PUBLIC TRUSTEE LAW OF LAGOS STATE
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PUBLIC TRUSTEE LAW
ARRANGEMENT OF SECTIONS
Establishment of Public Trustee
1. Office of Public Trustee
2. Officers
3. Right of appearance in court
Powers and Duties of Public Trustee
4. General Powers and Duties of Public Trustee
5. Acceptance of Charitable Trust
Public Trustee a Custodian Trustee
6. Custodian Trustee
Public Trustee as an Ordinary Trustee
7. Appointment of Public Trustee to be Trustee
8. Power of court to settle the beneficial interest of a lunatic
9. Removal of trustee by court
10. Granting probate to Public Trustee
11. Transfer by executor after probate to Public Trustee
12. Appointment by court of Public Trustee in place of executor or administrator
13. Powers to Public Trustee on obtaining grant of probate or letters of administration
14. Public Trustee may apply for appointment in case of person not sui juris
Liability and Fees
15. Liability of general revenue
16. Officers holding office of Public Trustee may be exempted by court from personal liability
17. Fees charged by Public Trustee
Supplemental provisions
18. Person aggrieved may apply to court
19. Various Powers of Public Trustee
Investigation and audit trust accounts
20. Investigation and audit of trust accounts
Regulations
21. Power to make regulations
22. Savings
23. Interpretation
24. Citation
PUBLIC TRUSTEE LAW
A LAW TO PROVIDE FOR THE APPOINTMENT OF A PUBLIC TRUSTEE AND TO AMEND THE RELATING TO THE ADMINISTRATION OF TRUST
Commencement [12th October, 1960]
Establishment of Public Trustee
1. Office of Public Trustee
(1) The office of Public Trustee is hereby created.
(2) The Public Trustee shall be a corporation sole under that name, with perpetual succession and an official seal, and may sue and be sued under the above name like any other corporation sole, but any instrument sealed by it shall not, by reason of its using a seal, be rendered liable to a higher stamp duty than if it were an individual.
2. Officers
(1) There may be appointed a fit person to the office of Public Trustee and such office may be held in conjunction with any other office which the Civil Service Commission of the Lagos State may approve.
(2) There may also be appointed such persons to be officers of the Public Trustee as are considered necessary for the purposes of this Law.
3. Right of appearance in court
The person appointed to the office of Public Trustee shall be entitled to appear in court in person in any proceedings in which the Public Trustee is a party.
Powers and Duties of Public Trustee
4. General powers and duties of Public Trustee
(1) Subject to and in accordance with the provisions of this Law and the regulations, the Public Trustee may, as deems fit –
(a) act as an ordinary trustee;
(b) act as a custodian trustee
(c) be appointed trustee by the court.
(2) Subject to the provisions of this Law and the regulations, the Public Trustee may act either alone or jointly with any person or body of persons I any capacity to which he is appointed in pursuance of this Law, and shall have all the same powers, duties and liabilities, and be entitled to the same rights and immunities and be subject to the same capacity.
(3) The Public trustee may decline, either absolutely or except on prescribed conditions, to accept any trust, but he shall not decline to accept any trust on the ground only of the small value of the trust property.
(4) The Public Trustee shall not accept any trust which involves the management or carrying on of any business, except in the cases in which he is authorized to do so by regulations made under this Law, nor any trust under a deed of arrangement for the benefit of creditors nor the administration of any estate known or believed by him to insolvent.
5. Acceptance of charitable trust
The Public Trustee may accept trusts which are exclusively for religious or charitable purposes.
Public Trustee as Custodian Trustee
6. Custodian trustee
(1) Subject to regulations under this Law, the Public Trustee may, if he consents to act as such, and whether or not the number of trustees has been reduced below the original number, be appointed to be custodian trustee of any trust –
(a) by order of the court made on the application of any person on whose application the court may order the appointment of a new trustee; or
(b) by the testator, settler or other creator of any trust; or
(c) by the person having power to appoint new trustee
(2) Where the Public Trustee is appointed to be custodian trustee to any trust –
(a) the trust property shall be transferred to the custodian trustee as if he were sole trustee, and for that purpose vesting orders may, where necessary, be made by the court;
(b) the management of the trust property and the exercise of any power r discretion exercisable by the trustee under the trust shall remain vested in the trustee other than the custodian trustee (which trustees are hereinafter referred to as the managing trustee);
(c) as between the custodian trustee and the managing trustees, and subject and without prejudice to the rights of any other persons, the custodian trustee shall have the custody of all securities and documents of title relating to the trust property, but the managing trustees shall have free access to it and be entitled to take copies of it or extracts from it;
(d) the custodian trustee shall concur in and perform all acts necessary to enable the managing trustees to exercise their powers of management or any other power or discretion vested in them ( including the power to pay money or securities into court), unless the matter in which he is requested to concur is a breach of trust, or involves a personal liability upon him in respect of calls or otherwise, but, unless he so concurs, the custodian trustee shall not be liable for any act or default on the part of the managing trustees or any of them.
(e) all sum payable to or out of the income or capital of the trust property shall be paid to or by the custodian trustee:
Provided that the custodian trustee may allow the dividends and other income derived from the trust property to be paid to the managing trustees or to such person as they direct, or into such bank to the credit of such person as they may direct and in such case shall be exonerated from seeing to the application thereof and shall, not be answerable for any loss or misapplication of it;
(f) the power of appointing new trustees, when exercisable by the trustees, shall be exercisable by the managing trustees alone, but the custodian trustee shall have the same power of applying to the court for the appointment of a new trustee as any other trustee;
(g) in determining the number of trustees for the purposes of any enactment, the custodian trustee shall not be reckoned as a trustee;
(h) the custodian trustee, if he acts in good faith, shall not be liable for accepting as correct and acting upon the faith of any written statement by the managing trustees, as to any birth, death, marriage, or other matter of pedigree or relationship, or any part of it may depend, nor for acting on any legal advice obtained by the managing trustees independently of the custodian trustee;
(i) the court may, on the application of either the custodian trustee, or any of the managing trustees, or of any beneficiary, and on proof to their satisfaction that it is the general wish of the beneficiaries, or that on other grounds it is expedient, to terminate the custodian trusteeship make an order for that purpose, and the court may thereupon make an order and give such discretions as in the circumstances may seem to the court to be necessary or expedient.
