CORPORATIONS ACT 2001
SLI 2010 No 88, reg 4, contained the following transitional arrangements:
4 Transitional arrangements for charging of fees
For section 1496 of the Act, Part 5D.3 (other than Division 4) of the Act applies to a licensed trustee company as set out in this regulation.
If a licensed trustee company had an existing client at the commencement of Schedule 1 to these Regulations, the fee the company was entitled to charge under the relevant State law for traditional trustee company services to the client continues to apply to those services whether or not the relevant State law has since been repealed.
In this regulation, a relevant State law is a law of a State or Territory in force immediately before the commencement of Schedule 2 to the Corporations Legislation Amendment (Financial Services Modernisation) Act 2009 that regulates the fees that may be charged by companies for the provision of traditional trustee company services.
(a) the service consists of being the trustee or manager of a charitable trust (see Division 4 ); or
(b) the provision of the service started before the commencement of this section. 601TCA(2) [ Fees charged]
The trustee company must not charge fees that are in excess of its schedule of fees that was most recently published as required by section 601TAA before the trustee company started to provide the service.601TCA(3) [ Div 2 not limited]
This section does not limit anything in Division 2 .
[ CCH Note: See application provision under Pt 5D.3 heading.]