Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.2 - POWERS ETC. OF LICENSED TRUSTEE COMPANIES  

Division 2 - Accounts  

SECTION 601SBB   LICENSED TRUSTEE COMPANY MAY BE REQUIRED TO PROVIDE ACCOUNT IN RELATION TO ESTATE  

601SBB(1)    
On application by a person with a proper interest in an estate that is administered or managed by a licensed trustee company, the trustee company must provide the person with an account of:

(a)    the assets and liabilities of the estate; and

(b)    the trustee company's administration or management of the estate; and

(c)    any investment made from the estate; and

(d)    any distribution made from the estate; and

(e)    any other expenditure (including fees and commissions) from the estate.

Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Note 2: Failure to comply with this subsection may also lead to the consequences set out in subsection (4) of this section.

601SBB(1A)    

An estate that is administered or managed by a trustee company, is all or any of the estate of a person (whether living or dead) that is administered or managed by the trustee company in the course of performing estate management functions.

601SBB(2)    
If:

(a)    a licensed trustee company has provided an account to a person under this section; and

(b)    the person applies for a further account within 3 months from the date on which the person was provided with the previous account;

the trustee company need not provide a further account in response to that application until the expiration of that period of 3 months.

Note: A defendant bears an evidential burden in relation to the matter in subsection (2), see subsection 13.3(3) of the Criminal Code .

601SBB(3)    
A licensed trustee company may charge a reasonable fee for providing an account under this section.

601SBB(4)    
If a licensed trustee company fails to provide a proper account under this section, the Court may, on application by the person who sought the account or any other person with a proper interest in the estate, make any order that the Court considers appropriate, including an order requiring the preparation and delivery of proper accounts.