(3) the provisions of this section shall apply in like manner as to the Public Trustee to any banking or insurance company or other body corporate entitled by regulations made under this Law to act as custodian trustee, with power for such company or body corporate to charge and retain or pay out of the trust property fees not exceeding the fees chargeable by the Public Trustee as custodian trustee.
Public Trustee as an Ordinary Trustee
7. Appointment of Public Trustee to be trustee, or executor
(1) The Public Trustee may by that name, pr any other sufficient description, be appointed to be trustee of any will or settlement or other instrument creating a trust or to perform any trust or duty belonging to a class which he is authorized by regulations made under this Law to accept, and may be so appointed whether the will or settlement or instrument creating the trust or duty was made or came into operation before or after the commencement of this Law and either as an original or as a new trustee, or as an additional trustee, in the same cases, and in the same manner, and by the same persons or court, as if he was a private trustee, with this addition, that, though the trustees originally appointed were two or ,ore, the Public Trustee may be appointed sole trustee;
(2) Where the Public Trustee has been appointed a trustee of any trust, a co-trustee may retire from the trust notwithstanding that there are not more than two trustees;
(3) The Public Trustee shall not be so appointed either as a new or additional trustee where the will, settlement or other instrument creating the trust or duty contains a direction to the contrary, unless the court otherwise order.
(4) Notice of any purposed appointment of the Public Trustee, either as a new or additional trustee, shall, where practicable, be given in the prescribed manner to all persons beneficially interested who are resident in Nigeria and whose addresses are known to the persons proposing to make the appointment, or, if such beneficiaries are infants, to their guardians.
(5) If any person to whom such notice has been given within twenty-one (21) days from the receipt of the notice applies to the court, the court may, if having regard to the interest of all the beneficiaries it considers it expedient to do so, make an order prohibiting the appointment being made:
Provided that a failure to give any such notice shall not invalidate any appointment made under this section.
8. Power of court to settle the beneficial interest of lunatic
(1) Whether the Public Trustee is or is not appointed a committee or receiver of lunatic, he may apply to the court to direct a settlement of property of a lunatic under this section.
(2) On such application, the court may direct a settlement to be made of the property of a lunatic, or any part thereof or any interest therein, on such trusts and subject to such powers and provisions as the court may deem expedient, and in particular may give such directions –
(a) where the property has been acquired under a settlement, a will or an intestacy, or represents property so acquired; or
(b) where by reason of any change in the law of intestacy or of any change in circumstances since the execution by the lunatic of a testamentary disposition, or of any absence of information at the same or for any execution, or on account of the former management of the property or the expenditure of money in improving or maintaining the same or for any other special reason the court is satisfied that any person might suffer an injustice if the property were allowed to devolve as undisposed of on the death intestate of the lunatic or under any testamentary disposition executed by him
(3) The court may direct the committee or receiver of the lunatic or any trustee for him, to execute any trust instrument, conveyance or other instrument, and to do any other act or thing which may be required for giving effect to the settlement, and in the name and on behalf of the lunatic and, for that purpose, may make a vesting order pr appoint a person to convey; and any settlement approved by the court shall be effectual and binding on all persons interested as if the same had been made by the lunatic while of full capacity.
(4) This section applies whether or not the lunatic has executed a testamentary disposition and notwithstanding that it is not known whether he as executed such a disposition or not, but does not apply when he is an infant.
(5) (a) Any person who under any enactment for the time being in force relating to the administration of property has a spes successionis (whether under intestacy of the lunatic) or an interest in the property of the lunatic or in any part thereof, as well as the committee or receiver and any other person may request the Public Trustee to apply to the court under this section and if the Public Trust shall neglect or refuse so to do, such person may himself apply to the court under this section provided that notice of his application shall served on the Public Trustee who may appear upon the hearing of the application.
(b) Where the devolution of the property of the lunatic would be subjected to customary law and would not pass under any enactment for the time being in force relating to the determination of property, any person who would have spes successionis according to customary law shall the same right as a person who would have a spes successionis under paragraph (a) of this section.
(6) Subject to making due provision for the maintenance of the lunatic in accordance with his station in life, whether out of the capital or income of the property settled or other property or partly in one way and partly in another, for the possibility of the lunatic recovering full capacity, the court may, in making any order under this section, have regard to –
(a) the manner in which the property has been settled or deal with on former occasions;
(b) in the case of land or houses built thereon the claims of relatives, employees or dependants to the use of occupation of it, and the expediency of settling personal estate to devolve with it;
(c) the maintenance or education of illegitimate children of the lunatic and the maintenance of their mother or mothers;
(d) the maintenance of any wife married according to customary law who would not have a spes successionis under the preceding subsection, or the maintenance of the parents or natural parents of the lunatic;
(e) the continuation or provision of any pensions, and the application of any part of the income for charitable purposes;
(f) the provisions of any testamentary disposition of the lunatic;
(g) the expediency of providing for –
(i) annual or capital charges and powers to create the same,
(ii) discretionary trusts, trusts for effecting or maintaining policies of insurance, powers of appointment, sinking funds for making good loss by fire (in the lieu of, or in addition to, insurance) or for any other purpose.
(iii) the extension of any statutory powers of investment, management or otherwise,
(iv) the manner in which any costs are to be raised and paid, whether out of the settled property or otherwise,
(v) any other matter or thing which, having regards to the nature of the settlement, or the property to be settled, and the management, development, and employment thereof, and to the persons who are to take, either successively or otherwise, the court may consider material.
