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TASMANIA
__________
TRUSTEE COMPANIES AMENDMENT BILL 2010
__________
CONTENTS
PART 1 - PRELIMINARY
1. Short title
2. Commencement
PART 2 - TRUSTEE COMPANIES ACT 1953 AMENDED
3. Principal Act
4. Section 3 amended (Interpretation)
5. Sections 4 and 4A repealed
6. Section 7 amended (Power of courts, &c., to appoint trustee
company as trustee, receiver, &c.)
7. Section 11 amended (Power of Court to act on affidavit of
authorised person of trustee company)
8. Section 12 repealed
9. Section 13 amended (Power of trustee company to act under
power of attorney)
10. Section 15A amended (Power of trustee company to undertake
other services)
11. Section 17 amended (Power of authorised person to attend on
behalf of trustee company)
12. Section 17A repealed
13. Section 18 substituted
18. Commission chargeable by trustee company
[Bill 59]-II
14. Section 18A amended (Management charge in respect of
charitable trusts, &c.)
15. Section 18C substituted
18C. Investment in common fund, &c.
16. Section 18E repealed
17. Sections 18G and 18H repealed
18. Sections 20 and 21 repealed
19. Part III, Division 1 repealed
20. Section 34A repealed
21. Section 36 amended (Power of Court to make order for account
on application of Public Trustee)
22. Sections 38, 39 and 39AA repealed
23. Sections 40 and 40AA repealed
24. Section 40A amended (Regulations)
25. Schedules 2, 2A, 3 and 5 repealed
PART 3 - ADMINISTRATION AND PROBATE ACT 1935 AMENDED
26. Principal Act
27. Section 25 amended (Administration bonds)
PART 4 - REPEAL OF ACT
28. Repeal of Act
2
TRUSTEE COMPANIES AMENDMENT BILL 2010
This Public Bill originated in the House of Assembly, and, having this day passed, is
now ready for presentation to the Legislative Council for its concurrence.
P. R. ALCOCK, Clerk of the House
11 November 2010
(Brought in by the Minister for Justice, the Honourable
Larissa Tahireh Giddings)
A BILL FOR
An Act to amend the Trustee Companies Act 1953 and the
Administration and Probate Act 1935
Be it enacted by His Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
PART 1 - PRELIMINARY
1. Short title
This Act may be cited as the Trustee Companies
Amendment Act 2010.
2. Commencement
The provisions of this Act commence on a day
or days to be proclaimed.
[Bill 59] 3
Trustee Companies Amendment Act 2010
Act No. of
s. 3 Part 2 - Trustee Companies Act 1953 Amended
PART 2 - TRUSTEE COMPANIES ACT 1953
AMENDED
3. Principal Act
In this Part, the Trustee Companies Act 1953* is
referred to as the Principal Act.
4. Section 3 amended (Interpretation)
Section 3(1) of the Principal Act is amended as
follows:
(a) by inserting the following definition after
the definition of "administrator":
"authorised person", in relation to
the performance or exercise of a
power, function or duty by or for
a trustee company under this Act,
means such person or office-
holder as the trustee company,
either specifically or generally
and whether personally or by
office or function, authorises for
that purpose;
(b) by omitting the definition of "financial
institution";
(c) by omitting the definition of "insurance
company";
*No. 72 of 1953
4
Trustee Companies Amendment Act 2010
Act No. of
Part 2 - Trustee Companies Act 1953 Amended s. 5
(d) by omitting the definition of
"subordinated loan";
(e) by omitting the definition of "trustee
company" and substituting the following
definition:
"trustee company" means a licensed
trustee company within the
meaning of Chapter 5D of the
Corporations Act;
(f) by omitting the definition of "trustee
holding company".
5. Sections 4 and 4A repealed
Sections 4 and 4A of the Principal Act are
repealed.
6. Section 7 amended (Power of courts, &c., to appoint
trustee company as trustee, receiver, &c.)
Section 7 of the Principal Act is amended by
omitting subsection (3).
7. Section 11 amended (Power of Court to act on
affidavit of authorised person of trustee company)
Section 11 of the Principal Act is amended by
omitting "the secretary" and substituting "an
authorised person".
5
Trustee Companies Amendment Act 2010
Act No. of
s. 8 Part 2 - Trustee Companies Act 1953 Amended
8. Section 12 repealed
Section 12 of the Principal Act is repealed.
9. Section 13 amended (Power of trustee company to
act under power of attorney)
Section 13(1) of the Principal Act is amended by
omitting "the secretary" and substituting "an
authorised person".
10. Section 15A amended (Power of trustee company to
undertake other services)
Section 15A of the Principal Act is amended by
omitting subsections (2), (3) and (4).
11. Section 17 amended (Power of authorised person to
attend on behalf of trustee company)
Section 17 of the Principal Act is amended as
follows:
(a) by omitting from subsection (1) "the
secretary" twice occurring and
substituting "an authorised person";
(b) by omitting from subsection (2)
"secretary" twice occurring and
substituting "authorised person".
