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services to the client continues to apply to those services whether or not the relevant State law has since been repealed.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 licensed trustee company must ensure that an up-to-date schedule of the fees that it generally charges for the provision of traditional trustee company services:
(a) is made available to the public at all times on a website maintained by or on behalf of the trustee company; and
(b) is made available to the public free of charge at offices of the trustee company during the usual opening hours of those offices.
Note 1: The schedule is of fees generally charged, and does not include fees that are agreed to etc. as mentioned in section 601TBB .
Note 2: Failure to comply with this section is an offence (see subsection 1311(1) ).
[ CCH Note: See application provision under Pt 5D.3 heading.]