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CORPORATIONS ACT 2001 - SECT 601RAB

Meaning of trustee company and client

  (1)   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.

  (2)   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.

  (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 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.

  (3)   A client of a trustee company is a person to whom 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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