Document ID: chunk:federal_register_of_legislation:C2025C00185:section:601rab
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 601RAB
Character Range: 2345276–2347209

601RAB  Meaning of trustee company and client
 (1) A trustee company is a company:
 (a) that is a corporation to which paragraph 51(xx) of the Constitution applies; and
 (b) that is prescribed by the regulations as a trustee company for the purpose of this Act.
 (2) For the purpose of paragraph (1)(b), companies may (for example) be prescribed:
 (a) by setting out a list of companies in the regulations; or
 (b) by providing a mechanism in the regulations for the determination of a list of companies.
 (2A) Before the Governor‑General makes a regulation that includes a company in a list set out for the purposes of paragraph (2)(a), the company must satisfy the Minister of the following:
 (a) that it is a corporation to which paragraph 51(xx) of the Constitution applies;
 (b) that its purposes include:
 (i) providing services of the kind referred to in paragraph 601RAC(1)(c); and
 (ii) performing functions of a kind referred to in paragraph 601RAC(2)(b) and at least one other estate management function;
 (c) that it is, and will continue to be, capable of providing the services, and performing the functions, referred to in paragraph (b) of this subsection;
 (d) that it is a fit and proper person;
 (e) that an unacceptable control situation does not exist in relation to it in relation to any person;
 (f) any other matter the Minister specifies by written notice to the company.
Note: Under Division 137 of the Criminal Code it may be an offence for a company to provide false or misleading information or documents to the Minister in purported compliance with this requirement.
 (3) A client of a trustee company is a person to whom a financial service (being a traditional trustee company service) is provided by the trustee company.
Note: Regulations made for the purpose of subsection 766A(1B) may prescribe the person or persons to whom a class of traditional trustee company services is taken to be provided.