Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A licensed trustee company that operates a common fund that is not a registered scheme must not give a financial benefit in relation to the common fund to a related party.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
(2) Subsection (1) does not apply if the financial benefit is given on terms that:
(a) would be reasonable in the circumstances if the trustee company and the related party were dealing at arm's length; or
(b) are less favourable to the related party than the terms referred to in paragraph (a).
(3) In this section:
"financial benefit" has a meaning that is affected by section 229.
"related party" has the meaning given by section 228, as if references in that section to a public company were references to a licensed trustee company.