Trustee Companies Amendment Act 2010 (TAS)

Trustee Companies Amendment Act 2010

An Act to amend the Trustee Companies Act 1953 and the Administration and Probate Act 1935

[Royal Assent 14 December 2010]

Be it enacted by His Excellency the Governor of Tasmania, by and with the advice and consent of the Legislative Council and House of Assembly, in Parliament assembled, as follows:

PART 1Preliminary1Short titleThis Act may be cited as the Trustee Companies Amendment Act 2010 . 2CommencementThe provisions of this Act commence on a day or days to be proclaimed. PART 2Trustee Companies Act 1953 Amended3Principal ActIn this Part, the Trustee Companies Act 1953 is referred to as the Principal Act. 4Section 3 amended (Interpretation) Section 3(1) of the Principal Act is amended as follows: (a) by inserting the following definition after the definition of administrator : authorised person, in relation to the performance or exercise of a power, function or duty by or for a trustee company under this Act, means such person or office-holder as the trustee company, either specifically or generally and whether personally or by office or function, authorises for that purpose; (b) by omitting the definition of financial institution ; (c) by omitting the definition of insurance company ; (d) by omitting the definition of subordinated loan ; (e) by omitting the definition of trustee company and substituting the following definition: trustee company means a licensed trustee company within the meaning of Chapter 5D of the Corporations Act; (f) by omitting the definition of trustee holding company . 5Sections 4 and 4A repealed Sections 4 and 4A of the Principal Act are repealed. 6Section 7 amended (Power of courts, &c., to appoint trustee company as trustee, receiver, &c.) Section 7 of the Principal Act is amended by omitting subsection (3) . 7Section 11 amended (Power of Court to act on affidavit of authorised person of trustee company) Section 11 of the Principal Act is amended by omitting "the secretary" and substituting "an authorised person". 8Section 12 repealed Section 12 of the Principal Act is repealed. 9Section 13 amended (Power of trustee company to act under power of attorney) Section 13(1) of the Principal Act is amended by omitting "the secretary" and substituting "an authorised person". 10Section 15A amended (Power of trustee company to undertake other services) Section 15A of the Principal Act is amended by omitting subsections (2) , (3) and (4) . 11Section 17 amended (Power of authorised person to attend on behalf of trustee company) Section 17 of the Principal Act is amended as follows: (a) by omitting from subsection (1) "the secretary" twice occurring and substituting "an authorised person"; (b) by omitting from subsection (2) "secretary" twice occurring and substituting "authorised person". 12Section 17A repealed Section 17A of the Principal Act is repealed. 13Section 18 substituted Section 18 of the Principal Act is repealed and the following section is substituted: 18Commission chargeable by trustee company (1)  A trustee company may, in addition to any money properly expended by it and chargeable against an estate placed under its administration or control, charge and receive commission at such rate as the board of directors or other governing body of the trustee company determines. (2)  However, the commission must not in any case exceed the limits set or permitted by or under Part 5D.3 of Chapter 5D of the Corporations Act. 14Section 18A amended (Management charge in respect of charitable trusts, &c.) Section 18A of the Principal Act is amended as follows: (a) by omitting from subsection (1) ", for each complete period of 5 years for which it so administers the trust and in addition to any GST payable in respect of its services,"; (b) by omitting from subsection (1) "may determine, not exceeding 0·25 per cent of the value of the property the subject of the trust as determined at the end of that period of 5 years." and substituting "determines, not exceeding in any case the limits set or permitted by or under Part 5D.3 of Chapter 5D of the Corporations Act."; (c) by omitting subsection (3) . 15Section 18C substituted Section 18C of the Principal Act is repealed and the following section is substituted: 18CInvestment in common fund, &c. (1)  In this section – common fund means a common fund within the meaning of Division 3 of Part 5D.2 of Chapter 5D of the Corporations Act. (2)  A trustee company may invest any money in its hands – (a) on the separate account of the trust estate to which the money belongs; or (b) in a common fund if – (i) the trust deed, will or other instrument governing the money does not direct that it be invested in a specific manner; and (ii) investment in a common fund is not inconsistent with that trust deed, will or instrument; and (iii) the investment is restricted to classes of investments in which the money might lawfully be invested on its separate account. (3)  A trustee company is to invest the money comprised in a common fund in investments authorised by the Trustee Act 1898 . (4)  To the extent that Division 3 of Part 5D.2 of Chapter 5D of the Corporations Act or regulations in force under the Corporations Act provide for the establishment of common funds, the provisions of that Act or those regulations prevail over this section. 16Section 18E repealed Section 18E of the Principal Act is repealed. 17Sections 18G and 18H repealed Sections 18G and 18H of the Principal Act are repealed. 18Sections 20 and 21 repealed Sections 20 and 21 of the Principal Act are repealed. 19Part III, Division 1 repealed Division 1 of Part III of the Principal Act is repealed. 20Section 34A repealed Section 34A of the Principal Act is repealed. 21Section 36 amended (Power of Court to make order for account on application of Public Trustee) Section 36(1) of the Principal Act is amended by omitting "the secretary of". 22Sections 38 , 39 and 39AA repealed Sections 38 , 39 and 39AA of the Principal Act are repealed. 23Sections 40 and 40AA repealed Sections 40 and 40AA of the Principal Act are repealed. 24Section 40A amended (Regulations) Section 40A of the Principal Act is amended by omitting subsection (2) . 25Schedules 2 , 2A , 3 and 5 repealed Schedules 2 , 2A , 3 and 5 to the Principal Act are repealed. PART 3Administration and Probate Act 1935 Amended26Principal ActIn this Part, the Administration and Probate Act 1935 is referred to as the Principal Act. 27Section 25 amended (Administration bonds) Section 25 of the Principal Act is amended as follows: (a) by inserting in subsection (6) ", a trustee company" after "Trustee"; (b) by inserting the following subsection after subsection (7) : (8)  In this section – trustee company means trustee company within the meaning of the Trustee Companies Act 1953 . PART 4Repeal of Act28Repeal of ActThis Act is repealed on the ninetieth day from the day on which all of the provisions of this Act commence.

[Second reading presentation speech made in:

House of Assembly on 11 NOVEMBER 2010

Legislative Council on 25 NOVEMBER 2010]