Australian Securities and Investments Commission Class Order [CO 98/105] (Cth)

ASIC Class Order [CO 98/105]

Authorised trustee corporations — trust liabilities

This compilation has effect under subsection 341(1) of the Corporations Act 2001.

This compilation was prepared on 1 September 2005 taking into account amendments up to [CO 04/668].

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission

Corporations Act — Subsection 341(1) — Class Order and Revocation

Pursuant to subsection 341(1) of the Corporations Act 2001 (“the Act”) the Australian Securities and Investments Commission hereby makes an order in respect of each company which is, or is a wholly owned subsidiary of, an authorised trustee corporation as defined in section 9 of the Act (“the Company”) relieving the Company from compliance with the requirements of the Act specified in the Schedule where:

(a)   the particulars of the relief given by this order are provided in the notes to the financial statements and in any concise financial report; and

(b)   if a concise financial report is prepared, accounting standard AASB 1039 “Concise Financial Reports” is applied as if paragraph 5.2 were replaced by the following paragraph:

“5.2 Each financial statement must be presented as in the financial report, in accordance with current Accounting Standards (as modified by the application of any relief provided by the Australian Securities and Investments Commission pursuant to s340 or s341 of the Corporations Act), except for the omission of cross-references to notes to the financial statements in the financial report.”

SCHEDULE

Paragraph 7.2 of accounting standard AASB 1001 “Accounting Policies”; subparagraph 7.5(h) of accounting standard AASB 1029 “Interim Financial Reporting”; paragraphs 4.1 to 6.6 of accounting standard AASB 1033 “Presentation and Disclosure of Financial Instruments”; paragraphs 4.1 to 5.3 and 7.1 to 8.4 of accounting standard AASB 1040 “Statement of Financial Position” and paragraphs 5.1 to 6.4 and 14.1 to 14.6 of accounting standard AASB 1044 “Provisions, Contingent Liabilities and Contingent Assets” insofar as those provisions require the Company's financial report for a financial year or half-year to disclose, whether in the balance sheet, consolidated balance sheet or any note to the financial statements:

(a) liabilities incurred by the Company whilst acting:

(i)    as trustee (except in relation to a controlled entity); or

(ii) in a representative capacity where the Company has taken in its own name a grant of probate of the will of a deceased person or of letters of administration of the estate of a deceased person,

in respect of which the Company has a valid and subsisting right of indemnity out of any assets which are sufficient to satisfy the right of indemnity; and

(b) the amount and description of the assets from which the Company has a right of indemnity in respect of any liability to which paragraph (a) applies.

Pursuant to subsection 341(1) of the Corporations Law the Australian Securities and Investments Commission hereby revokes Class Order Number 97/1012 dated 9 July 1997 with effect from:

(i)    in respect of entities which apply the relief provided by Class Order 98/0095 dated 10 July 1998, financial years ending after 7 July 1998; and

(ii)   in all other cases, financial years ending after 30 June 1998.

Notes to ASIC Class Order [CO 98/105]

Note 1

ASIC Class Order [CO 98/105] (in force under subsection 341(1) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the Tables below.

Table of Instruments

Instrument number	Date of making or FRLI registration	Date of commencement	Application, saving or transitional provisions
[CO 98/105]	10/7/1998	10/7/1998	-
[CO 99/90]	11/2/1999	11/2/1999	-
[CO 00/321]	8/2/2000	8/2/2000	-
[CO 04/668]	1/7/2004	1/7/2004	-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected	How affected
First para (a) and (b)	ad. [CO 99/90]
Schedule, first para	am. [CO 00/321]; rs. [CO 04/668]
Class order	am. [CO 04/668]