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CORPORATIONS ACT 2001 - SECT 601RAE

Interaction between trustee company provisions and State and Territory laws

             (1)  The trustee company provisions are:

                     (a)  the provisions of this Chapter, and regulations or other instruments made for the purposes of this Chapter; and

                     (b)  the provisions of Chapter 7, and regulations or other instruments made for the purposes of Chapter 7, as they apply in relation to financial services that are traditional trustee company services.

             (2)  Subject to subsections (3) and (4), the trustee company provisions are intended to apply to the exclusion of laws of a State or Territory of the following kinds:

                     (a)  laws that authorise or license companies to provide traditional trustee company services generally (as opposed to laws that authorise or license companies to provide a particular traditional trustee company service);

                     (b)  laws that regulate the fees that may be charged by companies for the provision of traditional trustee company services, and laws that require the disclosure of such fees;

                     (c)  laws that deal with the provision of accounts by companies in relation to traditional trustee company services that they provide;

                     (d)  laws that deal with the duties of officers or employees of companies that provide traditional trustee company services;

                     (e)  laws that regulate the voting power that people may hold in companies that provide traditional trustee company services, or that otherwise impose restrictions on the ownership or control of companies that provide traditional trustee company services;

                      (f)  laws (other than laws referred to in section 601WBC) that deal with what happens to assets and liabilities held by a company, in connection with the provision by the company of traditional trustee company services, if the company ceases to be licensed or authorised to provide such services.

             (3)  Subject to subsection (4), the trustee company provisions are not intended to apply to the exclusion of laws of a State or Territory that require a company to have (or to have staff who have) particular qualifications or experience if the company is to provide traditional trustee company services of a particular kind.

             (4)  The regulations may provide:

                     (a)  that the trustee company provisions are intended to apply to the exclusion of prescribed State or Territory laws, or prescribed provisions of State or Territory laws; or

                     (b)  that the trustee company provisions are intended not to apply to the exclusion of prescribed State or Territory laws, or prescribed provisions of State or Territory laws.

             (5)  The provisions of this Chapter have effect subject to this section.

Note:          For example, section 601SAC (which provides that the powers etc. conferred by or under this Chapter are in addition to other powers etc.) is to be interpreted subject to this section.

             (6)  Part 1.1A does not apply in relation to the trustee company provisions.



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