There shall be an office called “the Public Trust Office,” administered by an officer called “the Public Trustee,” who shall be appointed by the Governor in Council, and shall hold office during the pleasure of the Governor in Council, and on the same terms and conditions as officers in the ordinary Civil Service.

The Public Trustee is hereby constituted a corporation sole, with perpetual succession and a seal of office.

The appointment of the Public Trustee and of the Deputy Public Trustee, and the seal of the Public Trustee, and the signature of the person for the time being holding the office of Public Trustee or of Deputy Public Trustee, shall be judicially taken notice of without further proof.

The Governor in Council may from time to time remove or suspend the Public Trustee or the Deputy Public Trustee, and, in the case of the death, resignation, or removal of the Public Trustee or the Deputy Public Trustee, appoint some other fit and proper person in his stead.

The Governor in Council may appoint some person to act as the Deputy of the Public Trustee in case of the illness, death, removal, suspension, resignation, or absence from duty of the person for the time being holding the office of Public Trustee.

Such Deputy shall, during the time he acts as such Deputy, have all the powers and perform all the duties of the Public Trustee, and shall receive such remuneration as the Governor in Council determines, not exceeding the amount of salary which the Public Trustee is entitled by law to receive.

No person shall be concerned to inquire whether or not any occasion has arisen requiring or authorising such Deputy Public Trustee to act as such Deputy, or as to the necessity or propriety of such appointment; and all acts or things done or omitted by such Deputy Public Trustee shall be as valid and effectual and shall have the same consequences as if the same had been done or omitted by the Public Trustee.

The Minister of Finance may from time to time appoint, suspend, and remove such officers and servants other than the Public Trustee or the Deputy Public Trustee as may be necessary for the purposes of this Act, who shall hold their several offices on the same terms as Civil servants.

The salaries of the Public Trustee, the Deputy Public Trustee, and of other officers and servants in the Public Trust Office shall be such as are fixed from time to time by Parliament.

There shall be a Board styled “The Public Trust Office Board,” consisting of the Minister of Finance, the Native Minister, the Solicitor-General, the Government Insurance Commissioner, the Surveyor-General, the Public Trustee, and such one or other of the following officers as the Governor in Council from time to time appoints to be members of the Board, that is to say:—

The Valuer-General;

The Government Advances to Settlers Office Superintendent;

The Secretary of the Treasury; or

The Under-Secretary of the Department of Lands and Survey.

The Board shall sit in the City of Wellington at such times and places as it thinks fit.

Three of the members shall form a quorum.

At all meetings of the Board the Minister of Finance, if present, shall be the Chairman, and in his absence such member of the Board as the majority of the members present choose shall preside as Chairman.

The Chairman shall have a deliberative vote, and in all cases of equality of votes shall also have a casting-vote.

In cases where the Valuer-General or the Superintendent, being a member of the Board, is absent from a meeting of the Board, his Deputy may attend and act at such meeting in his stead, and while so attending shall be deemed to be a member of the Board.

The respective appointments of the members constituting the Board, and their signatures, shall be judicially taken notice of without further proof.

All minutes or resolutions of the Board, or copy thereof, if purporting to be signed by the Chairman, shall be prima facie evidence of such minutes or resolutions, and that the same were duly and properly made, and that the person signing the same is such Chairman.

The Governor in Council may from time to time make by-laws for regulating the general conduct of business and proceedings of the Board.

Before the Public Trustee is appointed or accepts any appointment as trustee, executor, administrator, guardian, committee, agent, or attorney, or any other appointment under this Act, the question of such appointment shall be submitted to the Board, and unless the Board consents thereto no appointment shall be made or accepted:

Provided that this requirement shall not apply to an intestacy, except where the Board specially directs "the Public Trustee not to accept administration of any intestate estate.

Under no circumstances shall the Public Trustee accept any appointment jointly with any other person.

The Public Trustee shall be subject to any directions which from time to time are made by the Board; but under no circumstances shall it be obligatory on any person dealing with the Public Trustee to see or inquire whether any act or thing done or omitted was so done or omitted with the sanction of the Board; and persons so dealing shall be entitled to assume that the act or thing so done or omitted was done or omitted with the sanction of the Board.

Where before the twenty-fourth day of September, one thousand eight hundred and ninety-one, the Public Trustee was appointed or authorised to act as trustee, executor, administrator, guardian, or committee, he may be removed from any such appointment by the Supreme Court, if it is made to appear to the satisfaction of a Judge thereof on petition that the removal of the trust from the Public Trust Office would be beneficial to the persons interested under the particular trust.

Where the Public Trustee is authorised to enter into any contract or exercise any power, such authority may be exercised as follows:—

Any contract which if made between private persons, or any power which if exercised by private persons,—

Firstly, must be by deed or in writing under seal;

Secondly, must be in writing signed by the parties thereto or the persons executing the power;

Thirdly, may be made or exercised verbally, without writing: When entered into or exercised by the Public Trustee,—

In the first case, shall be in writing under the seal of the Public Trustee, and signed by the Public Trustee;

In the second case, shall be in writing, signed by the Public Trustee;

In the third case, may be made or exercised verbally, without writing, by the Public Trustee, or by any person by his direction or on his behalf.

Where the Crown, the Governor in Council, or the Governor, or a public officer, or a Court, Judge, public or private corporate body, or any person, now or hereafter can appoint a trustee, executor, administrator, guardian, committee, agent, or attorney, any of such appointments may be made of the Public Trustee if he consents thereto.

Subject to the express provisions of this Act, the duties and rights of the Public Trustee under any appointment shall be the same as if the appointment had been of a private person.

With the consent of the. Supreme Court or a Judge thereof—

Trustees, whether appointed before or after the coming into operation of this Act, and whether appointed under a deed, deed-poll, or will, may, unless expressly prohibited, and notwithstanding the terms of the trust as to the number of trustees, appoint the Public Trustee (if he consents thereto) sole trustee in their place without obtaining the consent of the Supreme Court or a Judge thereof.

