Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601waa
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601WAA
Character Range: 84807–87599

601WAA  Definitions
 (1) In this Part:
asset means property, or a right, of any kind, and includes:
 (a) any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and
 (b) any chose in action; and
 (c) any right, interest or claim of any kind including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and
 (d) any CGT asset within the meaning of the Income Tax Assessment Act 1997.
authorised ASIC officer, when used in a particular provision of this Part, means a person authorised under subsection (2) to perform or exercise the functions or powers of an authorised ASIC officer under that provision.
cancel, in relation to a licence, means:
 (a) cancel the licence under Part 7.6; or
 (b) vary the conditions of the licence under Part 7.6 so that the licence ceases to cover traditional trustee company services.
certificate of transfer has the meaning given by subsection 601WBG(1).
compulsory transfer determination has the meaning given by subsection 601WBA(1).
estate assets and liabilities, in relation to a trustee company that has had its licence cancelled, means assets (including assets in common funds) and liabilities:
 (a) of an estate, or incurred in relation to an estate, in relation to which the trustee company was (before cancellation of its licence) performing estate management functions; and
 (b) that, immediately before the cancellation:
 (i) were vested in the trustee company because it was performing those functions; or
 (ii) were otherwise assets and liabilities of the trustee company because of its performance of those functions.
Note: This Part does not apply to liabilities for breach of trust etc.: see section 601WBK.
interest, in relation to land, includes:
 (a) a legal or equitable estate or interest in the land; or
 (b) a right, power or privilege over, or in relation to, the land.
liability includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).
licence means an Australian financial services licence that is held by a trustee company and that covers the provision of one or more traditional trustee company services.
receiving company has the meaning given by subsection 601WBA(1).
transferring company has the meaning given by subsection 601WBA(1).
 (2) ASIC may, in writing, authorise a person who is a member of ASIC, or of its staff, to perform or exercise the functions or powers of an authorised ASIC officer under a particular provision of this Part.

Division 2—Transfer of estate assets and liabilities