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services to the client continues to apply to those services whether or not the relevant State law has since been repealed.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) any fees that a testator, in his or her will, has directed to be paid; or
(b) any fees that have been agreed on in accordance with subsection (2). 601TBB(2) [ Parties to fee agreement]
An agreement referred to in paragraph (1)(b) that relates to the fees that may be charged by a licensed trustee company for the provision of a particular traditional trustee company service must be between the trustee company and:
(a) subject to paragraph (b) of this subsection - a person or persons who have authority to deal with the trustee company on matters relating to the provision of the service; or
(b) if the regulations prescribe the person or persons with whom the agreement must be made - that person or those persons.
[ CCH Note: See application provision under Pt 5D.3 heading.]