Executors whose duties continue in the nature of a trusteeship after their administration is closed shall for the purposes of the last preceding subsection be deemed to be trustees.

Where there are more trustees, executors, or administrators than one, any one trustee or executor (whether before or after proving a will), or any one administrator, may apply to the Supreme Court or a Judge thereof to have the Public Trustee appointed sole trustee, executor, or administrator.

All applications to the Supreme Court or a Judge thereof under this section may be by petition, or in such other manner as may be prescribed by rules made under section thirty-one hereof; and the Court or Judge may, and is hereby given jurisdiction to, make such order as it or he thinks fit.

Where to the appointment of a trustee, executor, or administrator the consent of any person is requisite, and such person refuses to consent to the Public Trustee being appointed, or where the person to consent is an infant, idiot, or lunatic, or a person of unsound mind, or is absent from New Zealand, or is under any other disability, then an appointment of the Public Trustee may be made without such consent if a Judge of the Supreme Court consents thereto.

Where the Crown, the Governor in Council, the Governor, or any public officer, or any Court or Judge, or any corporate body or association, or person, whether public or private, within or without New Zealand, desires to or can create any trust, then, unless expressly prohibited, the Crown (by the Governor), the Governor in Council, the Governor, or such public officer, Court, or Judge, corporate body, association, or person may, for the purposes of such trust, appoint the Public Trustee to be trustee upon such trusts and under and subject to such powers, provisions, and conditions as are expressed.

Upon any appointment of the Public Trustee under this or the last preceding section, then by virtue of the appointment all property, rights, powers, and functions shall, without any conveyance or assignment, become thereby vested in the Public Trustee.

The Public Trustee, when appointed or acting under this Act as trustee, executor, administrator, guardian, committee, agent, or attorney, shall have the same rights and immunities as a private person acting in any of those capacities would have.

On the death of any person domiciled in New Zealand, or who has property in New Zealand, who has died or hereafter dies in New Zealand or elsewhere intestate, the Public Trustee shall, if he thinks fit to apply therefor, be entitled to administration.

The application may be made in any judicial district of the Court at the discretion of the Public Trustee.

On such application no further proof of the death and intestacy of any person shall be required than an affidavit that, after due inquiries, the Public Trustee is satisfied that such person died intestate.

The Public Trustee shall be entitled as of right to such administration:

Provided that if some other person in New Zealand, who if it were not for this section would be entitled to such administration, applies for such administration, then the Court or Judge may grant administration to such person:

Provided also that it shall not be necessary for the Public Trustee nor shall the Court or Judge require him to give notice of such application to any such person.

Where any person has heretofore died or hereafter dies intestate, in or out of New Zealand, leaving property the gross value of which as estimated by the Public Trustee does not at the time of the election hereinafter mentioned exceed two hundred and fifty pounds, and no person has taken out administration, the Public Trustee may, in all cases where he is entitled to take out administration, in lieu of taking out letters of administration or obtaining an order to administer, file in the office of the Supreme Court at Wellington an election in writing setting forth the name, residence,-and occupation, so far as then known to the Public Trustee, of the intestate, and of the property of the intestate as then known, and electing to administer.

On such election being filed the Public Trustee shall be deemed to be administrator of the whole property of the deceased person in all respects as if letters of administration had been regularly granted to the Public Trustee.

The Public Trustee shall publish in the Gazette a notice that he has made such election, and such notice shall be conclusive evidence that the Public Trustee is rightfully entitled to administer under this section.

If after filing such election the gross value of the property to be administered is found to exceed the sum of four hundred pounds, the Public Trustee shall, as soon as practicable thereafter, file in the said office of the Supreme Court a memorandum under his hand stating the fact, and proceed in the ordinary manner to obtain an order for the administration of the estate.

Where any person dies or has heretofore died, whether testate or intestate, and notwithstanding that some person other than the Public Trustee is appointed executor or is entitled to letters of administration, the Public Trustee may, if he thinks fit, until probate or letters of administration are granted, exercise with respect to the estate of the deceased person all such powers and authorities and do all such acts and things as he would have or could exercise or do if the deceased had died intestate and the Public Trustee had obtained administration:

Provided that the Public Trustee shall not sell, lease, exchange, mortgage, or partition any portion of the property (except by sale of such portion of the personal estate as may be of a perishable nature) unless such property is ordered to be sold by a Judge of the Supreme Court on the application of the Public Trustee, and which order a Judge of the Supreme Court is hereby authorised to make.

All costs, charges, and expenses incurred by the Public Trustee under this section shall be a first charge upon the property of the deceased person.

Any person who afterwards takes out probate or letters of administration of the estate of any such deceased person shall, before he is entitled to a grant thereof, first pay any costs, charges, commissions, and expenses incurred by or payable to the Public Trustee.

Before the Public Trustee first acts under the last preceding section he shall give notice, in writing or by telegram, to any person in New Zealand, if known to the Public Trustee as a person who (not being an infant, lunatic, idiot, or of unsound mind) would be entitled to obtain probate or letters of administration, informing such person that he intends to so act unless such person forthwith proceeds to apply for probate or letters of administration.

If such person does not, within a period of twenty-one days after the posting of such notice or the despatching of such telegram, give notice, in writing or by telegram, to the Public Trustee at Wellington that he intends to apply for probate or letters of administration, or if such person gives such notice but fails for fourteen days thereafter to apply therefor, or makes such application and it fails, then, unless the Court or a Judge otherwise orders, the Public Trustee may proceed to exercise any of the powers and authorities given by the last preceding section.

If more persons than one are entitled to take out probate or letters of administration, it shall be sufficient to give notice to one of such persons only.

Nothing herein shall, where it is not actually known to the Public Trustee that there is in New Zealand any person entitled to obtain probate or letters of administration, or in case of emergency (of which emergency the Public Trustee shall be the sole judge), prevent the Public Trustee from exercising the powers and authorities given by the last preceding section without giving such notice as aforesaid.

Where any person dies testate, and application for probate or letters of administration is not made within three months after the death of such person, the Public Trustee may apply for letters of administration, and the Court or a Judge shall make such grant unless the person entitled to probate or letters of administration applies therefor, or shows to the satisfaction of the Court or Judge that the delay in making such application has been and still is unavoidable or accidental.

