Chapter 13:21 - Patoir Trust Fund

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L.R.O. 1/2012
LAWS OF GUYANA
PATOIR TRUST FUND ACT
CHAPTER 13:21
Act
13 of 1916
Amended by
4 of 1972
(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
1 – 5 ... 1/2012
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L.R.O. 1/2012
Note
on
Subsidiary Legislation
This Chapter contains no subsidiary legislation.
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CHAPTER 13:21
PATOIR TRUST FUND ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Functions vested in Minister.
4. General powers of trustees.
5. Cancellation of appointment.
6. Power of investment.
7. Audit of accounts.
8. Annual report by trustees.
9. Unofficial trustee.
10. Resignation of official trustees.
SCHEDULE-Investments.
__________________________ 1929 Ed.
c. 247
1953 Ed. _______________________________________________________
13 of 1916 An Act to provide for the administration of the Trust Fund
created under the Will of Isaac Edward Adrian Patoir.
[19TH AUGUST, 1916]
Short title.

Interpretation.

1. This Act may be cited as the Patoir Trust Fund Act.
2. In this Act—
“the trustees” means the persons appointed by, and from time
to time under the power and direction contained in, the
will of Isaac Edward Adrian Patoir, deceased, (hereafter
in this Act called “the will”), dated the 16th May, 1915, to
LAWS OF GUYANA
4 Cap. 13:21 Patoir Trust Fund
L.R.O. 1/2012
Schedule
Functions
vested in
Minister
[4 of 1972]
General Powers
of trustees.


Cancellation of
appointment.

Power of
investment.


administer the fund by the will established and to be
called the Patoir fund, and other the person or persons
from time to time appointed under the powers in that
behalf conferred by this Act;
“the fund” means the patoir fund aforesaid, now consisting of
the property set forth in the Schedule.
3. All functions vested by the will in the Governor in
respect of the fund are hereby vested in the Minister.
4. (1) Two of the trustees may exercise all the powers
of the trustees in case of any vacancy or in case of the death,
illness, or absence from Guyana of the third trustee.
(2) Where there is a difference of opinion between
the trustees the opinion of the majority shall prevail, and in
case of a difference of opinion where there are only two
trustees, owing to the death, illness or absence from Guyana
of the third, the Minister shall decide.
5. The trustees may on the ground of misconduct
cancel or suspend the appointment of any beneficiary under
the will.
6. The fund shall be invested as the Patoir fund and
the trustees shall have full power to invest the corpus or any
portion thereof, and to realise and further to invest it from
time to time, and to dispose of the revenue in the manner they
see fit, subject to the terms of the will, and shall be at liberty
to pay out of revenue all just expenses of administration,
including the reasonable clerical and travelling expenses
found necessary for all purposes of administration, and shall
be at liberty to draw commissions not exceeding five per cent
on the amount of revenue received.
7. The accounts of the trustees shall be from time to accounts.
Audit of
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Annual report
by trustees.
[4 of 1972]
Unofficial
trustee.

Resignation of
official trustees.

s. 2
time audited by an officer of the audit department, and the
fee therefor shall be a sum to be fixed by the Minister
responsible for finance.
8. The trustees shall present to the National Assembly
on or before the 31st January in each year an account of their
administration during the twelve months ending on the
preceding 31st December.
9. The trustee appointed by the Minister shall hold
office for five years but may be re-appointed; he may resign,
and the Minister may for any cause the Minister deems
sufficient cancel his appointment, and the Minister may
thereupon appoint another person who is not an official but is
otherwise qualified in accordance with the terms of the will.
10. The Attorney-General or the Public Trustee with
the consent of the Minister may by letter to the Minister
resign his appointment and the Minister shall thereupon
nominate another head of a government department to act as
trustee instead of the Attorney-General or the Public Trustee
until the permanent appointment of another Attorney-
General or Public Trustee, but upon that permanent
appointment the new officer shall become one of the trustees
by virtue of his office in like manner as if his predecessor had
not resigned.
SCHEDULE
INVESTMENTS
Guyana Government bonds at 4½% $39,984
Guyana Government bonds at 5% 20,050
$60,034
_________________
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