Legislative Assembly for the ACT: 1995 Week 06 Hansard (Thursday, 21 September 1995) . . Page.. 1603 ..
GUARDIANSHIP AND MANAGEMENT OF PROPERTY(AMENDMENT) BILL 1995
MR HUMPHRIES (Attorney-General) (10.49): Mr Speaker, I present the Guardianship and Management of Property (Amendment) Bill 1995, together with its explanatory memorandum.
Title read by Clerk.
MR HUMPHRIES: I move:
That this Bill be agreed to in principle.
The purpose of the Bill is to make a simple amendment to the Guardianship and Management of Property Act 1991 which will allow the Public Trustee the same flexibility in investing moneys as that already enjoyed by other managers appointed under the Act.
The need for the amendment may be best illustrated by outlining what happens under the existing legislation when the Public Trustee is appointed the manager of a person who is legally incompetent to enter into a transaction relating to the person's property. If that person happens to have a share portfolio the Public Trustee is obliged to sell that share portfolio and invest the moneys in a common fund. The Public Trustee must do so even though a wise investor would not, at that time, sell the shares. Thus the Public Trustee is obliged, under the legislation, to do something which may not be in the best interests of a person whose welfare the Public Trustee is expected to protect.
As I have indicated, the proposed amendment will allow the Public Trustee greater flexibility in investing moneys by removing the existing provision in the Guardianship and Management of Property Act 1991 which excludes the Public Trustee from investing trust moneys in accordance with the Trustee Act 1925-1942 or as the Guardianship and Management of Property Tribunal permits. I commend the Bill to the Assembly.
Debate (on motion by Mr Connolly) adjourned.