(7) In this section “testamentary disposition” means an instrument executed by the lunatic while of full testamentary capacity, which, f unrevoked, might, on his death, or absence of a testamentary disposition as it thinks fit.
(8) At any time before the death of the lunatic the court may, as respects any property remaining subject to the trusts of a settlement made under this section, on being satisfied that any material fact was not disclosed to the court when the settlement was made, or on account of any substantial change in circumstances, by order vary the settlement in such manner as it deems fit, and give any consequential directions.
(9) The Chief Judge may make rules for giving effect to the provisions of this section and in particular for compelling information to be furnished respecting, and production of, testamentary dispositions, and the lodgment thereof in court, or respecting any person who might receive a benefit under a settlement directed by the court under this section, or for prescribing what notices, if any, of the proceedings are to be served, for dispensing with such notices, and, when necessary, for making representation orders.
9. Removal of trustee by court
The court may remove a private trustee if the court is satisfied that the continuance of the existing trustee in office may be detrimental to the execution of the trust notwithstanding that misconduct or maladministration has not been proved against him.
10. Granting probate to Public Trustee
(1) If, in pursuance of any regulation under this Law, the Public Trustee is authorized to accept by that name probates of wills or letters of administration, the court may grant probate of a will or letters of administration to the Public Trustee by the name.
(2) For such purpose the court shall consider the Public Trustee as in law entitled equally with any other person or class of persons to obtain the grants of letters of administration, save that the consent or citation of the Public Trustee shall not be required for the grant of letters of administration to any other person, and that, as between the Public Trustee and the widower, widow or next-of-kin of the diseased, the widower, widow or next-of-kin shall be preferred, unless for good cause shown to the contrary.
11. Transfer by executor after probate to Public Trustee
(1) Any executor who has obtained probate or any administrator who has obtained letters of administration and notwithstanding that he has acted in the administration of the deceased’s estate, may, with the sanction of the court, and after such notice to the persons beneficially interested as the court directs, transfer such estate to the Public Trustee for administration either solely or jointly with the continuing executors or administrator, if any.
(2) The order of the court sanctioning such transfer shall, subject to this Law, give to the public Trustee all the powers of such executor and administrator.
(3) Such executor and administrator shall not be in any way liable in respect of any act or default in reference to such estate subsequent to the date of such order, other than the act or default of himself or of persons other than himself for whose conduct he is in law responsible.
12. Appointment by court of Public Trustee in place of executor or administrator
The court may, on the application of any person beneficially interested, appoint the Public Trustee. If sufficient cause is shown, in place of all or any existing executors or administrators or of any guardian of infants, or committee or receiver of a person incapable of managing his own affairs.
[Cap. A4.]
13. Power of Public Trustee on obtaining grant of probate or letters of administration
The order of the court granting probate or letters of administration to the Public Trustee, sanctioning the transfer to the Public Trustee, or appointment of the Public Trustee as executor or administrator, of an estate shall, subject to this Law, give to the Public Trustee all the powers of the administrator-General under the Administrator-General Law
Provided that where at the time of the transfer to, or appointment of the Public Trustee, the estate is fully administered and only the residue is transferred, the Public Trustee shall not be entitled to the remuneration allowed to the Administrator-General when administering estate.
14. Public Trustee may apply for appointment in case of person not sui juris
In any case where the Public Trustee may be appointed by the court under section 6(1) or section 8(1) of this Law, when the persons beneficially interested are minors, or otherwise incapacitated from managing their own affairs, the Public Trustee may himself apply to be appointed.
Liability and Fees
15. Liability of general revenue
The revenues of the Lagos State shall be liable to make good all sums required to discharge any liability which the Public Trustee, if he was a private trustee, would be personality liable to discharge, except where the liability is one to which neither the Public Trustee nor any of his officers has in any way contributed, and which neither he nor any of his officers could by the exercise of reasonable diligence have averted, and in that case the Public Trustee shall not, nor shall the revenues of the Lagos State be subject to any liability.
16. Officer holding office of Public Trustee may be exempted by the court from personal liability
In all cases where the revenues of the Lagos State have to be utilized under the provisions of section 15, it shall be lawful for the court if it appears that the person holding the office of Public Trustee has acted honestly and ought fairly to be excused for the breach of trust or other act or omission by which the liability was incurred and for omitting to obtain the directions of the court in the manner in which such liability for the same incurred to relieve such person either wholly or partly from personal liability for the same under this Law.
17. Fees charged by Public Trustee
(1) There shall be charged in respect or the duties of the Public Trustee such fees whether by way of percentage or otherwise, as the State Commissioner may fix.
(2) Any expenses which might be retained or paid out of the property, if the Public Trustee was a private trustee, shall be so retained or paid, and the fees shall be retained or paid in the like manner as and in addition to such expenses.
(3) Such fees shall be paid into the Treasury.
(4) The incidence of the fees and expenses under this section as between capital between capital and income shall be determined by the Public Trustee.
Supplemental Provisions
18. Person aggrieved may apply to court
A person aggrieved by any act or omission or decision of the Public Trustee in relation to any trust may apply to the court, and the court may make such order in the matter as the court thinks just.
19. Various powers of Public Trustees
(1) The Public Trustee shall not, nor shall any of his officers, act under this Law for reward, except as provided by this Law
(2) The Public Trustee may subject to the regulations made under this Law, employ for the purpose of any trust such legal practitioners, bankers, accountants and brokers, or other persons as he considers necessary.
(3) In determining the persons to be so employed in relation to any trust the Public Trustee shall have regard to the interests of the trust, but subject to this shall, whenever Practicable, take into consideration the wishes of the creator of the trust and of the other trustees, if any and of the beneficiaries, either expressed or as implied by the practice of the creator of the trust, or in the previous management of the trust.