On such an application no costs shall be awarded against the Public Trustee.

On the application of any person entitled to probate or letters of administration with the will annexed (or of his attorney) who was out of New Zealand when the grant to the Public Trustee was made, and who has not renounced or refused probate or administration, the Court or a Judge may grant probate or administration to such person in such manner and subject to such limitations or conditions as the Court or a Judge thinks proper.

No such application shall be made until after fourteen days’ notice in writing of the intention to apply has been left at the office of the Public Trustee at Wellington.

Immediately on the grant of such probate or administration, all the powers, rights, and duties of the Public Trustee (except the rights reserved hereby) in relation to the testator’s estate, and all liability of the Public Trustee under any contract entered into by the Public Trustee, or otherwise, affecting or relating to such estate shall cease; and, subject to and on the allowance and payment of all moneys due for commission, necessary outlay, disbursements, costs, charges, and expenses affecting such estate, including the costs of and incidental to the application for probate and administration, and consequent thereon, and subject also to the provisions of this section, such portion of the estate of the testator as is then unadministered by the Public Trustee shall vest in the person obtaining probate or administration.

Without prejudice to any protection otherwise afforded, where, under the bona fide belief (and the absence of such bona fide belief shall be upon any person who controverts it) that a person has died testate or intestate, the Public Trustee has taken out probate or administration, or is administering under statutory powers an estate, or is appointed or acting as trustee under a will, and afterwards it is found that such person is living, or did not die intestate, or that a will exists which revokes or alters the will which the Public Trustee has proved, or under which he becomes administrator, or under which he is administering or is acting as trustee, then, notwithstanding that such person is living, or that the deceased did not die intestate, or made a will revoking or altering the provisions of the will of which the Public Trustee has taken out probate or administration, or under which he is appointed or is acting as trustee, all acts and things heretofore or hereafter done or omitted by the Public Trustee shall be as good, valid, and effectual as if he had been lawfully appointed or entitled to act as such executor, administrator, or trustee.

Where the Public Trustee is the trustee, executor, or administrator of a testate or intestate estate, then, as to the shares of infants, the Public Trustee shall (subject to the terms of any will) hold the shares of such infants as trustee for such infants until such infancy ceases; and such shares shall be dealt with and administered in the meantime under this Act.

Where the net residue of the estate of a person deceased intestate, which is under administration by the Public Trustee, does not exceed two hundred pounds in value, then the Public Trustee may apply the same towards the maintenance, education, and advancement of the widow or infants in such manner as he thinks fit, or may pay the same for such purposes to such widow or infants, or to any person on her or their behalf, to be so applied, without seeing to the application thereof or being responsible for such application, or for the misapplication or non-application thereof.

Where the net residue of the intestate estate does not exceed fifty pounds, and there is a widow, the Public Trustee may, if he thinks fit, pay the whole of such residue to the widow.

Where the net residue of the intestate estate exceeds fifty pounds, and there are infants entitled, the following provisions shall apply.

Where any person entitled to the net residue or any part of the net residue of the property of an intestate under administration by the Public Trustee has not within three years next after the death of the intestate established his claim thereto, and where the Public Trustee does not know of any next-of-kin, and cannot by reasonable efforts ascertain that such exist, and the intestate has left a widow who is then living, the Public. Trustee may at the expiration of such period pay or transfer to the widow such net residue:

Provided that this section shall not prejudice the right of any person entitled to such residue or part thereof to recover the same from such widow.

The Public Trustee, where he is a trustee, or acting as trustee, or as executor or administrator, may, if he thinks fit, apply for the maintenance, education, or otherwise for the benefit of an infant, during the infant’s minority, the whole or any part of the income of the share to which such infant is entitled in possession; and may, if he thinks fit, apply for the advancement or otherwise for the benefit of an infant any part or parts, not exceeding in the whole one-half of the corpus or capital, of the share to which the infant is entitled in possession or reversion immediately expectant on a prior life-interest; but no such application of a reversionary share shall be made without the previous consent in writing of the person on whose death such prior interest is determinable:

Provided that in any case the Public Trustee may for such purposes apply the corpus of the share of any infant to the extent of five hundred pounds:

Provided also that the Public Trustee may, instead of himself so applying such income, corpus, or capital, pay the same to any person to be so applied, without seeing to the application or being answerable for the misapplication or non-application thereof.

Nothing herein shall apply to a case where provision is expressly made for the maintenance, education, advancement, or otherwise for the benefit of an infant, or where provision is expressly made against any such application:

Provided that where provision as first aforesaid is made, but it is insufficient, of which insufficiency the Public Trustee shall be the sole judge, then the provisions of subsection one hereof shall apply.

In addition to and not as restricting the powers conferred by the last preceding section, where any property is held by the Public Trustee in trust for an infant, either for life or for any greater interest, and whether absolutely or contingently upon the infant attaining a specified age, or on the occurrence of any event before attaining that age, the Public Trustee may, at his sole discretion, apply for or towards the infant’s maintenance, education, or benefit the income of that property, or any part thereof, whether there is any fund available for the same purpose, or any person bound by law to provide for the infant’s maintenance or education, or not; or may pay such income to any person to be so applied without seeing to the application or being answerable for the misapplication or non-application thereof.

The Public Trustee shall accumulate all the residue of that income in the way of compound interest by investing the same and the resulting income thereof from time to time on securities on which he is by this Act or by an instrument authorised to invest trust moneys, and shall hold those accumulations for the benefit of the persons who ultimately become entitled to the property from which the same arise; but so that the Public Trustee may at any time, if he thinks fit, apply those accumulations or any part thereof as if the same were income arising in the then current year.

This section applies only if and as far as a contrary intention is not expressed in the instrument under which the interest of the infant arises, and shall have effect subject to the terms of that instrument and to the provisions therein contained.

This section applies whether the instrument comes into operation before or after the coming into operation of this Act.

