Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p6
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 6/95)
Character Range: 876943–879912

registration or about a condition of registration is reviewable by the Administrative Review Tribunal (see Division 96 of this Schedule).

Subdivision B—Registration

20‑5  Application for registration
 (1) An individual may apply to the Inspector‑General to be registered as a trustee.
 (2) The application must be lodged with the Inspector‑General in the approved form.
 (3) The application must be accompanied by the application fee determined by the Minister by legislative instrument.
 (4) The application is properly made if subsections (2) and (3) are complied with.

20‑10  Inspector‑General may convene a committee to consider
 (1) The Inspector‑General may convene a committee for the purposes of considering an application, or applications, for registration as a trustee.
 (2) The committee must consist of:
 (a) the Inspector‑General; and
 (b) a registered trustee chosen by a prescribed body; and
 (c) a person appointed by the Minister.
Note 1: Section 50‑5 sets out the knowledge and experience that a prescribed body must be satisfied a person has before making an appointment under paragraph (2)(b).
Note 2: Section 50‑10 sets out the matters of which the Minister must be satisfied before making an appointment under paragraph (2)(c).

20‑15  Inspector‑General must refer applications to a committee
 (1) The Inspector‑General must refer an application for registration as a trustee that is properly made to a committee convened under section 20‑10 for consideration.
 (2) The Inspector‑General must do so within 2 months after receiving the application.

20‑20  Committee to consider applications

Committee must consider referred applications
 (1) If an application for registration as a trustee is referred to a committee, the committee must consider the application.
 (2) For the purposes of considering the application, the committee:
 (a) must interview the applicant; and
 (b) may require the applicant to sit for an exam.

Decision of committee
 (3) Within 45 business days after interviewing the applicant, the committee must decide whether the applicant should be registered as a trustee or not.
 (4) The committee must decide that the applicant should be registered as a trustee if it is satisfied that the applicant:
 (a) has the qualifications, experience, knowledge and abilities prescribed; and
 (b) will take out:
 (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) has not been convicted, within 10 years before making the application, of an offence involving fraud or dishonesty; and
 (d) is not, and has not been within 10 years before making the application, an insolvent under administration; and
 (e) has not had his or her registration as a trustee under this Act cancelled within 10 years before making the application, other than in response to a written request