Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p7
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 7/59)
Character Range: 24265–27152

years before making the application, an insolvent under administration; and
 (e) has not had his or her registration as a trustee under this Act cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled; and
 (f) has not had his or her registration as a liquidator under the Corporations Act 2001 cancelled within 10 years before making the application, other than in response to a written request by the applicant to have the registration cancelled; and
 (g) is not disqualified from managing corporations under Part 2D.6 of the Corporations Act 2001, or under a law of an external Territory or a law of a foreign country; and
 (h) is otherwise a fit and proper person; and
 (i) is resident in Australia or in another prescribed country.
 (5) The committee may decide that the applicant should be registered even if the committee is not satisfied of a matter mentioned in paragraph (4)(a), (e), (f) or (i), provided the committee is satisfied that the applicant would be suitable to be registered as a trustee if the applicant complied with conditions specified by the committee.

Registration may be subject to conditions
 (6) The committee may decide that the applicant's registration is to be subject to any other conditions specified by the committee.

Spent convictions
 (7) Nothing in this section affects the operation of Part VIIC of the Crimes Act 1914.
Note: Part VIIC of the Crimes Act 1914 includes provisions that, in certain circumstances, relieve persons from the requirement to disclose spent convictions and require persons aware of such convictions to disregard them.

20‑25  Committee to report
  The committee must give the applicant and the Inspector‑General a report setting out:
 (a) the committee's decision on the application; and
 (b) the committee's reasons for that decision; and
 (c) if the committee decides under subsection 20‑20(5) or (6) that the applicant should be registered subject to a condition:
 (i) the condition; and
 (ii) the committee's reasons for imposing the condition.

20‑30  Registration

Registration as trustee
 (1) The Inspector‑General must register the applicant as a trustee if:
 (a) the committee has decided that the applicant should be registered; and
 (b) the applicant has produced evidence in writing to the Inspector‑General that the applicant has taken out:
 (i) adequate and appropriate professional indemnity insurance; and
 (ii) adequate and appropriate fidelity insurance;
  against the liabilities that the applicant may incur working as a registered trustee; and
 (c) the applicant has paid the registration fee determined by the Minister by legislative instrument.
 (2) The Inspector‑General registers an applicant by entering on the Register of Trustees the details relating to the applicant prescribed for the purposes