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The purpose of this Act is to facilitate, and make provision relating to, the conversion of the State Trust Corporation of Victoria to a State owned company which—
is a company under the Corporations Law of Victoria; and
is a trustee company under the Trustee Companies Act 1984; and
is able to provide services to members of the public under Part 4 of this Act.
Part 1 and section 27 come into operation on the day on which this Act receives the Royal Assent.
Subject to subsection (3), the remaining provisions of this Act come into operation on a day or days to be proclaimed.
If a provision referred to in subsection (2) has not come into operation within the period of 12 months beginning on, and including, the day on which this Act receives the Royal Assent, it comes into operation on the first day after the end of that period.
In this Act—
S. 3 def. of Board repealed by No. 52/1998 s. 311(Sch. 1 item 85.1(a)).
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Court means the Supreme Court of Victoria;
estate means real and personal estate;
property includes a thing in action and any interest in real or personal property;
S. 3 def. of protected person amended by No. 52/1998 s. 311(Sch. 1 item 85.1(b)), repealed by No. 13/2019 s. 221(Sch. 1 item 50.1(a)).
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registrar means the registrar of probates of the Court;
S. 3 def. of represented person amended by No. 52/1998 s. 311(Sch. 1 item 85.1(b)), substituted by No. 13/2019 s. 221(Sch. 1 item 50.1(b)).
represented person means a represented person within the meaning of the Guardianship and Administration Act 2019 for whom State Trustees is appointed as administrator under that Act;
State Trust means the State Trust Corporation of Victoria within the meaning of the State Trust Corporation of Victoria Act 1987 as in force immediately before the commencement of section 24;
S. 3 def. of State Trustees substituted by No. 44/2001 s. 3(Sch. item 105.1).
State Trustees means State Trustees Limited (A.C.N. 064 593 148).
Except as provided in subsection (2), any person named expressly or by implication as an executor who would be entitled to obtain a grant of probate of a will jointly with any other person may authorise State Trustees to apply for the grant of probate of the will either alone with leave reserved to any other person to come in and prove or jointly with any other person entitled to apply.
Subsection (1) does not apply if the testator has specified in his or her will that—
the office of executor is not to be delegated; or
State Trustees is not to act.
State Trustees may apply for administration of the estate of any person who has died at any time either within Victoria or elsewhere possessed of or entitled to property within Victoria if the Court or the registrar is satisfied that no other person is entitled and is capable of taking and ready to take a grant of letters of administration.
Ss 6, 7 repealed by No. 15/1998 s. 3.
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Despite anything in any Act or the terms of any trust as to the number of trustees, State Trustees may be appointed or become sole trustee or a co-executor or co-trustee unless expressly prohibited by the terms of the trust.
State Trustees may act with an advisory trustee or advisory trustees in administering any trust estate as trustee as provided in this section.
An advisory trustee may be appointed by—
the trust instrument; or
any person having power to appoint new trustees; or
an agreement between State Trustees and any executor, administrator or trustee in which the executor, administrator or trustee agrees to give State Trustees a power of attorney; or
order of the Court on the application of a beneficiary or of any person on whose application the Court would have power to appoint a new trustee.
The following apply if State Trustees acts with any advisory trustee—
the trust property vests in State Trustees which has the sole management and administration of the estate and its trusts;
an advisory trustee is not liable for any act or thing done by State Trustees whether with or without the advice of the advisory trustee;
State Trustees may consult an advisory trustee on any matter relating to the estate or the trusts;
an advisory trustee may advise State Trustees on any matter relating to the estate or the trusts;
any matter in dispute between State Trustees and an advisory trustee may be submitted in a summary manner to the Court;
a person dealing with State Trustees is not to be concerned to inquire as to or be affected by notice of the concurrence or otherwise of any advisory trustee;
the power of appointing a new advisory trustee when exercisable by any continuing advisory trustee is to be exercised by him or her alone;
State Trustees has the same power to apply to the Court for the appointment of a new advisory trustee as any other person.
State Trustees may make an advance from its general account to a beneficiary or a represented person if—
money is required by the beneficiary or represented person who is in necessitous circumstances; and
there are insufficient estate or personal funds available at the time.
State Trustees may charge interest on an advance at a rate of interest not exceeding the rate fixed from time to time under section 2 of the Penalty Interest Rates Act 1983, less 2½ per centum.
S. 11 amended by No. 52/1998 s. 311(Sch. 1 item 85.2), repealed by No. 15/1998 s. 3.
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In this section—
place outside Victoria means—
another State or a Territory; or
New Zealand or the United Kingdom; or
any other country with which State Trustees has a reciprocity agreement;
proper officer means an officer in a place outside Victoria who under the law of that place has the management of the property and estate of persons who however described under that law are incapable of managing their estates by reason of intellectual impairment, mental illness, brain damage, physical disability or senility.
If State Trustees believes that a represented person has an interest in property in a place outside Victoria, State Trustees may by instrument in writing directed to the proper officer—
certify that State Trustees has the general care, protection and management of the property and estate of the person named in the instrument; and
authorise the proper officer to collect, manage, sell or otherwise dispose of or administer any property in the place in which the represented person has an interest.
State Trustees may give a discharge to the proper officer on the payment or delivery to State Trustees of the balance of money or other property of the represented person which remains after the deduction of—
all costs, charges and expenses incurred by the proper officer in the exercise of the authority; and
any amount which is payable in the place outside Victoria in satisfaction of the debts or other liabilities of the represented person.
State Trustees may revoke or vary any authority by instrument in writing.
S. 12(5) amended by Nos 52/1998 s. 311(Sch. 1 item 85.2), 13/2019 s. 221(Sch. 1 item 50.2(a)).
If a proper officer by instrument in writing directed to State Trustees—
certifies that he or she has the general care, protection and management of the property and estate of the person named in the instrument; and
authorises State Trustees to collect, manage, sell or otherwise dispose of or administer any property in Victoria in which the person named in the instrument has an interest—
the Guardianship and Administration Act 2019 applies with respect to the property and the powers and duties of State Trustees in relation to the property as if—
the person were resident in Victoria and a represented person; and
S. 12(5)(d) amended by No. 13/2019 s. 221(Sch. 1 item 50.2(b)).
the administration order gave State Trustees all the powers and duties referred to in Divisions 6, 7 and 8 of Part 3 of that Act.
State Trustees may pay or deliver to the proper officer the balance of money or other property of the person named in the instrument which remains after the deduction of—
all costs, charges and expenses incurred by State Trustees in the exercise of the authority; and
any amount which is payable to any person resident in Victoria in satisfaction of any debts or other liabilities, of which State Trustees has notice, of the person named in the instrument.
State Trustees must account to the proper officer for any payment made by State Trustees out of the property of a person named in the instrument, but is not bound to see to the application of the payment.
If a decision is made, action taken, consent given or thing done by State Trustees under an authority conferred on State Trustees, the decision, action, consent or thing has effect as if it had been made, taken, given or done by the person named in the instrument and that person had the legal capacity to do so.
State Trustees may exercise the powers under an authority until State Trustees receives notice from the proper officer of—
the revocation of that authority; or
the death of the person in respect of whom the authority was given.
In addition to the commissions, fees and remuneration it is entitled to charge and receive and the disbursements it is entitled to recover under the Trustee Companies Act 1984 and despite anything in section 21(2) of that Act, State Trustees is entitled to charge and receive fair and reasonable commissions, fees and remuneration and recover fair and reasonable disbursements for estate related services provided by State Trustees including, without limitation—
genealogical services;
financial planning;
informal administrations;
S. 13(1)(d) amended by Nos 52/1998 s. 311(Sch. 1 item 85.2), 13/2019 s. 221(Sch. 1 item 50.3).
administrations and the examination of administrators' accounts under the Guardianship and Administration Act 2019;
subject to section 14, legal services.
State Trustees must—
lodge with the Minister; and
cause to be published in the Government Gazette—
a copy of its scale of charges in relation to the services referred to in subsection (1).
S. 14(1) amended by No. 35/1996 s. 453(Sch. 1 item 78).
Except as provided in this section and section 20A of the Trustee Companies Act 1984, State Trustees must not directly or indirectly charge or receive a fee or recover disbursements for a service provided by a legal practitioner employed by State Trustees or who shares his or her remuneration with State Trustees unless the beneficiary of any estate which is to be charged has first approved the provision of the service, the charging of a fee and the recovery of disbursements.
S. 14(2) amended by No. 35/1996 s. 453(Sch. 1 item 78).
Where—
the beneficiary of an estate cannot reasonably be located; or
there is no beneficiary; or
a beneficiary or person—
S. 14(2)(c)(i) amended by Nos 52/1998 s. 311(Sch. 1 item 85.2), 13/2019 s. 221(Sch. 1 item 50.3).
is under a disability within the meaning of the Guardianship and Administration Act 2019; or
S. 14(2)(c)(ii) repealed by No. 13/2019 s. 221(Sch. 1 item 50.4).
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is otherwise under a legal disability; or
an estate has more than one beneficiary—
State Trustees may charge and receive a fee and recover disbursements for a service provided to the estate or person by a legal practitioner employed by State Trustees or who shares his or her remuneration with State Trustees if the service is reasonably required and the fee and disbursements are fair and reasonable.
S. 14(3) inserted by No. 18/2005 s. 18(Sch. 1 item 101), amended by No. 17/2014 s. 160(Sch. 2 item 91).
In this section, legal practitioner means an Australian legal practitioner.
Subject to subsection (2), the due satisfaction of all sums required to discharge any liability of State Trustees incurred in respect of its management of estates arising from negligence, wilful default or fraud on the part of State Trustees or any of its officers, employees, servants or agents including, without limitation, the payment of expenses of enforcing or obtaining or endeavouring to enforce or obtain such satisfaction, is guaranteed by the Government of Victoria.
Subsection (1) only applies—
to the extent that—
the proceeds under any contract of insurance entered into by or on behalf of State Trustees; and
the assets of State Trustees other than those held by State Trustees as trustee of any estate—
are not sufficient to satisfy the liability; and
to a liability incurred at a time when State Trustees is a company of a kind in respect of which a declaration could be made under section 66 of the State Owned Enterprises Act 1992.
Any sums required to fulfil any liability arising under the guarantee provided in subsection (1) must be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).
The guarantee provided in subsection (1) may be enforced under Part II of the Crown Proceedings Act 1958.
The Treasurer may, after consultation with the board of directors of State Trustees, require State Trustees to pay a reasonable fee for the guarantee provided in subsection (1).
Any sums received or recovered from State Trustees or otherwise in respect of any sums paid under the guarantee, and any fees received from State Trustees under subsection (5) must be paid into the Consolidated Fund.