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CORPORATIONS ACT 2001 - SECT 601SBB

Licensed trustee company may be required to provide account in relation to estate

  (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.

  (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.

  (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 .

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

  (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.


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