2256

THE NEW ZEALAND GAZETTE.

[No. 64

The charge under (c) is payable at the date of distribution, except that in the case of a perpetual trust the charge under (c) shall be made on receipt of the capital fund. No charge under (c) shall be made where the capital is in the Common Fund and reverts to the settlor in his lifetime.

(d.) In the case of any estate in which the Public Trustee is acting as attorney or agent, the charge on the capital realized shall be made under (a) above, except where a special fee or rate has been arranged between the Public Trustee and his principal.

No charge under (d) shall be made where the capital is cash held in the Common Fund on an investment agency.

(e.) Where an estate is administered by the Public Trustee in two capacities, e.g., as statutory committee of a mental patient's estate, and later as executor under the will of the deceased patient, or where an asset consists of a share in another estate administered by the Public Trustee—on any cash balance, whether of a capital or income nature, transferred from one account in the office to another account:— On the first £50,000, 1 per cent. On the excess, ½ per cent.

(f.) Where an asset consists of a share from another estate privately administered, the charge shall be as in paragraph 21 (a).

(g.) Where insurance moneys arising out of a loss by fire are collected,—

(1.) Where such moneys are retained and administered, the charge shall be as in paragraph 21 (a).

(2.) Where such moneys are expended in rebuilding, the Public Trustee shall be entitled to an immediate charge of 1 per cent. to be deducted therefrom, in addition to commission under regulation 21 (a) on the ultimate realization of the asset.

(h.) On compensation-moneys or damages received under the Workers' Compensation Act, 1908, or section 13 of the Public Trust Office Amendment Act, 1913,— On so much thereof as is immediately payable under Court order or otherwise to the person entitled : 1 per cent.

On so much thereof as is held and administered in terms of Court order or otherwise : 2½ per cent.

(i.) Upon real or personal property transferred or delivered in kind to or retained by any person entitled thereto, being a devisee, legatee, next-of-kin, cestui que trust, beneficiary, or other person of a like character; and upon property abandoned to a mortgagee, and upon the amount of any advance to a beneficiary brought into hotch-pot—upon the value of such property as fixed by the Public Trustee,—

(i.) On the first £5,000 : 1¼ per cent. On the next £5,000 : 1 per cent. On all in excess of £10,000 : ½ per cent.

(ii.) Where the Public Trustee is acting as custodian trustee the rates shall be as follows : On the first £10,000, ⅝ per cent.; on the excess, ¾ per cent.

(j.) Upon any unrealized real or personal property bequeathed or devised to the Public Trustee upon perpetual trust—upon the capital value : 1 per cent. on acceptance.

(k.) Upon the capital from any real property administered under Part II (Unclaimed Lands) or Part III (Unclaimed Property) of the principal Act : 7½ per cent.

(l.) Upon the capital from any personal property under Part III (Unclaimed Property) of the principal Act, the charges shall be as provided under (a).

(m.) Upon the gross proceeds of rents, income, or revenue received from any property pursuant to Part II (Unclaimed Lands) or Part III (Unclaimed Property) of the principal Act : 7½ per cent.

(n.) In all cases not otherwise hereby provided for, on all sums lodged in the Public Trust Office under or in pursuance of the provisions of any Act, rule, or law in that behalf, at the time of lodging the same,—

On the first £50,000, 1 per cent. On the excess, ½ per cent.

(o.) Upon the gross income of any estate,— (a.) On dividends from shares, interest on debentures, interest on deposits and Post-office Savings-bank moneys, and on superannuation allowances : 2½ per cent.

(b.) On rents and interest on mortgages ; On the first £500 per annum, 5 per cent.; on the excess per annum, 2½ per cent.

(c.) On all other income (including the gross income derived from any business carried on by the Public Trustee): 5 per cent.

Where any income due to an estate is collected on behalf of the Public Trustee by any authorized person, firm, or company who has charged a commission for so doing, or where income is derived from another estate privately administered in which the administrator has charged a commission for his services, the foregoing charges under (o) shall be reduced by one-half.

