CORPORATIONS ACT 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.6 - ASIC-APPROVED TRANSFERS OF ESTATE ASSETS AND LIABILITIES  

Division 4 - Miscellaneous  

SECTION 601WDA   TRANSFERRING COMPANY REQUIRED TO CONTACT CERTAIN PERSONS  

Notice of cancellation of licence

601WDA(1)   [ When licence cancelled]  

If the licence of a trustee company is cancelled, the trustee company must, as soon as practicable:


(a) take all reasonable steps to contact the following persons and advise them of the cancellation of the licence:


(i) all persons who the trustee company is aware have executed and lodged instruments, such as wills, that have not yet come into effect, but will potentially lead to estate assets and liabilities being held by the trustee company;

(ii) all persons who the trustee company is aware have appointed the trustee company as trustee or to some other capacity; and


(b) publish notice of the cancellation of the licence.

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

Notice of compulsory transfer determination

601WDA(2)   [ When certificate comes into force]  

If a certificate of transfer for a compulsory transfer determination comes into force, the transferring company must, as soon as practicable, take all reasonable steps to contact the persons referred to in subsection (1) and advise them of the transfer of estate assets and liabilities.

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

Notice of voluntary transfer determination

601WDA(3)  


If a certificate of transfer for a voluntary transfer determination comes into force, the transferring company must, as soon as practicable, publish notice of the transfer of estate assets and liabilities.

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


View surrounding sectionsView surrounding sectionsBack to top


This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.