In addition to and not as restricting any of the powers conferred by the two last preceding sections, with the consent of the persons having prior estates or interests in property, whether corpus, capital, or income, held under an instrument, whether the income is directed to be accumulated or not, if such corpus, capital, or income is made payable to a class of persons, and the members of that class, or some of them, would ultimately, on attaining a specified age or on the happening of an event, be entitled to a share of such corpus, capital, or income, and by survivorship or otherwise may become entitled to the shares of the other members of the class, the contingencies being equal, the Supreme Court or a Judge thereof may authorise the application of (or the Public Trustee may without such authority apply) the presumptive or contingent shares of infants belonging to the class towards their maintenance, education, or advancement, notwithstanding that there may be future members of the class who may come into existence:

Provided that where any member of the class has attained the required age, or become entitled by age or otherwise, then the consent of such persons shall be necessary to such application.

Applications under this section to the Court or a Judge may be made by any trustee (including the Public Trustee, but without restricting his powers), or by an infant by petition, or by such other proceeding as is prescribed by rules made under section thirty-one hereof.

In construing and giving effect to the respective provisions of the three last preceding sections, the one shall be taken in aid of the other, and so that each of the provisions can be exercised independently the one of the other.

The provisions of the said sections shall apply to cases arising under any statute or instrument passed or made before or after the coming into operation of this Act.

Nothing in the said sections shall restrict any Court having jurisdiction from making any order for the application of either corpus, capital, or income for the maintenance, education, advancement, or otherwise for the benefit of an infant.

Where the Public Trustee is trustee, executor, administrator, guardian, or committee, or is otherwise authorised to act, then, unless expressly prohibited by this Act or by or under an instrument, the Public Trustee may at his discretion, but without restricting any other powers, exercise the following powers:—

For the purposes of the foregoing proviso the value of the property shall be the value as ascertained for the purposes of “The Land and Income Assessment Act, 1908,” or, where not so ascertained, as estimated by the Public Trustee.

In increase of the powers conferred on trustees by sections seventy-five and seventy-six of “The Trustee Act, 1908,” or by any other Act or otherwise, the Public Trustee shall be entitled, without instituting an action, when any question of law arises under this Act or his administration thereunder, to submit to a Judge of the Supreme Court a statement in writing setting forth the facts in respect of which such question of law arises, and requiring the Judge’s opinion upon the facts so stated; and the Judge shall decide upon the facts so stated.

The Public Trustee may by special case submit for the decision of the Court of Appeal any question arising under this Act which appears to him to require such decision, and the Court shall give its judgment thereon as if such question had been raised in due form.

The Public Trustee, acting upon any such decision, shall be and be deemed to be indemnified from all acts and things done or omitted thereunder, unless, in representing the facts, he has been guilty of fraud or wilful concealment or misrepresentation.

The Court or Judge may, on such application or special case, require notice thereof to be served upon such person as such Court or Judge thinks proper.

Any three or more of the Judges of the Supreme Court, of whom the Chief Justice shall be one, may make general or special rules for the purpose of regulating any proceedings under this Act in the Supreme Court or any other Court.

All such rules shall be subject to the approval of the Governor in Council.

Subject as is provided by the next succeeding section, all capital moneys, however arising, whether before or after the coming into operation of this Act, and whether directed to be invested or not, shall, unless expressly forbidden to be invested, be one common fund, and shall be invested as provided by section thirty-four hereof; and any investments made from such common fund shall not be made on account of or belong to any particular estate.

The interest payable to the respective estates the moneys of which form the common fund shall be at a rate to be from time to time determined by the Governor in Council, and such rate of interest shall be credited to the respective estates quarterly—namely, on the first day of January, on the first day of April, on the first day of July, and on the first day of October in each year.

On the moneys arising from one estate no rate shall be allowed higher than five pounds per centum per annum on an amount not exceeding three thousand pounds, and on any amount exceeding three thousand pounds not higher than five pounds per centum per annum on the first three thousand pounds, or higher than four pounds per centum per annum on the excess.

Subject to the limitations aforesaid as to the rate of interest, the Governor in Council may from time to time make such regulations as he thinks proper as to the payment or non-payment of interest on moneys belonging to any estate, and as to the period from which interest, if allowed, is to be computed.

Moneys expressly directed to be invested otherwise than as mentioned in section thirty-four hereof shall not form part of the common fund, and the Public Trustee may invest such moneys in accordance with such direction; but such investments shall not be entitled to the protection afforded by this Act; and any loss or deficiency in respect of any such investments, or of the money received therefrom or realised thereby, shall be borne by the estate to which such moneys belong, or if received and realised would belong.

Unless expressly prohibited, the Public Trustee may invest all capital moneys—

If the common fund is insufficient to meet the lawful claims thereon, the Minister of Finance shall, without further appropriation than this Act, pay such sums out of the Consolidated Fund as may be necessary to meet the deficiency.

No deficiency arising from invstements on mortgages of real estate in New Zealand made prior to the coming into operation of “The Public Trust Office Acts Amendment Act, 1891,” shall be made good as provided by this section, except as follows:—

The Public Trustee may with respect to the whole or any part of such investments, as he thinks fit, make a charge of ten shillings per centum per annum on the moneys invested, to be paid out of the interest arising therefrom; and thereupon any deficiency thereafter arising from any investment in respect of which such charge is made shall be made good as provided by this section.

This section shall be deemed to have been in operation as from the coming into operation of “The Public Trust Office Acts Amendment Act, 1891.”

Moneys in or payable into the Public Trustee’s Account by the Public Trustee, the Deputy Public Trustee, or any officer, servant, or person acting or presuming to act under the authority of this Act shall be deemed to be property of His Majesty for the purposes of this Act, and shall be recoverable in like manner as money due to the Crown is recoverable.

The Public Trustee, in any case where there is to the credit of an estate in the Public Trust Office any real or personal property, whether corpus, capital, or income, but there is no money or not sufficient available to make payments required to be made on account of such estate, whether to the persons entitled thereto or to a share or interest therein or otherwise, may, out of the Public Trustee’s Account, advance and pay for or on account of such estate any sum of money which he is authorised or required to pay:

Provided that no greater amount shall be so advanced and paid than the value of the real and personal property.

The sums so advanced, with all interest thereon, shall be a first charge upon real and personal property in the estate, and shall bear interest at the rate of not exceeding six pounds per centum per annum.

The Public Trustee may make advances out of moneys standing to the credit of the Public Trustee’s Account for the payment of expenses necessarily incurred by him in the administration of the estate of any deceased person, and, until such advances have been repaid out of such estate, the Public Trustee may charge such estate with interest on the sums so advanced at a rate not exceeding six pounds per centum per annum.

All interest received under this provision shall be paid into the public Trust Office Expenses Account, and shall be part of the fund created by this Act.

The Public Trustee shall, within thirty days after the close of each year ending on the thirty-first day of March, prepare a balance-sheet setting forth—

The Public Trustee shall send such balance-sheet to the Controller and Auditor-General, who shall forthwith transmit the same, together with such report thereon as he thinks fit, to the Minister of Finance, by whom it shall forthwith be laid before Parliament if sitting, or if not, then within ten days after the commencement of the next ensuing session.

If in the Public Trustee’s Account the balance at the credit of the Profit and Loss Account is at any time insufficient to meet the charges thereon, the Minister of Finance may from time to time, without further appropriation than this Act, advance such sums out of the Consolidated Fund as may be necessary to meet such charges.

Moneys so advanced shall be repaid by the Public Trustee to the Consolidated Fund so soon as there is in the Public Trustee’s Account a balance available for such repayment.

If the balance in the Profit and Loss Account is more than sufficient to meet the charges thereon, the Public Trustee shall invest one-fourth part of such balance, and shall retain the same with the accumulations thereof as an Assurance and Reserve Fund, out of which the deficiency of any subsequent year may be provided, and shall from time to time, at such times as the Minister of Finance directs, pay the remaining three-fourths of the excess into the Consolidated Fund as part thereof.

The Public Trustee shall pay all salaries and other expenses in the general service of the Public Trust Office as he is authorised to pay by the Minister of Finance and as are by law payable, and all current expenses and charges incident to his administration under this Act, and all moneys payable to any person entitled thereto.

The Minister of Finance, and any officer of the Treasury authorised by him, shall at all times have access to all the books, accounts, documents, and papers in the Public Trust Office, and the Public Trustee shall at all times furnish to the Minister of Finance all such information as the latter requires.

The Controller and Auditor-General shall have in respect to the Public Trust Office, and to all the officers and servants employed therein all the powers which he possesses in respect to the officers and servants in any Department of the Civil Service.

Every person into whose hands or under whose control any moneys come which are payable to the Public Trustee shall pay the same to the Public Trustee’s Account as soon as practicable after their receipt, and until so paid such person shall be deemed a debtor to the Crown in respect of such moneys.

It shall, notwithstanding, be lawful for any officer, servant, or agent of the Public Trustee to pay, out of any moneys in his hands, any claims which he is directed by the Public Trustee to pay.

Where the Public Trustee is entitled to shares, stock, or property in any body, whether corporate or not, or in any association, then, notwithstanding any law or provision affecting the registration of persons holding shares, stock, or property as trustees, or in any other representative capacity, the Public Trustee shall be entitled to be registered as the proprietor of such shares, stock, or property as trustee, or in any other representative capacity, as he may require; but under no circumstances shall the Public Trustee incur any further or greater liability in respect of such shares, stock, or property than to the extent of any assets which at the time of the liability he holds as such trustee or in such other representative capacity.

The Public Trustee, upon registration, shall for all purposes, excepting as to liability as aforesaid, be deemed to be the registered proprietor of any such shares, stock, or property; and neither the body nor association aforesaid, nor any person dealing with the Public Trustee, shall be concerned to see or inquire whether any acts, dealings, or transactions by or with the Public Trustee are or are not within his powers.

Miscellaneous.

No bond or security shall be required from the Public Trustee upon or in respect of his appointment, by or under this Act or any other Act, as trustee, executor, administrator, guardian, committee, agent, or attorney.

Any testator may deposit his will in the Public Trust Office for safe custody, or for acceptance or rejection after his death.

If a will is deposited for safe custody, or for the purpose of acceptance or rejection after death, then after the death of the testator the Public Trustee shall, if the will is deposited for safe custody, deliver the same to such person as the testator may have directed in writing, or in the absence of such direction to such person as the Public Trustee thinks entitled thereto.

If the will is deposited for acceptance or rejection after the testator’s death, notice of such acceptance or rejection shall be given in such manner as the Public Trustee thinks proper.

The Public Trustee, with the consent of the Board, may consent to act under any will so deposited as aforesaid.

If any appointment of the Public Trustee as trustee, executor, administrator, guardian, committee, agent, or attorney is rejected, notice thereof shall be sent to such persons as the Public Trustee thinks fit.

If any property has become, by virtue of an appointment which is rejected, vested in the Public Trustee, then by virtue of a rejection as aforesaid such property shall cease to be vested in the Public Trustee, and shall become vested in such persons as would have been entitled thereto if such appointment had not been made; and the Public Trustee may execute and do all such instruments and things as may be necessary to give effect to such rejection.

The evidence of acceptance or rejection of any appointment shall be conclusive if such acceptance or rejection is in writing, signed by the Public Trustee.

Where under this or any other Act the Public Trustee is directed to make any payment, upon an order of a Court or Judge being obtained, to any person entitled thereto, he may make a payment without such order if the amount thereof does not exceed fifty pounds; and any payment so made shall be as valid as if authorised by an order of Court.

Where the assets of any testate or intestate estate under administration by the Public Trustee are insufficient to pay the liabilities in full, and no recourse has been had to the provisions of Part IV of “The Administration Act, 1908,” the assets shall be applied subject to the following priorities:—

The balance of the assets shall be applied in accordance with the law and practice for the time being in force with respect to the estate of a bankrupt, and any surplus shall be applied in terms of the will, or the law relating to intestate estates.

