SWAN v. THE PERPETUAL EXECUTORS AND TRUSTEES ASSOCIATION OF AUSTRALIA LIMITED

23 VLR 293·MADDEN, C.J., HOLROYD, and HOOD, JJ.
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23 VLR 293
23 VLR 293
SWAN v. THE PERPETUAL EXECUTORS AND TRUSTEES ASSOCIATION OF AUSTRALIA LIMITED Supreme Court of Victoria (Full Court) MADDEN, C.J., HOLROYD, and HOOD, JJ. June 1, 1897. July 19, 20, 1897. August 16, 31 August 1897 Companies Act 1890 (No. 1074), ss. 383 and 384 — Company administrator — Investment on deposit receipt in bank — Breach of trust — Trusts Act 1896 (No. 1421), s. 27 (1) — Breach of trust instigated or concurred in by one beneficiary — Indemnity of trustee .

Per the Full Court [MADDEN, C.J., HOLROYD and HOOD, JJ.] Sec. 384 of the Companies Act 1890 is an enactment dealing wholly with the creation of a criminal offence in directors and other persons administering trustee companies, with a proviso for relief from criminal liability where they can show that a deposit of moneys of a trust estate in a bank which is alleged to be a breach of trust, and the offence with which they are charged was such a deposit as complied with the requirements contained in the proviso, and such section does not empower trustee companies to place moneys of a trust estate upon fixed deposit in a bank by way of investment.

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