Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.1 - PRELIMINARY  

SECTION 601RAC   MEANING OF TRADITIONAL TRUSTEE COMPANY SERVICES AND ESTATE MANAGEMENT FUNCTIONS  

601RAC(1)    
The following are traditional trustee company services :

(a)    performing estate management functions (see subsection (2) );

(b)    preparing a will, a trust instrument, a power of attorney or an agency arrangement;

(c)    applying for probate of a will, applying for grant of letters of administration, or electing to administer a deceased estate;

(d)    establishing and operating common funds;

(e)    any other services prescribed by the regulations for the purpose of this paragraph.

601RAC(2)    
The following are estate management functions (whether provided alone or jointly with another person or persons):

(a)    acting as a trustee of any kind, or otherwise administering or managing a trust;

(b)    acting as executor or administrator of a deceased estate;

(c)    acting as agent, attorney or nominee;

(d)    acting as receiver, controller or custodian of property;

(e)    otherwise acting as manager or administrator (including in the capacity as guardian) of the estate of an individual;

(f)    acting in any other capacity prescribed by the regulations for the purpose of this paragraph.

601RAC(3)    
Subsections (1) and (2) do not apply to:

(a)    operating a registered scheme; or

(b)    

providing a custodial or depository service; or

(c)    acting as trustee for debenture holders under Chapter 2L ; or

(d)    acting as a receiver or other controller of property of a corporation under Part 5.2 ; or

(e)    

acting as trustee of a superannuation fund, an approved deposit fund or a pooled superannuation trust; or

(f)    acting in any other capacity prescribed by the regulations for the purpose of this paragraph.