(4) On behalf of the Public Trustee such person as is prescribed may take any path, make any declaration, verifying any account, give personal attendance at any court or place, and do any act or thing whatsoever which the Public Trustee is required or authorized to take, make, verify, give or do.
(5) Where any bond or security would be required from a private person on the grant to him of administration, or upon his appointment to act in any capacity the Public Trustee, if administration is granted to him or if he is appointed to act in such capacity, shall not be required to give such bond or security, but shall be subject to the same liabilities and duties as if he had given such bond or security.
(6) The entry of the Public Trustee by that name in the books of a company shall not constitute notice of a trust, and a company shall not be entitled to object to enter the name of the Public Trustee on its books by reason only that the Public Trustee is a corporate and, in dealings with property, the fact that the person or one of the persons dealt with the Public Trustee, shall not of itself constitute notice of a trust.
Investigation and Audit of Trust Accounts
20. Investigation and audit of trust accounts
(1) Subject to regulations under this Law and unless the court otherwise orders, the consideration and accounts of any trust shall, on an application being made and notice of it given in the prescribed manner by any trustee or beneficiary, be investigated and audited by such legal practitioner or public accountant as may be agreed on by the applicant and the trustees or, in default of agreement, by the Public Trustee or some persons appointed by him.
(2) Except with the leave of the court such an investigation or audit shall not be required within twelve (12) months after any such previous investigation or audit and a trustee or beneficiary shall not be appointed under this section to make an investigation or audit.
(3) The person making the investigation or audit, referred to as the auditor, shall have a right of access to the books, accounts and vouchers of the trustee, and to any securities and documents of title held by them on account of the trust, and may require from them such information and explanation as are necessary for the performance of his duties.
(4) On the completion of the investigation and audit the auditor shall forward to the applicant and to every trustee a copy of the accounts, together with a report thereon, and a certificate signed by him to the effect that the accounts exhibit a true view of the state of the affairs of the trust and that he has the securities of the trust fund investments produced to and verified by him or, as the case may be, that such accounts are deficient in such respects as are specified in such certificate.
(5) Every beneficiary under the trust shall, subject to regulations under this Law, be entitled at all reasonable times to inspect and take copies of the accounts, report and certificate, and, at his own expense, to be furnished with copies thereof or extracts therefrom.
(6) The auditor may be removed by order of the court, and, if any auditor is removed, or resigns, or dies, or becomes incapable of acting before the investigation and audit is completed, a new auditor may be appointed in his place in like manner as the original auditor.
(7) The remuneration of the auditor and the expenses of the investigation and audit shall be such as may be prescribed, and shall, unless the Public Trustee otherwise directs, be borne by the estate.
(8) In the event of the Public Trustee so directing, he may order such expenses to be borne by the applicant or by the trustees personally or partly by them and partly by the applicant.
(9) If the person having custody of any documents to which the auditor has a right of access under this section fails or refuses to allow him to have access to it or in any wise obstructs the investigation or audit, the auditor may apply to the court, and the court shall make such order as it deems just.
(10) Any person who in any statement of accounts, report or certificate required for the purposes of this section willfully makes as statement false in any material particular shall be liable on summary conviction to imprisonment for twelve (12) months or to a fine of One Hundred and Eighty Thousand Naira (₦ 180,000.00), or to both.
Regulations
21. Power to make regulations
The Executive Council may make regulations for carrying into effect the objects of this Law and in particular for all or any of the following purposes –
(a) Prescribing the trusts or duties which the Public Trustee is authorized to accept or undertake, and the security, if any, to be given by the Public Trustee and his officers;
(b) the transfer to and from the Public Trustee of any property;
(c) the accounts to be kept and the audit of it;
(d) the establishment and regulation of any branch office;
(e) excluding any trust from the operation of this Law or any part of it.
22. Savings
This Law shall not have effect –
(a) in relation to any matter in respect of which the Federal Public Trustee shall have commenced to function at the date of the commencement of this Law and in respect of which he is willing to continue to function; nor
(b) in relation to any matter which it is agreed between the Federal Public Trustee and the Public Trustee appointed under this Law can more conveniently be dealt with by the Federal Public Trustee.
23. Citation
This Law may be cited as the Public Trustee Law.
24. Interpretation
In this Law unless the context otherwise required –
“court” means the High Court;
“expenses” includes costs and charges
“Federal Public Trustee” means the federal authority empowered to administer trusts
“letters of administration” means letters of administration of the estate and effects of a deceased person, whether general or with a will annexed, or limited either in time or otherwise.
“lunatic” includes every person adjudged a lunatic under provisions of the Lunacy Law and every person with regard to whom it is proved to the satisfaction of the court that such person is through mental infirmity arising from disease or age incapable of managing his affairs;
[Cap. L77]
“private trustee” means a trustee other than the Public Trustee;
“trust” includes an executorship or administratorship, guardianship of infants, or the office of committee or receiver of the estate of any person incapable of managing his own affairs; and “trustee” shall be construed accordingly;
“trust property” includes all property in the possession or under the control wholly or partly of the Public Trustee by virtue of an trust.
SUBSIDIARY LEGISLATION
THE PUBLIC TRUSTEE (FEES) REGULATIONS
[F. & L. 1958, IX, 2015]
Made under section 19 and 23
1. These regulations may be cited as the Public Trustee (Fees) Regulations.
2. In these Regulations unless the context otherwise required –
“small estate” means an estate the capital value whereof is proved to the satisfaction of the Public Trustee to be less than Four Hundred Naira (₦ 400.00).
