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 (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or


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


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