Corporations Act 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES  

PART 5D.6 - ASIC-APPROVED TRANSFERS OF ESTATE ASSETS AND LIABILITIES  

Division 4 - Miscellaneous  

SECTION 601WDA   TRANSFERRING COMPANY REQUIRED TO CONTACT CERTAIN PERSONS  

Notice of cancellation or variation of Australian financial services licence

601WDA(1)    

If ASIC has under Part 7.6 cancelled a trustee company ' s Australian financial services licence, or varied the conditions of a trustee company ' s Australian financial services licence so that the licence ceases to cover traditional trustee company services, the trustee company must, as soon as practicable:

(a)    take all reasonable steps to contact the following persons and advise them of the cancellation or variation of the licence:

(i) all persons who the trustee company is aware have executed and lodged instruments, such as wills, that have not yet come into effect, but will potentially lead to estate assets and liabilities being held by the trustee company;

(ii) all persons who the trustee company is aware have appointed the trustee company as trustee or to some other capacity; and

(b)    

publish notice of the cancellation of the licence on the trustee company ' s website (if any), and in another manner that is in accordance with subsection (4) .

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Notice of compulsory transfer determination

601WDA(2)    

If a certificate of transfer for a compulsory transfer determination comes into force, the transferring company must, as soon as practicable, take all reasonable steps to contact the persons referred to in subsection (1) and advise them of the transfer of estate assets and liabilities.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

601WDA(3)    

If a certificate of transfer for a voluntary transfer determination comes into force, the transferring company must, as soon as practicable, publish notice of the transfer of estate assets and liabilities on the transferring company ' s website (if any), and in another manner that is in accordance with subsection (4) .

Note: Failure to comply with this subsection is an offence (see subsection 1311(1) ).

Publishing notices

601WDA(4)    

A manner of publishing notice under paragraph (1)(b) or subsection (3) is in accordance with this subsection if the manner:

(a)    unless paragraph (b) applies - results in the notice being accessible to the public and reasonably prominent; or

(b)    if a determination in force under subsection (5) specifies one or more manners in which such a notice may be published - is so specified.

601WDA(5)    

For the purposes of paragraph (4)(b) , ASIC may, by legislative instrument, make a determination specifying one or more manners in which notice under paragraph (1)(b) or subsection (3) may be published.

601WDA(6)    

A manner of publication may be specified in the determination only if ASIC considers that the manner of publication would result in such a notice being accessible to the public and reasonably prominent.