Chapter 13:22 - Trotman Trust Fund

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L.R.O. 1/2012
LAWS OF GUYANA
TROTMAN TRUST FUND ACT
CHAPTER 13:22
Act
5 of 1887
Amended by
9 of 1895 O. 49/1953 39 of 1919 27 of 1953
(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
1 – 7 ... 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 13:22
TROTMAN TRUST FUND ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Vesting of fund in committee.
3. Trustees of income of the fund.
4. Annual report of committee.
5. Powers of committee when fund is invested on mortgage.
6. Power of committee to accept gifts to fund.
SCHEDULE- Vesting of fund in Committee.
__________________________ 1929 Ed.
c. 248
1953 Ed.
c. 52 _______________________________________________________
5 of 1887 An Act to regulate the Appointment of Trustees under the
will of Samuel Brandford Trotman, and to provide for
the Administration of the Fund created under the said
Will for the Relief of Destitute Planters and Destitute
Widows and Orphans of Planters.
[11TH MAY, 1887]
Short Title.

Vesting of fund
in committee.
[O. 49/1953]
Schedule.
1. This Act may be cited as the Trotman Trust Fund
Act.
2. (1) The fund created under the will of the late
Samuel Brandford Trotman for the benefit of destitute
planters and destitute widows and orphans of planters in the
terms of the said will set forth in the Schedule, is hereby
vested in a committee, which shall be styled the Committee of
the Trotman Trust Fund and is hereinafter referred to as “the
committee.”

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Trustees of
income of the
fund.

(2) The Committee shall consist of three persons
appointed by the Minister, one of whom shall be an officer in
the public service.
(3) The committee –
(a) may sue or be sued;
(b) may invest the fund or any portion
thereof in securities for the time being
approved by the Minister;
(c) shall not invest any portion of the
fund on mortgage of immovable
property without the sanction of the
Minister;
(d) may, with the sanction of the
Minister, receive transport of and
hold any immovable property in
Guyana necessary for giving effect to
the directions of the will;
(e) shall apply the income to arise from
the fund as directed by the will; and
(f) may deposit with the Accountant
General or safe custody all securities
held by them.
3. (1) If the Official Receiver for the time being, or the
chairman of the poor law commissioners for the time being, is
unwilling or unable to act as a trustee under the will, or if
those offices or either of them are or is abolished, the Minister
may nominate any person or persons to be a trustee or
trustees under the will.
(2) The Minister may appoint a leading merchant
residing and carrying on business in Guyana to be a trustee
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Annual report
of committee.
[O. 49/1953]

Powers of
committee
when fund is
invested in
mortgage.
under the will.
(3) The trustees so appointed shall, except as
herein after provided, apply the income of the fund as
directed by the will.
(4) The trustees may make such charges for their
administration as may be reasonable, provided those charges,
including the cost of clerical assistance, books, stationery,
advertisements, and all other charges whatsoever, do not
exceed in any one year six per cent of the amount of the
income received in that year.
(5) The trustees, in the month of January in each
year, shall lay before the committee a full statement of their
income and expenditure during the previous year.
4. The committee shall report to the National
Assembly annually, and shall lay before it a copy of the
statement of the trustees.
5. Where any portion of the fund is invested on
mortgage of immovable property, the committee, for the
purpose of protecting and conserving the fund, shall have the
following powers, that is to say, they may –
(a) purchase and receive transport for
that property;
(b) carry on the cultivation of any
property so purchased, but only for
the period absolutely necessary for
the above-mentioned purpose; and do
all things requisite, including the
raising of money on loan, for carrying
on the cultivation;
(c) mortgage any property so purchased;
and
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Power of
committee to
accept gifts to
fund.


s. 2
(d) sell and pass transport for any
property so purchased, or for any
portion thereof:
Provided that every power conferred by this section shall
be exercised only with the sanction and subject to the
direction of the Minister.
6. The committee may from time to time accept any
property bequeathed or presented by anyone to the fund for
the benefit of any class of destitute persons, and that property
shall vest in the committee and be dealt with by the
committee and the trustees in the same manner as if it formed
part of the fund created under the will and had vested in the
committee by this Act:
Provided that where any property bequeathed or
presented as aforesaid is directed by the testator or donor to
be applied for any special purpose different from that for
which the fund was created, the committee and the trustees
shall restrict the application of that property to the purposes
only for which it was so bequeathed or given.
SCHEDULE
VESTING OF FUND IN COMMITTEE
“... Until sufficient funds shall be available for the
erection of an asylum for permanently disabled planters, I
desire that two-thirds of the interest of the said second share
so invested shall be applied to the relief of destitute and
decayed planters without distinction, except as hereinafter
provided, of race or creed; the persons relieved and the
number relieved and the amount given to each being left to
the administrators hereinafter appointed, as to whom my
wish is that they shall endeavour to give effectual relief to the
greatest number that the money will allow, provided always
that those who are, in the opinion of the administrators,
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confirmed drunkards shall not be entitled to participate in the
benefits thereof. And I further desire that the remaining one-
third of the said interest shall be applied by the said
administrators to the relief of destitute widows and orphans
of deceased planters, relief being granted to boys until they
attain the age of sixteen and to girls until they attain the age
of twenty or marry...”
___________________
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