3. The fees specified in the Schedule hereto shall be paid in respect of the duties of the Public Trustee under the Law
SCHEDULE
REGULATION 3
[L.S.L.N. 21 OF 1986]
(A) ACCEPTANCE FEE, PAYABLE AT THE COMMENCEMENT OF ADMINISTRATION
Scale
| Executorships and Administratorships | Existing Will, Trusts or Settlement trusts or new settlements transferred to the Public Trust | |
| Minimum Composite fees where the value of the property is not less than ₦ 1,000.00 | Five per cent | Five per cent |
| Where the value of the property exceeds ₦ 1,000.0 | Five per cent | Five per cent |
| Where the value of the property is ₦ I,000.00 but not exceeding ₦ 3,000.00 | Five per cent | Five per cent |
| Where the value of the property exceeds ₦ 3,000.00 | Five per cent | Five per cent |
(B) CAPITAL FEES ON WITHDRAWAL
On the withdrawal of any capital from the trust property, a fee of five (5) per cent shall be charged upon the capital value of the property withdrawn.
(C) INCOME FEE
[As amended by the Public Trustee (Fees) (Amendment) Regulation 1986]
1. On annual income paid direct to the beneficiary or to his bank or recognized agent without previous collection by the Public Trustee –
(a) In the case of small estate……………………………………………………………. Nil
(b) On other estates…………………………………………………………….. one per cent
2. On annual income collected by the Public Trustee previous to distribution to the beneficiary or to his bank or recognized agent –
(a) In the case of small estates…………………………………………………………….. Nil
(b) On other estates………………………………………………………………. five per cent
(D) MANAGEMENT FEES
[As amended by the Public Trustee (Fees) (Amendment) Regulations 1986]
1. On investment by way of mortgage or charge –
For every ₦ 1,000.00 and also for every fractional part of ₦ 1,000.00 of the amount advanced ………………………………………………… seven and one-half per cent
2. On the sale or purchase of trustee security-
For every ₦ 2,00.00, and also for every fractional part of ₦ 2,00.00 of the sale or purchase money …………………………………………………..…….. seven and one-half per cent.
On the sale or purchase of one non-trustee security-
For every ₦ 2,00.00, and also for every fractional part of ₦ 200.00 of the sale or purchase money …………………………………………..…………….. seven and one-half per cent.
3. On the sale or purchase of land or other real property –
For every ₦ 1,000.00 and also for every fractional part of ₦ 1,000.00 of the sale of purchase money ……………………………………………………………. seven and one-half per cent
4. On the sale of a business –
For every ₦ 200, and also for every fractional part of ₦ 200 of the price of other assets except as in paragraph 3 above ………………………………………………………. Seven and one-half per cent
5. On the raising of money by mortgage or charge of trust property –
For every ₦ 200, and also for every fractional part of ₦ 200 of the amount raised …………………… ₦ 5.00
6. On any special visit to a beneficiary………………………………………………………₦ 10.00
7. On the inspection of any land or building –
For each visit ……………………………………………………………………………………….. ₦10.00
8. On all rents collected by the Public Trustee –
For every ₦ 200 and also for fractional part of ₦ 200, of the total annual rent collected ……………….. five per cent
9. On recovery of income tax
For every ₦ 200, and also for every fractional part of ₦ 200 re-covered ……………………………… five per cent
(E) REGISTRATION FEE
On registering a notice with a beneficial interest in trust property ………………………. ₦ 5.00
(F) INQUIRY FEE
For each reply of statement furnished for the purpose of dealings with a beneficial interest ………… ₦ 5.00
THE PUBLIC TRUSTEE REGULATIONS
[F. & L. 1958, IX,2018]
Made under section 23
1. Offices
(1) The central office of the Public Trustee shall be situated in the City of Lagos.
(2) Branch offices may from time to time be established as may be directed by the Governor by notice in the Gazette.
2. Deputy Public Trustees
There shall be Deputy Public Trustees at any offices so established who shall be officers of the Public trustee, and shall have the powers and perform the duties assigned to them by or under these Regulation and their number shall be such as the Governor may from time to time prescribe, and every such appointment shall be notified in the Gazette.
3. Authorised trust and duties
Subject to the Law and these Regulations the Public Trustee is authorised –
(a) to accept any trust created or declared by any trust instrument or arising upon an intestacy;
(b) to accept any duty incident to, and to act in any of the following offices –
(i) as incident to the office of trustee of any trust accepted by him the office of guardian of an infant beneficiary,
(ii) the office of agent or attorney for any person where the execution of any trust is involved;
(c) to accept by the name of the Public Trustee probate or letters of administration of any kind and either as principal or as an agent for any person;
(d) to accept as custodian trustee any trust created or declared by any trust instrument;
(e) to receive any money or damages paid to him on behalf of, or in trust for, any other person in pursuance of any order of court and to apply the same in accordance with any other or directions of the court or a judge;
Provided that he shall not accept the trust of any instrument made solely by way of security for money.
4. Powers of Public Trustee
The Public Trustee may if he deems fit –
(1) act as custodian trustee of a trust which involves the management or carrying on of any business, but on the conditions that –
(a) he shall not act in the management or carrying on of such business, and
(b) he shall not hold any property of such a nature as will expose the holder of it to any liability except under exceptional circumstances and when he is satisfied that he is fully indemnified or secured against loss; and
(2) accept as ordinary trustee, under exceptional circumstances, a trust which involves the management or carrying on of any business, but on the conditions that, except with the consent of the Accountant-General of the Lagos State, he shall only carry on the same-
(a) for a short time not exceeding eighteen (18) months,
(b) with a view to sale disposition or winding up, and
(c) if satisfied that the same can be carried on without risk of loss
5. Trusteeships
(1) A testator may appoint the Public Trustee to be trustee or custodian trustee under any testamentary instrument without previously applying to him for his consent to act as such.
(2) Such appointment by a testator shall have effect, and no appointment of the Public Trustee to be trustee or custodian trustee shall be made except by a testator, unless and unit, in either case, the consent of the Public Trustee to act as such trustee shall have been obtained in accordance with these Regulations:
Provided that in the case of any such appointment by a testator the Public Trustee shall at any time after the fact of his appointment shall have come to his knowledge be at liberty to act as if an application for his consent had been received by him.
