Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 962T

    The requirements for the consent are:

  (a)   before obtaining the consent, the fee recipient disclosed to the account holder, in writing, the matters set out in subsection   962G(2); and

  (b)   the consent is given by the account holder for the ongoing fees disclosed under paragraph   (a), to be deducted from the account ; and

  (c)   the consent specifies the name of the account holder and the account number; and

  (d)   for each amount to be deducted, the consent specifies:

  (i)   the amount to be deducted; or

  (ii)   if the amount to be deducted cannot be determined at the time the consent is given, a reasonable estimate of that amount and an explanation of the method used to work out the estimate; and

  (e)   the consent is signed by the account holder; and

  (f)   the consent is dated; and

  (g)   any other requirements prescribed by the regulations.

Note:   If the account is held jointly, these paragraphs must be satisfied in relation to each account holder: see subsections   962R(3) and 962S(4).