Notwithstanding the provisions of Part IV of “The Administration Act, 1908,” it shall not be obligatory upon the Public Trustee, where administering as aforesaid, although the assets are insufficient to pay the liabilities in full, to have recourse to the provisions of that Act or administer such assets thereunder.

Where a testate or intestate estate is under administration by the Public Trustee, and such administration could be properly closed in a less time than is required by the existing law, the Public Trustee, after giving notice once each week for two weeks in at least two newspapers published or circulating in the locality where the deceased resided or carried on business immediately preceding his decease, or if the deceased died out of New Zealand, then in such a manner as a Judge of the Supreme Court directs, requiring creditors and others to send in to the Public Trustee their claims against the said estate, may, at the expiration of the time limited in such notice, being not less than two months from the first publication thereof, or, in the case of a person dying out of New Zealand, within such time, not being less than six months, as a Judge of the Supreme Court directs, distribute the assets of the deceased, or any part thereof, amongst the persons entitled thereto, having regard to the claims of which the Public Trustee has then notice:

Provided that if any such estate is of less value than fifty pounds, it may be distributed or conveyed and assured and dealt with without giving any such notices as aforesaid.

The Public Trustee shall not be liable for the assets, or any part thereof, so distributed, to any person of whose claims he had no notice at the time of distribution of the said assets, or a part thereof, as the case may be; but this provision shall not prejudice the rights of any subsequent claimant to establish his right to receive payment from the persons who have been paid by the Public Trustee any distributive shares, or the whole residue of the estate, or, in the case of real property, from the person who may have received a conveyance or assurance thereof, or any part thereof, from the Public Trustee in or towards satisfaction of such distributive shares or residue.

The word “distribute,” as to real estate, means “convey and assure the real estate to the person entitled thereto”; and the words “distributed” and “distribution” mean, as to real estate, “conveyed and assured the real estate to the person entitled thereto.”

Nothing herein shall prevent the Public Trustee as executor, or as administrator with or without a will annexed, or otherwise, from making distribution under any other law or statute, or prejudice the protection thereby afforded where he makes distribution pursuant to such law or statute.

Where the Public Trustee is executor or administrator, or is by law authorised to administer the estate of any deceased person, a certificate under his hand, and sealed with his corporate seal, certifying that he has taken out probate or letters of administration, or is authorised to administer, and stating the date when such probate or letters of administration were granted, or when and how he became authorised to administer, and the name, residence, and occupation of the deceased person, shall, notwithstanding any law or statute to the contrary, be accepted by all Courts, officers, and persons, whether acting under any Act or not, as sufficient evidence of the death of the deceased person, and of the appointment of the Public Trustee as executor or administrator, or of his right to administer, without production of any other proof whatever.

Such certificate shall be sufficient for the purpose of registering the Public Trustee as proprietor of any estate or interest in any land under “The Land Transfer Act, 1908,” or of any shares, stock, or property in any body or association; and if any land is subject to the provisions of “The Deeds Registration Act, 1908,” such certificate may be registered against such land as in the case of probate or letters of administration, and shall have the same force and effect.

With respect to moneys and personal chattels payable or deliverable by the Public Trustee to the subjects of foreign countries resident in such foreign countries, the Governor may, by notice in the Gazette, notify that such moneys or personal chattels may be paid or delivered to the chief consular officer for such foreign country in New Zealand on behalf of such subject; and the receipt in writing of such chief consular officer shall be a good discharge to the Public Trustee therefor.

Where any Court or Judge thereof, except on the application of the Public Trustee, makes any order directing any payment to be made to the Public Trustee or into the Public Trust Office, or makes any order vesting property in the Public Trustee, or appoints the Public Trustee as trustee, executor, administrator, guardian, or committee, it shall be the duty of the person who obtains such order forthwith there-after to serve upon the Public Trustee or his agent a copy thereof, and to deliver to the Public Trustee or his agent a statement of the property affected by the order, and where such property is situated or by whom held, so far as the same is known to such person; and in default thereof such person shall be liable to a fine not exceeding ten pounds unless he proves that such default was due to accident or was unavoidable.

Where any such order is made by a Court or the Judge thereof, it shall be the duty of the Registrar, or Deputy Registrar, or Clerk, as the case may be, of the Court to see that a copy of such order is delivered or posted by registered letter to the Public Trustee or his agent, together with a statement of the property affected by such order, and where such property is situated, or in whose possession it is, so far as such Registrar, or Deputy Registrar, or Clerk can ascertain; and such Registrar, or Deputy Registrar, or Clerk shall, at the time of making an order, ascertain, by such ways and means as he thinks best (and jurisdiction is given hereby for that purpose), the property affected by the order, and where such property is situated, and in whose possession it is.

Where any corporation, association, or person is in possession of any property of a deceased person, or where there is to the credit of any deceased person in the books or accounts or otherwise of any corporation, association, or partnership any property or money, or where under any partnership or association any deceased person is entitled to a share in the assets thereof, or his representatives are entitled to any payment as his share in such assets, or where any deceased person is the registered proprietor of any shares in any corporation or association; or where any person is indebted to any deceased person, if such property, money, shares, or debts are vested in or belong to the Public Trustee, it shall be obligatory on such corporation, association, or person to forthwith give notice to the Public Trustee or his agent of the extent, nature, and situation of such property.

Where the Public Trustee is realising the goods, chattels, and effects of any estate administered by him, and such goods, chattels, and effects are not of greater value than fifty pounds, and are situated at a distance of more than ten miles from the usual place of business of a licensed auctioneer, such goods, chattels, and effects may be offered for sale by auction by some person to be appointed by the Public Trustee, and such person for the purpose of such sale shall not require to take out an auctioneer’s license.

Nothing in this Act shall be deemed to deprive the Public Trustee of or to limit or restrict any powers or authorities vested in or exercisable by him by or under any other Act or law; and all powers and authorities conferred by this Act on the Public Trustee shall be deemed to be in addition to and not in limitation or restriction of other powers or authorities vested in or exercisable by him by or under any other Act or law.