This reduction shall not apply where the Public Trustee is custodian trustee, and where in consequence the estate is already entitled to a reduction under paragraphs 21 and 21 (i) (ii).

No charge under (o) shall be made in respect of interest earned by an estate from capital belonging to that estate in the Common Fund.

(p.) The minimum fee for the administration of any estate shall be £2 2s., and in addition to this charge commission shall be charged on income received at the rate or rates prescribed by these regulations; provided that in the case of sums received by the Public Trustee under section 17 of the Public Trust Office Amendment Act, 1913, the minimum fee shall not apply.

(q.) For application to be registered proprietor under Part II (Unclaimed Lands) or Part III (Unclaimed Property) of the principal Act : £2 2s.

(r.) For discharging mortgage under section 75 of the Property Law Act, 1908, or section 117 of the Land Transfer Act, 1915, and holding the proceeds for the person entitled,— Where the amount is not more than £250 : £3 3s. Where the amount is over £250 and not more than £1,000 : £4 4s. Where the amount is over £1,000 : £6 6s.

The above charge shall be apportioned between the mortgagee and the mortgagor as follows : The usual scale fee for an ordinary discharge of mortgage shall be charged to the mortgagor, and only the difference between that scale fee and the above charge shall be payable by the mortgagee, and shall be deducted from the mortgage moneys.

(s.) For custody of securities under section 2 (b) of the Life Insurance Amendment Act, 1921–22 : £5 5s. annually.

(t.) For making copy of any document : ls. per folio.

(u.) Upon the amount of any loan to a local body (to cover the office solicitor's services in drafting resolutions, notices, and documents relating to the loan and the security therefor, and generally supervising the proceedings) : 5s. per cent.

Minimum charge under (u) : £5 5s.

The charge under (u) is payable by the local body, and may be deducted from the loan.

(v.) For the Public Trustee's functions in respect of the investigation and audit of any private estate—as may be agreed upon between the Public Trustee and the applicant : Minimum fee, £3 3s.

The charge under (v) is exclusive of the cost of Court proceedings.

22 All sums lodged in the Public Trust Office or coming under the control of the Public Trustee which arise out of the provisions of or come within the meaning of “wages and effects of deceased seamen” in the Shipping and Seamen Act, 1908, all contributions to any superannuation fund, and all contributions by local bodies, or the Government, or any Government Department, on account of sinking funds, shall be exempted from charge.

23. (1.) In computing the charge on capital realized, cash collected or received shall be included.

(2.) In computing the charge on capital realized from the sale of real or personal property no deduction shall be made in respect of legal or equitable charges thereon :

Provided that with regard to the proceeds of life policies on the security of which the insurance office has made an advance to the deceased person during his lifetime this provision shall not apply, and commission shall be charged only on the net amount received on realization of the asset:

Provided also that when an estate is entitled to a share in another estate under administration by the Public Trustee on the security of which share the deceased has during his lifetime obtained an advance, commission shall be charged only on the net amount received on realization of the share.

24. The Public Trustee may reduce any of the foregoing charges to meet the special circumstances of any estatee.

25. In the administration of an estate which proves to be bankrupt or insolvent, the Public Trustee may increase the remuneration otherwise prescribed by these regulations to an amount not exceeding commission at the following rates :— On the first £5,000 : 5 per cent. On all in excess of £5,000 : 2½ per cent.

26. Where the assets of a mental patient's estate, or of a missing person's estate, or of an aged and infirm person's estate, or of a convict's estate, or the greater part of them, are not realized, but are administered and handed over to the patient on his discharge, or to the missing person or aged and infirm person, or to the convict, as the case may be, or to his executors on his decease, the Public Trustee, instead of charging commission at the rates specified in clause 21 (c), may charge such lesser fee as he considers commensurate with the special services rendered in the administration of the estate.

27. For any matter or service not hereinbefore mentioned, including the tracing of missing beneficiaries, the attempted realization of assets at the request of the beneficiaries con-