Document ID: chunk:federal_register_of_legislation:C2016A00011:schedule:2:p10
Version: federal_register_of_legislation:C2016A00011
Segment Type: schedule
Provision Reference: sch 2 (pt 10/59)
Character Range: 32157–35232

and
 (b) the applicant has produced evidence in writing to the Inspector‑General that the applicant maintains:
 (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 complied with any condition dealing with continuing professional education to which the applicant is subject during the applicant's current registration; and
 (d) the applicant has paid the renewal fee determined by the Minister under subsection 20‑70(3), and any late payment penalty under that subsection; and
 (e) the applicant does not owe more than the prescribed amount of notified estate charges.
 (2) The Inspector‑General renews the registration of the applicant by entering, or maintaining, on the Register of Trustees the details relating to the applicant prescribed for the purposes of subsection 15‑1(3).

Registration subject to current conditions
 (3) The renewed registration is subject to the current conditions imposed on the registered trustee.

Certificate of registration
 (4) After renewing the registration of a person as a trustee, the Inspector‑General must give the person a certificate of registration.
 (5) The certificate may be given electronically.

Period of registration
 (6) The renewed registration has effect for 3 years, beginning on the day after the person's immediately preceding registration as a trustee ceased to have effect.

When a notified estate charge is owed
 (7) A person owes a notified estate charge if:
 (a) the person owes either of the following:
 (i) a charge under the Bankruptcy (Estate Charges) Act 1997 (the estate charge);
 (ii) a penalty under section 281 (late payment penalty) of this Act in respect of that charge; and
 (b) the Inspector‑General notified the person of the unpaid estate charge at least one month and 10 business days before the person's registration as a trustee ceases to have effect.

Subdivision E—Offences relating to registration

20‑80  False representation that a person is a registered trustee
  A person commits an offence if:
 (a) the person makes a representation; and
 (b) the representation is that the person is a registered trustee; and
 (c) the representation is false.
Penalty: 30 penalty units.

Division 25—Insurance

25‑1  Registered trustees to maintain insurance

Registered trustee must maintain insurance
 (1) A registered trustee must maintain:
 (a) adequate and appropriate professional indemnity insurance; and
 (b) adequate and appropriate fidelity insurance;
against the liabilities that the trustee may incur working as a registered trustee.
 (2) The Inspector‑General may, by legislative instrument, determine what constitutes adequate and appropriate professional indemnity insurance, and adequate and appropriate fidelity insurance, in relation to either or both of the following:
 (a) specified circumstances;
 (b) one or more specified classes of registered trustees.

Offence
 (3) A person commits an offence if: