Corporations Act 2001
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CCH Note:
SLI 2010 No 88, reg 4, contained the following transitional arrangements:
4 Transitional arrangements for charging of fees
]
(1)
For section 1496 of the Act, Part 5D.3 (other than Division 4) of the Act applies to a licensed trustee company as set out in this regulation.
(2)
If a licensed trustee company had an existing client at the commencement of Schedule 1 to these Regulations, the fee the company was entitled to charge under the relevant State law for traditional trustee company services to the client continues to apply to those services whether or not the relevant State law has since been repealed.
(3)
In this regulation, a relevant State law is a law of a State or Territory in force immediately before the commencement of Schedule 2 to the
Corporations Legislation Amendment (Financial Services Modernisation) Act 2009
that regulates the fees that may be charged by companies for the provision of traditional trustee company services.
For the provision of the service, the trustee company must only charge:
(a) either:
(i) a capital commission, and an income commission, as provided for in section 601TDC ; or
(ii) a management fee as provided for in section 601TDD ; and
(b) if applicable, common fund administration fees under section 601TDE ; and
(c) if applicable, fees permitted by section 601TDF in respect of the preparation of returns etc. 601TDB(2) [ Div 2 not limited]
This section does not limit anything in Division 2 .
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