(3) It shall be the duty of any person appointed by testator to be co-trustee with the Public Trustee, and not renouncing or disclaiming the trust, to give to the Public Trustee notice in writing of such appointment as soon as practicable after the same has come to his knowledge.
6. When Public Trustee may require production of trust instrument
On receiving an application for his consent to act as trustee or as custodian trustee the Public trustee may require to be produced to him the trust instrument, if any, and may require to be supplied to him a copy of that instrument and of any other document affecting the trust, and such particulars as to the nature and value of any trust property, and the liabilities, if any, attaching to such property, or the holder thereof, and the names and places of abode of any beneficiaries and trustees under the trust, and such other information relating to the trust as he may consider it desirable to obtain in any particular case.
7. What Public Trustee may consider before consenting to act
As soon as may be after receiving any such application the Public Trustee shall take into consideration on such evidence as may appear to him sufficient –
(a) the gross capital value of the trust property;
(b) the mode of investment and the condition of the trust property;
(c) the situation, tenure, and character of any land comprised in the property;
(d) any liabilities attaching to the trust property or the holder thereof;
(e) the duties incident to the office of trustee of the trust;
(f) the places of abode and circumstances of any beneficiaries; and
(g) all the circumstances of the case,
and shall decide whether the application ought to be accepted or refused, and shall give notice to the applicant of such acceptance or refusal, and in case of acceptance shall in writing under his official seal signify his consent to act in the trust.
8. Public Trustee to determine where trust to be administered
On the appointment of the Public Trustee being completed, the Public Trustee shall consider and determine where the trust shall be administered from his central office or from a branch office, and shall give directions accordingly, and any such directions may at any time be rescinded or varied by the Public Trustee at his discretion.
Administration of Trust and Estates
9. Register to be kept by Public Trust
There shall be kept at the central office in the City of Lagos of the Public Trustee such registers and other books as shall be required for recording or entering in a convenient form as to each trust or estate which the Public trustee is administering the particulars following –
(a) the date of the acceptance of the trust;
(b) particulars of the trust property from time to time;
(c) the names and places of abode of the person or persons
(1) entitled to the capital, and
(2) in receipt of the income of the trust property;
(d) a reference to any notice received of any dealing with any beneficial interest in the trust property and of any exercise or release of any power relating to the trust or estate;
(e) an entry of any decisions or opinion of the court in respect of the trust or estate;
(f) such entries of his decisions and such other particulars as the Public Trustee may deem fit, and such particulars shall be recorded or entered accordingly.
10. Investments
The Public trustee may invest or retain invested money belonging to any trust or estate and coming to his hand in any mode of investment expressly or impliedly authorised by the trust instrument or, if there is no trust instrument, authorised by law for the investment of trust funds, and may, if authorised by the trust instrument or otherwise by law, retain any investment existing at the date of the commencement of the trust:
Provided that he shall not invest in or hold any investment or otherwise expose him to liability as the holder of it, unless he is satisfied that he is fully indemnified or secured against loss.
11. Separate accounts
Separate accounts shall be kept for every trust or estate.
12. Authentication by seal
In all cases where any deed or other instrument requires to be executed by the Public Trustee under his official seal the affixing of the seal may be authenticated by the signature either of the Public trustee or of some officers of the Public Trustee duly authorised by the Public Trustee in that behalf under his seal, and any deed or other instrument purporting to be a deed or instrument executed by the Public Trustee and to be sealed with his seal authenticated in manner provided in this Regulation shall be received in evidence and be deemed to be a deed or instrument so executed without further proof unless the contrary is shown.
13. Who may receive income of the trust property
(1) The income of the trust property may be paid to the person for the time being entitled to receive the same either through a bank or direct, and where such a person is a married woman may be so paid notwithstanding any restraint on anticipation.
Books of a corporation or bank sufficient discharge for payment authorised
(2) Where authority is given to any corporation or bank to pay any income to any person, the books of that corporation or bank showing the payment of that income in accordance with the authority shall be sufficient discharge to the public Trustee.
Books of a corporation or bank sufficient receipt of money paid to it
(3) Where authority is given to any person to pay any income to the bank of the person entitled, the certificate of that bank stating the receipt of that income shall be a sufficient discharge to the Public Trustee.
Public trustee may authorise person entitled to receive income
(4) Where any person is solely entitled to receive any income, the Public Trustee may, on the request in writing of that person, and notwithstanding any restraint on anticipation, authorise that person for such period as the Public Trustee may deem fit to collect or arrange for the collection of such income and during the continuance of any such authority such request in writing shall be a sufficient discharge to the Public Trustee in respect of such income.
14. When Public Trustee may pay income to other trustee
The Public Trustee may if the special circumstances of the case appear to him to render it desirable, pay to any other trustee of the trust or allow him to receive, the income of the trust property or any part of it, on such trustee undertaking to apply it in manner directed by the trust.
15. Public Trustee may take professional advice
Subject to the provisions of the Law and of these Regulations and to the terms of any particular trust, the Public Trustee may, in the administration of any trust or estate, take and use professional advice and assistance in regard to legal and other matters, and may act on credible information, though less than legal evidence, as to matters of fact.
16. Evidence that person entitled to money or property is alive
The Public Trustee may at any time require a statutory declaration or other sufficient evidence that a person is alive and is the person to whom any or property is payable or transferable, and may refuse payment or transfer until such declaration evidence is produced.
17. When Public Trustee may apply to court for directions
Where a person appearing to be beneficially entitled to any of money under the trust or to be interested in the trust property cannot be found, or it is not known whether he is alive or dead, the Public Trustee may apply to the court for directions as to the course to be taken with reference to such person and until an order of the court is made shall keep any sum payable to such person, and if it is kept for more than six (6) months shall invest the same or deposit the same at interest and shall accumulate the dividends or interest of it.
