Legislative Assembly for the ACT: 1999 Week 3 Hansard (25 March) . . Page.. 820 ..
MR HUMPHRIES (continuing):
still experienced by many indigenous Australians, as I am sure are other members of this Assembly, and will continue its efforts to address Aboriginal concerns in areas within its responsibilities.
Turning to the provisions of the Bill itself, of necessity the proposed ACT provisions contain many references to provisions and terms used in the Commonwealth legislation. To a large degree the Bill's content and structure are determined by that legislation. The result is that, on its face, the operation of the Bill can be somewhat difficult to follow, particularly for readers unfamiliar with the terms of the amended Commonwealth Native Title Act 1993.
In a new approach for legislation in the ACT, the Bill includes notes to assist readers to understand its interaction with the Commonwealth legislation. These notes and many of the headings in the Bill achieve this objective by identifying relevant provisions in the Commonwealth legislation. The explanatory memorandum for the Bill includes brief descriptions of the relevant Commonwealth provisions and terms to help readers of the Bill understand its effects. I recommend that members take time to read the explanatory memorandum if they are unsure of the effects of any provisions in the Bill.
Debate (on motion by Mr Stanhope ) adjourned.
MR HUMPHRIES (Attorney-General, Minister for Justice and Community Safety and Minister Assisting the Treasurer) (11.13): Mr Speaker, I present the Trustee (Amendment) Bill 1999, together with its explanatory memorandum.
Title read by Clerk.
MR HUMPHRIES: Mr Speaker, I move:
That this Bill be agreed to in principle.
This Bill amends the Trustee Act 1925 of the State of New South Wales in its application to the Territory. The Act was applied in the Territory in 1957. A number of modifications were made at that time and a few have been made since. The modification that is provided for in the Bill is, I think, the most significant that has been made to date. Section 14 of the Act sets out a list of investments that may be made by a trustee unless the trust instrument expressly provides otherwise.
Mr Speaker, most trusts are established by a well-drafted trust instrument. The list may supplement, but it will not supplant, such an instrument. The investments that are listed in section 14 are, except in very few exceptional circumstances, guaranteed to preserve the nominal dollar value of trust moneys. They include Commonwealth Government securities and fixed deposits with a bank.