Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601teb
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601TEB
Character Range: 65334–66142

601TEB  Directors' fees
 (1) This section applies if:
 (a) an estate that is administered or managed by a licensed trustee company has an interest in a corporation; and
 (b) an officer of the trustee company, in his or her capacity as such an officer, acts as a director of the corporation for purposes connected with the administration or management of the estate.
 (2) The trustee company is entitled to receive from the corporation (and to retain) any director's fees that would be payable to the officer had he or she so acted otherwise than in his or her capacity as such an officer.
 (3) Neither the officer nor the estate is entitled to receive the fees that the trustee company is entitled to receive under subsection (2).

Part 5D.4—Duties of officers and employees of licensed trustee companies