Document ID: chunk:federal_register_of_legislation:C2009A00108:clause:2_601wda
Version: federal_register_of_legislation:C2009A00108
Segment Type: clause
Provision Reference: sch 2 cl 601WDA
Character Range: 102471–103630

601WDA  Transferring company required to contact certain persons
 (1) If the licence of a trustee company is cancelled, the trustee company must, as soon as practicable:
 (a) take all reasonable steps to contact the following persons and advise them of the cancellation of the licence:
 (i) all persons who the trustee company is aware have executed and lodged instruments, such as wills, that have not yet come into effect, but will potentially lead to estate assets and liabilities being held by the trustee company;
 (ii) all persons who the trustee company is aware have appointed the trustee company as trustee or to some other capacity; and
 (b) publish notice of the cancellation of the licence.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).
 (2) If a certificate of transfer comes into force, the trustee company must, as soon as practicable, take all reasonable steps to contact the persons referred to in subsection (1) and advise them of the transfer of estate assets and liabilities.
Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

Part 5D.7—Effect of contraventions