Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]


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.

             (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.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback