Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601rac
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601RAC
Character Range: 37749–39534

601RAC  Meaning of traditional trustee company services and estate management functions
 (1) The following are traditional trustee company services:
 (a) performing estate management functions (see subsection (2));
 (b) preparing a will, a trust instrument, a power of attorney or an agency arrangement;
 (c) applying for probate of a will, applying for grant of letters of administration, or electing to administer a deceased estate;
 (d) establishing and operating common funds;
 (e) any other services prescribed by the regulations for the purpose of this paragraph.
 (2) The following are estate management functions (whether provided alone or jointly with another person or persons):
 (a) acting as a trustee of any kind, or otherwise administering or managing a trust;
 (b) acting as executor or administrator of a deceased estate;
 (c) acting as agent, attorney or nominee;
 (d) acting as receiver, controller or custodian of property;
 (e) otherwise acting as manager or administrator (including in the capacity as guardian) of the estate of an individual;
 (f) acting in any other capacity prescribed by the regulations for the purpose of this paragraph.
 (3) Subsections (1) and (2) do not apply to:
 (a) operating a registered scheme; or
 (b) providing a custodial or depository service (within the meaning of section 766E); or
 (c) acting as trustee for debenture holders under Chapter 2L; or
 (d) acting as a receiver or other controller of property of a corporation under Part 5.2; or
 (e) acting as trustee of a superannuation fund, an approved deposit fund or a pooled superannuation trust (within the meaning of the Superannuation Industry (Supervision) Act 1993); or
 (f) acting in any other capacity prescribed by the regulations for the purpose of this paragraph.