Trustee Companies Amendment Act 1997 (NSW)
New South Wales
Trustee Companies Amendment Act
1997 No 46
Contents
Page
| 1 | Name of Act | 2 |
| 2 | Commencement | 2 |
| 3 Amendment of Trustee Companies Act 1964 No 6 | 2 |
| Schedule 1 | Amendments | 3 |
New South Wales
Trustee Companies Amendment Act
1997 No 46
Act No 46, 1997
An Act to amend the Trustee Companies Act 1964 in respect of the fees and commissions to which a trustee company is entitled; and for other purposes. [Assented to 2 July 1997]
| Section 1 | Trustee Companies Amendment Act 1997 No 46 |
The Legislature of New South Wales enacts:
1 Name of Act
This Act is the Trustee Companies Amendment Act 1997.
2 Commencement
This Act commences on a day or days to be appointed by proclamation.
3 Amendment of Trustee Companies Act 1964 No 6
The Trustee Companies Act 1964 is amended as set out in
Schedule 1.
Trustee Companies Amendment Act 1997 No 46
| Amendments | Schedule 1 |
| Schedule 1 | Amendments |
(Section 3)
[1 ] Section 18 Commission chargeable by trustee company
I nsert “if the estate is not one in respect of which a fee is payable under section 19B (2)” after “estate” in section 18 (1) (c) (ii).
[2] Section 19B Trust fees
| Omit “12 months” wherever occurring in paragraphs (a) (ii) and (b) (iii) of the definition of prescribed time in section 19B (1). Insert instead “3 months”. |
[3] Section 19B (2)-(2B)
Omit section 19B (2). Insert instead:
| (2) | A trustee company is entitled to receive a quarterly trust fee, in respect of any estate committed to its administration or management for 2 years or more, not exceeding the maximum fee determined in accordance with subsection (2A). |
(2A) The maximum quarterly trust fee is:
| (a) | if the corpus or capital value of the estate at the time of calculation is $250,000 or less, an amount equal to 12.5 cents for every $100 of the corpus or capital value, or | |||
| (b) | if the corpus or capital value of the estate at the time of calculation is greater than $250,000 and not more than $500,000, an amount equal to the | |||
|
Trustee Companies Amendment Act 1997 No 46
| Schedule | 1 | Amendments |
(ii) 18.75 cents for every $100 of the amount by which the corpus or capital value exceeds $250,000, or
| (c) | if the corpus or capital value of the estate at the time of calculation is more than $500,000, an amount equal to the sum of: | |||
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(2B) The trust fee to which a trustee company is entitled under this section is to be calculated as at the prescribed time and is payable on the date of its calculation.
[4] Section 19B (3)
Omit “one-twelfth”. Insert instead “one-third”.
[5] Section 19B (4) and (5)
Insert after section 19B (3):
| (4) | The trust fee to which a trustee company is entitled under this section may be paid wholly from the corpus or capital of the estate or partly from the corpus or capital of the estate and partly from the income of the estate. However, not more than half of the amount of the fee may be paid from the income. |
| (5) | The trustee company is to consult with the beneficiaries, if it is practicable to do so, before determining from where a trust fee is to be paid. The trustee company must attempt such consultation at least once every two years. |
Trustee Companies Amendment Act 1997 No 46
| Amendments | Schedule 1 |
[6 ] Section 19D General provisions in respect of fees
Insert after section 19B (8):
| (9) | The fees provided for under sections 18 and 19B, as amended by Schedule 1 [1]-[5] to the Trustee Companies Amendment Act 1997, are payable in respect of estates committed to the administration or management of a trustee company no more than 3 years before the commencement of those provisions on and from the first occurrence of the prescribed time after that commencement. |
| (10) | The fees provided for under sections 18 and 19B, as amended by Schedule 1 [1]-[5] to the Trustee Companies Amendment Act 1997, are payable in respect of estates committed to the administration or management of a trustee company more than 3 years before the commencement of those provisions on and from a date or dates determined in accordance with the regulations made for the purposes of this subsection. |
| (11) | The fees payable under sections 18 and 19B, as in force immediately before the commencement of Schedule 1 [1]-[5] to the Trustee Companies Amendment Act 1997, continue to apply until the fees provided for under sections 18 and 19B (as amended by those provisions) are payable, in accordance with the regulations. |
[7 ] Section 29D Financial statement of trustee company
| Omit “Commission” from section 29D (2) (a). Insert instead “Director-General of the Attorney General's Department”. |
[8] Section 29D (9)-(11)
Insert after section 29D (8):
(9) The Director-General of the Attorney General's Department may review any financial statement forwarded to him or her under this section, or may arrange for any other person to review it.
Trustee Companies Amendment Act 1997 No 46
| Schedule 1 | Amendments |
The regulations may make provision for or with respect to the calculation of the costs recoverable for any work undertaken to review a financial statement under this section. Such regulations may provide for costs to be determined at a prescribed hourly rate, or in some other manner.
Unless the Minister otherwise directs, the cost of any review of a financial statement under this section is to be borne by the trustee company and may be recovered by the Minister in any court of competent jurisdiction as a debt due to the Crown.
[Minister's second reading speech made in—
Legislative Council on 23 April 1997
Legislative Assembly on 26 June 1997 a.m.]
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