6
Trustee Companies Amendment Act 2010
Act No. of
Part 2 - Trustee Companies Act 1953 Amended s. 12
12. Section 17A repealed
Section 17A of the Principal Act is repealed.
13. Section 18 substituted
Section 18 of the Principal Act is repealed and
the following section is substituted:
18. Commission chargeable by trustee company
(1) A trustee company may, in addition to
any money properly expended by it and
chargeable against an estate placed under
its administration or control, charge and
receive commission at such rate as the
board of directors or other governing
body of the trustee company determines.
(2) However, the commission must not in
any case exceed the limits set or
permitted by or under Part 5D.3 of
Chapter 5D of the Corporations Act.
14. Section 18A amended (Management charge in
respect of charitable trusts, &c.)
Section 18A of the Principal Act is amended as
follows:
(a) by omitting from subsection (1) ", for
each complete period of 5 years for
which it so administers the trust and in
7
Trustee Companies Amendment Act 2010
Act No. of
s. 15 Part 2 - Trustee Companies Act 1953 Amended
addition to any GST payable in respect
of its services,";
(b) by omitting from subsection (1) "may
determine, not exceeding 0·25 per cent of
the value of the property the subject of
the trust as determined at the end of that
period of 5 years." and substituting
"determines, not exceeding in any case
the limits set or permitted by or under
Part 5D.3 of Chapter 5D of the
Corporations Act.";
(c) by omitting subsection (3).
15. Section 18C substituted
Section 18C of the Principal Act is repealed and
the following section is substituted:
18C. Investment in common fund, &c.
(1) In this section -
"common fund" means a common
fund within the meaning of
Division 3 of Part 5D.2 of
Chapter 5D of the Corporations
Act.
(2) A trustee company may invest any
money in its hands -
(a) on the separate account of the
trust estate to which the money
belongs; or
8
Trustee Companies Amendment Act 2010
Act No. of
Part 2 - Trustee Companies Act 1953 Amended s. 15
(b) in a common fund if -
(i) the trust deed, will or
other instrument
governing the money does
not direct that it be
invested in a specific
manner; and
(ii) investment in a common
fund is not inconsistent
with that trust deed, will
or instrument; and
(iii) the investment is
restricted to classes of
investments in which the
money might lawfully be
invested on its separate
account.
(3) A trustee company is to invest the money
comprised in a common fund in
investments authorised by the Trustee
Act 1898.
(4) To the extent that Division 3 of Part 5D.2
of Chapter 5D of the Corporations Act or
regulations in force under the
Corporations Act provide for the
establishment of common funds, the
provisions of that Act or those
regulations prevail over this section.
9
Trustee Companies Amendment Act 2010
Act No. of
s. 16 Part 2 - Trustee Companies Act 1953 Amended
16. Section 18E repealed
Section 18E of the Principal Act is repealed.
17. Sections 18G and 18H repealed
Sections 18G and 18H of the Principal Act are
repealed.
18. Sections 20 and 21 repealed
Sections 20 and 21 of the Principal Act are
repealed.
19. Part III, Division 1 repealed
Division 1 of Part III of the Principal Act is
repealed.
20. Section 34A repealed
Section 34A of the Principal Act is repealed.
21. Section 36 amended (Power of Court to make order
for account on application of Public Trustee)
Section 36(1) of the Principal Act is amended by
omitting "the secretary of".
10
Trustee Companies Amendment Act 2010
Act No. of
Part 2 - Trustee Companies Act 1953 Amended s. 22
22. Sections 38, 39 and 39AA repealed
Sections 38, 39 and 39AA of the Principal Act
are repealed.
23. Sections 40 and 40AA repealed
Sections 40 and 40AA of the Principal Act are
repealed.
24. Section 40A amended (Regulations)
Section 40A of the Principal Act is amended by
omitting subsection (2).
25. Schedules 2, 2A, 3 and 5 repealed
Schedules 2, 2A, 3 and 5 to the Principal Act are
repealed.
11
Trustee Companies Amendment Act 2010
Act No. of
s. 26 Part 3 - Administration and Probate Act 1935 Amended
PART 3 - ADMINISTRATION AND PROBATE ACT
1935 AMENDED
26. Principal Act
In this Part, the Administration and Probate Act
1935* is referred to as the Principal Act.
27. Section 25 amended (Administration bonds)
Section 25 of the Principal Act is amended as
follows:
(a) by inserting in subsection (6) ", a trustee
company" after "Trustee";
(b) by inserting the following subsection
after subsection (7):
(8) In this section -
"trustee company" means
trustee company within
the meaning of the
Trustee Companies Act
1953.
*No. 38 of 1935
12
Trustee Companies Amendment Act 2010
Act No. of
Part 4 - Repeal of Act s. 28
PART 4 - REPEAL OF ACT
28. Repeal of Act
This Act is repealed on the ninetieth day from
the day on which all of the provisions of this Act
commence.
Government Printer, Tasmania 13