Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.1 - PRELIMINARY  

SECTION 601RAB   MEANING OF TRUSTEE COMPANY AND CLIENT OF TRUSTEE COMPANY  

601RAB(1)   [ " trustee company " ]  

A trustee company is a company:


(a) that is a corporation to which paragraph 51(xx) of the Constitution applies; and


(b) that is prescribed by the regulations as a trustee company for the purpose of this Act.

601RAB(2)   [ Regulations]  

For the purpose of paragraph (1)(b), companies may (for example) be prescribed:


(a) by setting out a list of companies in the regulations; or


(b) by providing a mechanism in the regulations for the determination of a list of companies.

601RAB(2A)  


Before the Governor-General makes a regulation that includes a company in a list set out for the purposes of paragraph (2)(a), the company must satisfy the Minister of the following:


(a) that it is a corporation to which paragraph 51(xx) of the Constitution applies;


(b) that its purposes include:


(i) providing services of the kind referred to in paragraph 601RAC(1)(c) ; and

(ii) performing functions of a kind referred to in paragraph 601RAC(2)(b) and at least one other estate management function;


(c) that it is, and will continue to be, capable of providing the services, and performing the functions, referred to in paragraph (b) of this subsection;


(d) that it is a fit and proper person;


(e) that an unacceptable control situation (as defined in section 601VAA ) does not exist in relation to it in relation to any person;


(f) any other matter the Minister specifies by written notice to the company.

Note: Under Division 137 of the Criminal Code it may be an offence for a company to provide false or misleading information or documents to the Minister in purported compliance with this requirement.

601RAB(3)   [ " client " ]  

A client of a trustee company is a person to whom, within the meaning of Chapter 7 , a financial service (being a traditional trustee company service) is provided by the trustee company.

Note: Regulations made for the purpose of subsection 766A(1B) may prescribe the person or persons to whom a class of traditional trustee company services is taken to be provided.


 

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