Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 260

260. (1) A trustee, executor or administrator of the estate of a deceased
person who was registered in a register or branch register kept in the
Territory as the holder of a share in any corporation may be registered as the
holder of that share as the trustee, executor or administrator of that estate
and is, in respect of that share, subject to the same liabilities as those to
which he would have been subject if the share had remained registered in the
name of the deceased person and is not subject to any other liabilities in
respect of that share.

(2) A trustee, executor or administrator of the estate of a deceased person
who was entitled in equity to a share in any corporation, being a share
registered in a register or branch register kept in the Territory, may, with
the consent of the corporation and of the registered holder of that share, be
registered as the holder of the share as trustee, executor or administrator of
that estate and is, in respect of that share, subject to the same liabilities
as those to which he would have been subject if that share had been registered
in the name of the deceased person and is not subject to any other liabilities
in respect of that share.

(3) Where-

   (a)  a person is appointed, under a law of a State or Territory relating to
        the administration of the estates of persons who, through mental or
        physical infirmity, are incapable of managing their affairs, to
        administer the estate of a person who is so incapable (in this
        sub-section referred to as the
''incapable person''); and

   (b)  the incapable person is registered in a register or branch register
        kept in the Territory as the holder of a share in any corporation, the
        first-mentioned person may be registered as the holder of that share
        as administrator of that estate and is, in respect of that share,
        subject to the same liabilities as those to which he would have been
        subject if that share had remained registered in the name of the
        incapable person and is not subject to any other liabilities in
        respect of that share.

(4) Where-

   (a)  a person is appointed, under a law of a State or Territory relating to
        the administration of the estates of persons who, through mental or
        physical infirmity, are incapable of managing their affairs, to
        administer the estate of a person who is so incapable (in this
        sub-section referred to as the
''incapable person''); and

   (b)  the incapable person is entitled in equity to a share in any
        corporation, being a share registered in a register or branch register
        kept in the Territory, the first-mentioned person may, with the
        consent of the corporation and of the registered holder of that share,
        be registered as the holder of the share as administrator of that
        estate and is, in respect of that share, subject to the same
        liabilities as those to which he would have been subject if that share
        had been registered in the name of the incapable person and is not
        subject to any other liabilities in respect of that share.

(5) Where-

   (a)  by reason of the operation of the Bankruptcy Act 1966, a share in a
        corporation, being the property of a bankrupt, vests in the Official
        Trustee in Bankruptcy; and

   (b)  the bankrupt is registered in a register or branch register kept in
        the Territory as the holder of that share, the Official Trustee in
        Bankruptcy may be registered as the holder of that share as Official
        Trustee in Bankruptcy and is, in respect of that share, subject to the
        same liabilities as those to which he would have been subject if that
        share had remained registered in the name of the bankrupt and is not
        subject to any other liabilities in respect of that share.

(6) Where-

   (a)  by reason of the operation of the Bankruptcy Act 1966, a share in a
        corporation, being the property of a bankrupt, vests in the Official
        Trustee in Bankruptcy;

   (b)  the share is registered in a register or branch register kept in the
        Territory; and

   (c)  the bankrupt is entitled in equity to that share, the Official Trustee
        in Bankruptcy may, with the consent of the corporation and of the
        registered holder of that share, be registered as the holder of that
        share as Official Trustee in Bankruptcy and is, in respect of that
        share, subject to the same liabilities as those to which he would have
        been subject if that share had been registered in the name of the
        bankrupt and is not subject to any other liabilities in respect of
        that share.

(7) Shares in a corporation registered in a register or branch register kept
in the Territory and held by a trustee in respect of a particular trust may,
with the consent of the corporation, be marked in the register or branch
register in such a way as to identify them as being held in respect of the
trust.

(8) Except as provided in this section and section 261, no notice of any
trust, whether express, implied or constructive, shall be entered on the
register or branch register kept in the Territory or be receivable by the
Commission and no liabilities are affected by anything done pursuant to
sub-section (1), (2), (3), (4), (5), (6) or (7) or section 261 and the
corporation concerned is not affected with notice of any trust by anything so
done.

(9) A person who commences to hold shares in a proprietary company as trustee
for, or otherwise on behalf of or on account of, a corporation shall, within
one month after commencing so to hold the shares, serve on the company notice
in writing that he so holds the shares.