South Australia
Trustee Regulations 2011
under the Trustee Act 1936
Contents
1 Short title
2 Commencement
3 Interpretation
4 Prescribed insurers
5 Records to be kept by trustee
6 Prescribed qualifications for inspectors
Schedule 1—Revocation of Trustee Regulations 1996
Legislative history
1—Short title
These regulations may be cited as the Trustee Regulations 2011.
2—Commencement
These regulations will come into operation on 1 September 2011.
3—Interpretation
In these regulations—
Act means the Trustee Act 1936.
4—Prescribed insurers
For the purposes of section 13A(1)(b) of the Act, a body that is authorised under the Insurance Act 1973 of the Commonwealth to carry on insurance business in relation to lender's mortgage insurance is a prescribed body.
5—Records to be kept by trustee
(1)For the purposes of section 84B of the Act, the records that a trustee must keep relating to administration of the trust property are as follows:
(a)each document authorising the trustee to act as trustee;
(b)each letter received by the trustee and a copy of each letter sent by the trustee;
(c)a copy of each statutory declaration and each affidavit made in the course of the administration of the trust;
(d)each deed, agreement or other instrument varying distribution of the trust property or a stamped duplicate of any such deed, agreement or instrument;
(e)a copy of all returns made as to any form of duty, charge or tax imposed on the trust by the Commonwealth or any State or Territory of the Commonwealth (including trust income tax returns and personal tax returns for beneficiaries where applicable);
(f)all written instructions for the sale or transfer of any trust property or any asset which forms or formed part of the trust property and any independent valuations obtained in relation to those assets;
(g)minutes of the proceedings of all meetings relating to administration of the trust at which the trustee was or was entitled to be present;
(h)a record of any insurance cover in respect of the assets which form or formed part of the trust property;
(i)any report received from an investment adviser and a record of all decisions made in relation to such report;
(j)a record of all reviews of investments;
(k)other records that would enable the receipt and disposition of trust property to be conveniently and properly audited, including the following:
(i)a register of securities recording the following information in respect of all securities received and disposed of:
(A)the date of receipt or disposition;
(B)a description of the securities;
(C)the consideration passing for receipt or disposition;
(D)brief particulars of the purpose of the transaction;
(ii)a property register recording the following information in respect of all other property received and disposed of:
(A)the date of receipt or disposition;
(B)a description of the property;
(C)the consideration passing for receipt or disposition;
(D)brief particulars of the purpose of the transaction;
(iii)a register of all investments of income and capital funds (including redemptions and income accretions) recording the following information in respect of each investment:
(A)the date of investment;
(B)the amount of the…