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CORPORATIONS ACT 2001 - SECT 601RAC

Meaning of traditional trustee company services and estate management functions

             (1)  The following are traditional trustee company services :

                     (a)  performing estate management functions (see subsection (2));

                     (b)  preparing a will, a trust instrument, a power of attorney or an agency arrangement;

                     (c)  applying for probate of a will, applying for grant of letters of administration, or electing to administer a deceased estate;

                     (d)  establishing and operating common funds;

                     (e)  any other services prescribed by the regulations for the purpose of this paragraph.

             (2)  The following are estate management functions (whether provided alone or jointly with another person or persons):

                     (a)  acting as a trustee of any kind, or otherwise administering or managing a trust;

                     (b)  acting as executor or administrator of a deceased estate;

                     (c)  acting as agent, attorney or nominee;

                     (d)  acting as receiver, controller or custodian of property;

                     (e)  otherwise acting as manager or administrator (including in the capacity as guardian) of the estate of an individual;

                      (f)  acting in any other capacity prescribed by the regulations for the purpose of this paragraph.

             (3)  Subsections (1) and (2) do not apply to:

                     (a)  operating a registered scheme; or

                     (b)  providing a custodial or depository service; or

                     (c)  acting as trustee for debenture holders under Chapter 2L; or

                     (d)  acting as a receiver or other controller of property of a corporation under Part 5.2; or

                     (e)  acting as trustee of a superannuation fund, an approved deposit fund or a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or

                      (f)  acting in any other capacity prescribed by the regulations for the purpose of this paragraph.



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