Aug. 23.]

(2.) All interest payable by the Public Trustee in respect
of the capital of any estate may be computed on the
daily balance of capital, and if it is to be capitalized
shall be capitalized yearly on the 1st day of April,
and until so capitalized shall not bear interest.
Provided, however, that until the first statement
of account is rendered by the Public Trustee interest
may be computed on the daily balance of the account
irrespective of whether the account includes income.
(3.) No interest shall be credited to any estate which is
insolvent, excepting that where in any such estate
there are life-insurance or other moneys protected
from the claims of creditors, interest at the appro-
priate rate shall be credited on such moneys.
(4.) Before unclaimed moneys are paid into the Consoli-
dated Fund under the Public Revenues Act, 1910,
all accumulations of interest (if any) credited thereto
by the Public Trustee shall be deducted.

FINANCE AND ACCOUNTS.

11. The custody of the moneys in the Public Trustee’s
    Account shall be entrusted to the Bank of New Zealand
    (or other the bank at which the Public Account is kept),
    hereinafter referred to as “the bank.”

12. (1.) The withdrawal of moneys from the Public Trustee’s
    Account at Wellington shall be effected by cheques signed
    by the Public Trustee or an Assistant Public Trustee, and
    countersigned by the Chief Accountant or such other officer
    in Wellington as the Public Trustee from time to time
    authorizes, either generally or specifically.
    (2.) The manager of the bank shall make up daily, at
    the close of business, the pass-book of the Public Trustee’s
    Account in Wellington, and send the same to the Public Trustee,
    and at the same time send to the Controller and Auditor-
    General a statement showing the total receipts into, and
    payments out of, and the balance of such account at the
    close of each day.

13. (1.) The Public Trustee may from time to time cause
    branch accounts of the Public Trustee’s Account to be kept
    with the bank in any town where a branch of the Public
    Trust Office is established.
    (2.) Each such branch account may be operated on in the
    case of District Public Trustee offices by cheques signed by
    the District Public Trustee and countersigned by the Dis-
    trict Accountant or such other officer as the Public Trustee
    from time to time authorizes, and in the case of District
    Managers’ offices by cheques signed by the District Manager
    only, where there is no suitable countersigning officer at
    the branch.

14. (1.) The Public Trustee may open at the Bank of New
    Zealand, London, an account to be entitled “The New Zea-
    land Public Trust Office Account.”
    (2.) All moneys payable to or received by the New Zealand
    Public Trustee may be lodged to credit of the New Zealand
    Public Trust Office Account with the Bank of New Zealand,
    London, and remittances shall be made to the Public Trustee
    by the High Commissioner as often as the High Commissioner
    and the Public Trustee shall arrange.
    (3.) No moneys shall be drawn from the New Zealand
    Public Trust Office Account except by cheque signed either
    by the High Commissioner or by some person authorized in
    writing by him, and countersigned by an officer of the Audit
    Department who shall be selected from time to time by the
    Controller and Auditor-General, and no moneys shall be
    drawn from such account for any purpose for which it is
    not legally available or applicable.
    (4.) The High Commissioner shall twice in every month, or
    more frequently as required by the Public Trustee, transmit
    to the Public Trustee a full and detailed statement of all the
    receipts, payments, and transfers by, to, and from the New
    Zealand Public Trust Office Account which are not included
    in any former such statement, accompanied by all such
    vouchers and other documents as the Public Trustee requires
    in support thereof.
    (5.) The Bank of New Zealand at London shall twice in
    every month transmit to the Public Trustee and to the Audit
    Office a statement (in the form prescribed by the Public
    Trustee) showing the entries in the New Zealand Public
    Trust Office Account for the period to which the statement
    relates.

15. In addition to the accounts required by the principal
    Act the Public Trustee shall keep such other accounts as the
    Minister directs or as the Public Trustee shall think fit.

16. Any moneys payable to the Public Trustee’s Account
    may be lodged for credit of that account in the Bank of
    New Zealand or with such Postmasters as the Postmaster-
    General authorizes and the Public Trustee directs, and the
    amount of such lodgments shall be transferred by the bank
    or Postmaster-General to the credit of the Public Trustee’s
    Account as often as the Public Trustee and the bank or
    the Postmaster-General arrange.

17. No claim on the Public Trustee shall be paid until it
    has been, to the satisfaction of the Public Trustee or the
    paying agent, proved and certified to be correct, as may be
    required by the Public Trustee, and receipted by the claimant
    or by the claimant's duly authorized agent, or until the
    signature of the payee has been attested when such attesta-
    tion is required by the Public Trustee.

18. It shall not be necessary that any claims which, in
    the opinion of the Public Trustee, are correct and payable
    out of the Public Trustee’s Account shall be audited before
    they are paid, otherwise than by such officers of the Public
    Trust Office as are appointed to examine and audit such
    accounts.

19. (1.) Where a Native gives a special or general order it
    shall purport to be attested by a licensed Native interpreter,
    who shall certify in attesting that he has explained the order
    to the Native, and the Native understood it; provided that
    the Public Trustee may dispense with any such attestation.
    (2.) It shall not be necessary for the Public Trustee, unless he
    thinks proper, to ascertain whether the person so attesting
    is a licensed Native interpreter or not, and notwithstanding
    that it may afterwards be discovered that the person attest-
    ing was not a licensed interpreter, the order, and all acts and
    things done thereunder, shall be valid.
    (3.) This clause shall be construed subject to any statutory
    provision dealing with the matter.

20. In the case of securities which, pursuant to section 96
    of the Public Revenues Act, 1910, are to be held under three
    keys, the custodians shall be the Assistant Chief Accountant
    of the Public Trust Office, the Custodian of Securities of the
    Public Trust Office, and an Audit officer deputed by the
    Controller and Auditor-General in that behalf.

CHARGES TO BE MADE BY THE PUBLIC TRUSTEE.

21. The undermentioned charges shall be payable to the
    Public Trustee in respect of the matters mentioned : Pro-
    vided that where the Public Trustee is custodian-trustee the
    charges under (a), (b), (c), (d), (e), (f), (g) (l), (h), (j), and (o)
    of this clause shall be reduced by one-half.
    (a.) Upon the gross capital of any testate or intestate
    estate realized by the Public Trustee, or upon the gross
    capital of any estate administered and realized under the
    Lunatics Act, 1908, or the Mental Defectives Act, 1911, or
    the Prisons Act, 1908, or the Aged and Infirm Persons Pro- ection Act, 1912, *or the Destitute Persons Act, 1910, or in
    any other estate with respect to which the Public Trustee’s
    charges on realization are not specifically provided for,—
    On the first £5,000, 2½ per cent.
    On the next £5,000, 1½ per cent.
    On the next £40,000, 1 per cent.
    On all in excess of £50,000, ¾ per cent.
    Provided that (1) in testate and intestate estates in which
    no person has previously obtained administration, and the
    gross capital of the assets of which, as accepted by the Stamp
    Duties Department for the purpose of assessing death duties,
    does not exceed the sum of £1,000; and (2) in all other estates
    in which the gross capital value at the date of the acceptance
    of the estate by the Office Board does not exceed the sum of
    £1,000, and in respect to which the Public Trustee’s charges
    on realization are not herein specifically mentioned, the rate
    of commission on assets upon the realization of which commis-
    sion is not deducted by or paid to an auctioneer or agent, and
    on assets not consisting of cash or balances to credit of any
    account or on fixed deposit in any institution, or moneys
    received under any life or accident policy, or moneys received
    from any lodge or friendly society, or bonds or debentures
    collected at maturity, or superannuation contributions re-
    funded, shall be 5 per cent. on the first £400 and 2½ per cent.
    on the excess.
    The charges under (a) are payable to the Public Trustee
    upon the realization of an asset.
    (b.) Upon such of the capital or income of any estate
    realized by a former executor, trustee, or administrator, or
    person acting in a fiduciary character, as becomes vested in
    the Public Trustee on the original trusts, either in the form
    of investments or of cash : On the first £50,000, 1 per cent.;
    on the excess, ½ per cent.
    The charge under (b) is payable as regards cash assets at
    the date of receipt by the Public Trustee, and as regards
    investments when they are realized.
    (c.) In the case of a deed of trust or of a settlement, ante-
    nuptial or otherwise, on such part of the trust property as
    consists of cash—upon the capital sum:—
    On the first £50,000, 1 per cent.
    On the excess, ½ per cent.
    On all sums received by the Public Trustee under section
    17 of the Public Trust Office Amendment Act, 1913 :—
    On the first £50,000, 1 per cent.
    On the excess, ½ per cent.
    On all capital sums received by the Public Trustee in cash
    under the Destitute Persons Act, 1910, or any amendment of
    that Act : 1 per cent.