18. When Public Trustee to permit inspection of register
(1) On an application in writing by or with the authority of any person interested in the trust property the Public Trustee –
(a) shall permit the applicant or his solicitor or other agent authorised in writing to inspect and take copies of any entry in any register or book relating to the trust or estate and, so far as the interest of the applicant in the trust property is or may be affected by any account, notice or other document in the custody of the Public Trustee;
(b) shall at the expense of the applicant ssupply him or his solicitor or other agent authorised in writing with a copy of any such entry, account, notice or document as aforesaid, or with any extract from it;
(c) shall give to the applicant or his solicitor or other agent authorised in writing such information respecting the trust or estate and the trust property as shall be reasonably requested in the application and shall be within the power of it the Public Trustee.
(2) Subject as aforesaid the Public Trustee shall observe strict secrecy in respect of every trust or estate in course of administration by him.
Investigation and Audit of Trust Accounts
19. Investigation and audit of Trust Accounts
Any application under subsection (1) of section 22 of the Law shall be made to the Public Trustee, and notice of it shall, unless the Public Trustee otherwise directs, be given by the applicant to every other person being a trustee or beneficiary under the trust.
20. Public Trustee may require security for payment of expenses of investigation
(1) On receiving any such application the Public Trustee may in his absolute discretion by notice to the applicant require that before a day to be specified in the notice such security, by deposit of a sum of money, as he shall deem sufficient shall be given to him by the applicant for the payment of any expenses of the investigation and audit which may be ordered by the Public Trustee to be paid by the applicant personally.
No action to be taken till security given
(2) Where any such requirement is made no further proceedings shall be taken on the application until the security has been given, and if the same is not given before the day specified in the notice the application shall be disallowed unless under special circumstances the Public Trustee thinks fit to extend the time for giving the security or to dispense with it.
Sums deposited as security to be kept in bank
(3) Any sum so deposited shall be kept by the Public Trustee on deposit in his name at a bank until all proceedings in connection with the investigation and audit have been concluded, and the deposited sum shall be applied in or towards payment of any expenses of the investigation and audit which may be so ordered to be paid by the applicant personally and the balance, if any, shall be paid to the applicant.
21. Public Trustee may direct investigation and audit to extend to specified time or property
The Public Trustee may in his absolute discretion upon the application of any trust or beneficiary direct that the investigation and audit shall extend only to a specified period of time or to a specified part of the trust property or shall be otherwise restricted.
22. When applicant may apply to Public Trustee
If within one month from the date of the application under subsection (1) of section 20 of the Law no solicitor or public accountant shall have been appointed by the applicant and the trustee to conduct the investigation and audit, there shall be deemed to be a default of agreement within the meaning of the said subsection (1) and the applicant may apply to the Public Trustee accordingly.
23. Remuneration of auditor
The remuneration of the auditor and the other expenses of the investigation and audit shall be such as may be determined by the Public Trustee:
Provided that the Public Trustee may refer the costs of any solicitor, being part of such expenses, to a taxing officer to be appointed by the court and in such case the amount of the costs when taxed shall be included in such expenses.
24. Public Trustee may require auditor to forward copies of accounts
(1) Where any investigation or audit has been made, copies of the report and certificate of the auditor under section 20 of the Law and such copies of accounts and other documents as the Public Trustee may require shall be forwarded to him by the auditor, and shall be considered by the Public Trustee before giving any direction or making any order under subsections (7) and (8) of the said section.
(2) The expenses of making and forwarding any such copies as mentioned and the fee of the Public Trustee, within the limits prescribed by or in pursuance of any order of subsections (7) and (8) of section 20 of the Law be part of the expenses of the investigation and audit.
25. Public Trustee may hear parties before making order
(1) Before any order under subsection (7) or (8) of section 20 of the Law the Public Trustee shall, if any of the parties interested so desire, hear the said parties in such manner as hr shall deem fit.
(2) Any such order shall specify the person by or to whom any sum is to be paid and the amount of such sum provided that such an order may direct payment of the taxed costs of any solicitor employed in connection with the investigation and audit, and such costs shall be taxed by a taxing officer to be appointed by the court and the amount of such costs when taxed shall be paid as if such amount had been specified in the order.
(3) Any such order may be enforced in the same manner as a judgment or order of the court to the same effect.
Miscellaneous
26. Accounts of Public Trustee to be audited
The accounts of the Public Trustee shall be audited and the securities held by him verified from time to time by such person or persons as the Governor may appoint in accordance with any directions given by the Governor.
27. What authorised officers may do
Any officer of the Public Trustee who shall be authorised by him in writing in that behalf may take any oath, make any declaration, verify any account and give personal attendance at any court or place.
28. Notices
(1) Any notice or application required to be given or made for the purpose of the Law or these Regulations to the Public Trustee may be addressed to the Public Trustee at his office in the City of Lagos, or if the same relates to a tryst or estate in course of administration or proposed to be administered from a branch office then at that branch office.
(2) Any notice or application required to be given or made for the purpose of the Law or these Regulations to any person other than the Public Trustee may be addressed to that person at his last known place of abode or place if business.
(3) Any such notice or application may be delivered at the place to which it is addressed or may be served by post.
(4) Where any person who, if not under disability might have made any application, given any consent, done any act, or been party to any proceeding in pursuance of these Regulation is an infant, idiot, or lunatic, the guardian or, as the case may require, the committee or receiver of the estate of such person may make such application, give such consent, do such act, and be party to such person if free from disability might have made, given, done or been party to, and shall otherwise represent such person for the purposes of these Regulations. Where there is no guardian or committee or receiver of the estate of any such infant, idiot, or lunatic, or where any person is of unsound mind, or incapable of managing his affairs, but has not been found lunatic under any inquisition, it shall be lawful for the court to appoint a guardian of such person for the purpose of any proceedings under these Regulations and from time to time to change such guardian.