Except in so far as by this Act it is expressly otherwise provided, all rights, powers, and remedies conferred by any other statutes or laws upon any Court or Judge, or upon the Public Trustee or any other person, shall remain unrestricted, and the provisions of this Act shall be read and construed as conferring upon such Courts, Judges, and the Public Trustee or other persons the rights, powers, and remedies hereby provided by way of addition to and not in derogation of any rights, powers, and remedies conferred by the said statutes or laws, and so that the rights, powers, and remedies conferred by the said statutes or laws, and by this Act, shall be capable of being exercised independently the one of the other, or in aid the one of the other; but, nevertheless, the express provisions of this Act shall not be restricted by the said statutes or laws.

Where under this Act notice is required to be given by the Public Trustee, or any officer, servant, or person acting under or bona fide assuming to act under this Act, it shall be sufficient if such notice is sent by registered letter addressed to the person to whom such notice is to be given at his then known or then last known place of abode or business; and time shall, as from the posting of such registered letter, be reckoned as if such notice had been actually served on such person from the posting of such registered letter.

Neither the Public Trustee nor any officer or servant acting or bona fide assuming to act under any of the authorities contained in or conferred by this Act shall be personally liable for any act or thing done or omitted, unless the liability arises from actual fraud or crime.

Where any person, by any act or thing done or omitted by the Public Trustee or any officer, servant, or person acting or bona fide assuming to act under this Act, sustains any injury which, if the act or thing done or omitted would have entitled such person to a remedy in respect thereof if the same had been done or omitted by a private person, then such person shall be entitled to the same remedy against the Public Trustee in his corporate capacity as he would be entitled to against a private person, and shall be entitled to be indemnified out of the Public Trustee’s Account, and if the same is insufficient, then out of such moneys as may be appropriated for such purpose by Parliament.

The Governor may from time to time by Order in Council make regulations—

Such regulations shall be forthwith laid before Parliament if sitting, or if not, then within ten days after the commencement of the next ensuing session.

The following Acts—

“The Administration Act, 1908”;

“The Trustee Act, 1908”; and “The Settled Land Act, 1908,”—

shall be read and construed as not to contrarily affect any of the express provisions of this Part of this Act, and shall be read and construed as subordinate to the provisions of this Part of this Act.

In this Part of this Act, if not inconsistent with the context,—

If after such inquiries as the Public Trustee institutes he does not thereby ascertain who the owner of land is, and believes that such owner is not in New Zealand, he may adopt the following coarse: Publish in one issue of the Gazette, and in one newspaper published or circulating in the locality in which the land is situated for three issues of the paper, at intervals of one week, a notice calling on such owner, within six months from the date of the notice in the Gazette, to establish to the satisfaction of the Public Trustee his title to the land specified in the notice, and stating that if such owner does not within the time limited so establish his title the Public Trustee will exercise the powers and authorities hereinafter granted.

The notice shall be sufficient if it designates the owner, without naming such owner, as “the owner” or “the owners” of the land referred to in the notice.

If the owner does within such period so establish his title, then all expenses incurred by the Public Trustee shall be refunded to him out of the Consolidated Fund.

If the owner does not within the time so limited establish his title, then the following provisions shall apply:—

After the publication of the notice in the Gazette, mentioned in the last preceding section, such land shall become vested in the Public Trustee, and he may, with respect to any such lands,—

The Public Trustee may make such payment or allowance for moneys expended or improvements made prior to the thirty-first day of August, one thousand eight hundred and ninety-two, on or in respect of any land vested in the Public Trustee under this Part of this Act as to him may seem just or reasonable, and although such money might not be recoverable at law.

As to land referred to in the Gazette notice mentioned in section sixty-seven hereof which is under “The Land Transfer Act, 1908,” then upon the production to the District Land Registrar of such Gazette notice, with a description of the land thereby affected, and upon the Public Trustee making application in writing to be registered as the proprietor of such land, the District Land Registrar shall, without the production of any instrument of title, register the Public Trustee as the proprietor thereof under “The Land Transfer Act, 1908,” and as entitled under the provisions of this Part of this Act.

Where any land or real estate vested in the Public Trustee under this Part of this Act is not under “The Land Transfer Act, 1908,” the Public Trustee shall be entitled to be registered as the proprietor thereof under “The Land Transfer Act, 1908,” on applying to be so registered; and on production of a certificate under his hand and seal of office describing the land or real estate, and certifying that such land or real estate is subject to the provisions of this Part of this Act, and without the production of any instrument of title to such land or real estate, the District Land Registrar shall register the Public Trustee as the proprietor under “The Land Transfer Act, 1908,” subject to this Part of this Act.

Moneys received by the Public Trustee under this Part of this Act in respect of land or real estate shall not form part of the common fund; but such moneys may be invested, if the Public Trustee thinks fit, in any of the securities in which the common fund may be invested.

All costs, charges, and expenses paid by or payable to the Public Trustee under this Part of this Act shall be a first charge upon any land or real estate or money acquired or held thereunder; and, subject thereto, such land, real estate, or money shall be held by the Public Trustee upon trust, subject to this Part of this Act, for the owner thereof upon his establishing his title thereto as provided by this Part of this Act.

Until the owner of land, real estate, or money acquired, administered, or held by the Public Trustee under this Part of this Act establishes his title thereto to the satisfaction of a Judge of the Supreme Court, the powers and authorities conferred upon the Public Trustee shall continue.

No application to establish such title shall be made except by petition, a copy of which shall be served upon the Public Trustee fourteen days prior to the hearing.

Before a Judge makes an order under this section, the owner shall pay to the Public Trustee all expenditure, charges, and commission to which the Public Trustee is entitled under this Part of this Act, and all costs incurred by the Public Trustee of and incidental to such petition.

On any proceeding under this section the Judge may accept and act upon and be satisfied with any evidence, whether the same is strictly legal evidence or not, and may make an order declaring a claimant to be the owner of land, real estate, or money, although such claimant may be unable to adduce evidence which would entitle him to judgment in an action of ejectment or a decree in an action for specific performance, and the Judge may have regard to the special circumstances of each case in determining the character and sufficiency of the evidence of title adduced.

