shall exempt a trustee from any liability which he would have incurred if this Act had not been passed in case he permits any such money, valuable consideration, or property to remain in the hands or under the control of the financial institution or Australian legal practitioner for a period longer than is reasonably necessary to enable the financial institution or Australian legal practitioner, as the case may be, to pay or transfer the same to the trustee.

Nothing in this section shall authorize a trustee to do anything which he is in express terms forbidden to do, or to omit to do anything which he is in express terms directed to do, by the instrument creating the trust.