29. Deputy Public Trustee
(1) The Public Trustee may in writing authorise any Deputy Public Trustee to exercise and perform, either generally or in relation to any particular case and subject to such conditions and restrictions, if any, as the Public Trustee may impose, all or any of the powers and duties of the Public Trustee under any of the foregoing regulations except –
(a) the power or duty of determining whether a trust or estate shall be administered from his central office or from a branch office;
(b) the power of authorizing officers of the Public Trustee to transfer securities or assure land or to sign cheques;
(c) the power to making advances for the purpose of any trust or estate.
(2) Any such authority, conditions or restrictions may at any time in like manner be withdrawn or varied by the Public Trustee at his discretion.
30. Forms and discretions
The Public Trustee may frame and cause to be printed and circulated or otherwise promulgated such forms and directions he may deem requisite or expedient for facilitating proceedings under the Law and these Regulations.
31. Citation
These Regulations may be cited as the Public Trustee Regulations.
32. Interpretation
In these Regulation unless the context otherwise requires –
“trust” includes any trust, duty or office which the Public Trustee is authorised by the Law or these Regulations to accept, and the expression “trustee” shall be construed accordingly;
“trust instrument” includes any instrument, Act of Parliament. Decree, aw, Edict or Order of Court by which is created or declared;
“trust property” includes all property subject to a trust, or comprised in an estate, which is proposed to be administered by the Public Trustee.
PUBLIC TRUSTEE (FEES) (AMENDMENT) REGULATONS LAW
ARRANGEMENT OF SECTIONS
SECTION
1. Amendment of the regulations
2. Amendment of Part (A) of the Schedule
3. Amendment of Part (C) of the Schedule
4. Amendment of Part (D) of the Schedule
5. Amendment of Part (E) of the Schedule
6. Amendment of Part (F) of the Schedule
7. Citation and commencement
PUBLIC TRUSTEE (FEES) (AMENDMENT) REULATIONS LAW
[Commencement] [26th May, 1986]
In exercise of the powers conferred by section 23 of the Public Trustee Law, Cap 117, Laws of Lagos State and by virtue of all other powers enabling it in that behalf, the Lagos State Executive Council hereby makes the following regulations –
1. Amendment of regulations
The Schedule to the Public Trustee Law, Cap. 117 is amended as stated in these Regulations.
2. Amendment of (A) of the Schedule
Part (A) of the Schedule is hereby deleted and substituted with the following –
SCHEDULE Regulation 3
(A) Acceptance Fee, Payable at the Commencement of Administration
Scale
| Executorships and Administratorships | Existing Will, Trusts or Settlement trusts or new settlements transferred to the Public Trust | |
| Minimum Composite fees where the value of the property is not less than ₦ 1,000.00 | Five per cent | Five per cent |
| Where the value of the property exceeds ₦ 1,000.0 | Five per cent | Five per cent |
| Where the value of the property is ₦ I,000.00 but not exceeding ₦ 3,000.00 | Five per cent | Five per cent |
| Where the value of the property exceeds ₦ 3,000.00 | Five per cent | Five per cent |
3. Amendment of Part (C) of the Schedule
Paragraph 2 of Part (C) of the Schedule is amended by deleting subparagraph (b) and substituting a new paragraph (b) as follows –
“(b) On other estates……………………………………………………………………………… five per cent”
4. Amendment of Part (D) of the Schedule
Part (D) of the Schedule is hereby deleted and a new Part (D) is hereby substituted as follows –
PART (D) MANAGEMENT FEES –
1. Upon investment by way of mortgage or charge –
For every ₦ 1,000.00 and also for every fractional part seven and one-half of ₦ 1,000.00 of the amount advanced ……………………………………………………………..…………………………. Per cent
2. Upon the sale or purchase of trustee securities –
For every ₦ 200.00, and also for every fractional part of seven and one-half ₦ 200.00, of the sale or purchase money…………………………………………………………………………. per cent.
3. Upon the sale or purchase of land or other real property –
For every ₦ 1,000.00 and also for every fractional part seven and one-half of ₦ 1,000.00 of the amount advanced ………………………………………………………………………………………. Per cent
4. Upon the sale of a business –
For every ₦ 200.00, and also for every fractional part of ₦ 200.00, of the price of other assets except as in paragraph seven and one-half 3 above……………..…………………………………………. per cent.
5. Upon the raising of money by mortgage or charge of trust property –
For every ₦ 200.00, and also for every fractional part of ₦ 200.00, of the amount raised ……………………. ₦ 5.00
6. Upon any special visit to a beneficiary…………………………………………………….₦ 10.00
7. Upon the inspection of any land or buildings –
For each visit.………………………………………………………………………………………₦ 10.00
8. Upon all rents collected by the Public Trustee –
For every ₦ 200.00, and also for every fractional part of ₦ 200.00, of the total annual rent collected …………… five per cent.
9. Upon recovery of income tax
For every ₦ 200.00, and also for every fractional part of ₦ 200.00, recovered ………………………………. five per cent.
5. Amendment of Part (E) of the Schedule
Part (E) of the Schedule is hereby deleted and a new part (E) is hereby substituted as follows –
“(E) REGISTRATION FEE –
Upon registering a notice with a beneficial interest in trust property
6. Amendment of Part (F) of the Schedule
Part (F) of the Schedule is hereby deleted and a new Part (F) is hereby substituted as follows-
“(F) INQUIRY FEE –
For each reply of statement furnished for the purpose of dealing with a beneficial interest.
7. Citation and commencement
These regulations may be cited as the Public Trustee (Fees) (Amendment) Regulations, 1986 and shall come into force on 26th May 1986.
MADE at IKEJA, 26th May 1986
LAWS OF LAGOS STATE
LAWS OF THE FEDERAL REPUBLIC OF NIGERIA
