Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601rab
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601RAB
Character Range: 36854–37749

601RAB  Meaning of trustee company and client of trustee company
 (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.
 (3) A client of a trustee company is a person to whom, within the meaning of Chapter 7, 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.