On an order being made by a Judge declaring who the owner of such land, real estate, or money is, the powers and authorities hereby conferred on the Public Trustee shall cease, and the Public Trustee shall transfer any land or real estate, or pay to such owner any money, held by him in trust for such owner.

If within twenty years from the date of the notice in the Gazette referred to in section sixty-seven hereof, or as to real estate taken possession of and in course of administration by the Public Trustee under sections twenty to twenty-eight of “The Public Trust Office Amendment Act, 1873,” or sections ten and eleven of “The Public Trust Office Act, 1876,” then if within twenty years from the twenty-third day of October, one thousand eight hundred and ninety-four (being the date of the coming into operation of “The Unclaimed Lands Act, 1894”), no person establishes to the satisfaction of a Judge of the Supreme Court his title to such land or real estate, or the moneys arising therefrom, the estate or interest of such person in such land, real estate, or money shall become the property of the Crown.

Nothing in this Part of this Act shall affect the Crown as to its property or rights.

Notwithstanding this Part of this Act, no person who has acquired title to land by or under Statutes of Limitation shall be deprived of such title, nor shall this Part of this Act prevent any person under Statutes of Limitation hereafter acquiring title to land under such statutes.

Where under this Part of this Act any land, real estate, or money becomes the property of the Crown, then the Governor by Order in Council may transfer the same to any local authority, or to the corporation controlled by any local authority, for such purposes and with such powers as are specified in such Order.

“Local authority,” for the purposes of this section, means the Council, Board, or other authority of a city, borough, county, town district, road district, education district, drainage district, harbour district, or river district within which the land or real estate to which the aforesaid Order relates is situated.

When an instrument is executed by the Public Trustee, purporting to be made in exercise of the powers conferred by this Part of this Act, no Court, officer, or person shall be concerned to see or inquire whether such powers had or had not become exercisable, or be responsible for the exercise or the improper exercise of such powers.

If in administering any of the powers and authorities contained in this Part of this Act the Public Trustee is unable to recover from any person or property all his charges, commissions, and expenses, then the deficiency shall be made good out of the Consolidated Fund.

The Public Trustee shall not be responsible for the exercise or the non-exercise of any of the powers and authorities contained in this Part of this Act unless the same arise from his actual wilful default; nor shall he be obliged to take any steps or proceedings under sections sixty-six, sixty-seven, and sixty-eight hereof.

The power to make regulations conferred by Part I of this Act shall extend and apply to this Part of this Act.

Whenever in cases under this Part of this Act the title of the Public Trustee is defective through the non-existence or non-issue of any instrument of title which ought to be issued, then the Public Trustee may require the same to be issued to him, and the proper officer shall upon such request issue the same to him accordingly.

The Public Trustee shall, within sixty days after the thirty-first day of March, one thousand nine hundred and eleven, and thereafter within sixty days after the thirty-first day of March in every third year, prepare a list showing all land which has become vested in him under this Part of this Act during the triennial period terminating on every such thirty-first day of March, and the names of any person or persons believed by the Public Trustee to have any estate or interest therein; and the Public Trustee shall transmit such list to the Minister of Finance, who shall forthwith cause the same to be published in the Gazette, and to be laid before Parliament if sitting, or if not, then within ten days after the commencement of the next ensuing session

All land, real estate, and money which on the coming into operation of this Act are subject to “The Unclaimed Lands Act, 1894,” shall be similarly subject to this Part of this Act.

When the owner of any real or personal property is absent from New Zealand and has no agent in New Zealand with authority to take possession of and administer such property, or when it is not known who the owner of such property is, or when it is not known where he is, or when it is not known whether he is alive or dead, or when he is dead and has left executors or administrators who are dead or whose whereabouts are unknown, a Judge of the Supreme Court may, on the application ex parte of the Public Trustee, and on being satisfied that the exercise of the powers hereinafter mentioned is advisable in the interests of the owner of the property or in the interests of any other person, make an order, on such terms and conditions as such Judge thinks fit, authorising the Public Trustee to exercise in respect of such property all or any of the following powers, that is to say:—

All expenses incurred by the Public Trustee in the execution of the powers conferred on him by this Part of this Act shall be a charge upon the said property, and shall bear interest at five per centum per annum, and such charge shall come next in priority to any mortgage or charge to which the said property is subject when he takes possession of the same.

On taking possession of any property under this Part of this Act the Public Trustee shall publish in the Gazette, and in some newspaper circulating in the district in which the property is situated, a notice of his intention to exercise the powers conferred on him by virtue of this Part of this Act.

All moneys received by the Public Trustee in the exercise of the powers conferred on him by virtue of this Part of this Act shall, after payment thereout of all moneys authorised to be expended by him, be held by him in trust for the owner of the said property.

In respect of any lease, sale, or other disposition of the said property made by the Public Trustee in pursuance of this Part of this Act, the Public Trustee shall have the same powers as if he were the owner of the said land, and all deeds and other documents executed by him in pursuance of this Part of this Act shall be registered and have effect in all respects as if executed by the owner of the said property.

The owner of any property in respect of which any order has been so made, or any person having any interest in the said property or in any part thereof, may at any time after the making of the order, on notice to the Public Trustee, make application to a Judge of the Supreme Court to rescind the said order, and the same may thereupon be rescinded accordingly on such terms as the Judge thinks fit; but no such rescission shall affect any charge acquired by the Public Trustee under this Part of this Act, or the validity of any act or thing done by the Public Trustee during the continuance of the said order and in pursuance thereof.

No order made under this Part of this Act, and nothing done in pursuance of any such order, shall be or become invalid or inoperative merely because it has been made or done under a mistake of fact, or because the owner of the property is dead at the time when the order is made or has died since the making thereof, or because of any disposition of the said property made by the owner thereof during the subsistence of the order.

All property which on the coming into operation of this Act is subject to “The Public Trust Office Amendment Act, 1907,” shall be similarly subject to this Part of this Act.