Victorian Numbered Regulations

TRUSTEE COMPANIES REGULATIONS 2016 (SR NO 13 OF 2016) - REG 8

    (1)     Section 23(1) of the Act does not apply to a commission received by a person who is—

        (a)     a licensed estate agent; or

        (b)     a livestock agent; or

        (c)     a participant in a prescribed financial market—

for the performance of a function in relation to property that forms the whole or any part of an estate if—

        (d)     the commission is an amount or is paid at a rate that does not exceed an amount or a rate generally applicable to the payment of commissions for the performance of functions of that kind; and

        (e)     each beneficiary of the estate who has an interest in that property (other than a beneficiary who is not legally capable or whom the trustee company is unable to find, or who cannot be ascertained) has consented in writing to the performance of that function by the person referred to in paragraph (a), (b) or (c).

    (2)     Section 23(1) of the Act does not apply to a commission received by an ADI for the performance of a function in relation to property that forms the whole or any part of an estate if the commission is an amount or is paid at a rate that does not exceed an amount or a rate generally applicable to the payment of commissions for the performance of functions of that kind.