(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 (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.
(3) 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.