Corporations and Other Legislation Amendment (Trustee Companies and Other Measures) Act 2011 (24 of 2011)

Schedule 1   Trustee companies

Corporations Act 2001

11   At the end of section 601TBE

Add:

(4) ASIC may, on application in writing by a licensed trustee company, approve payment of a proposed fee that, if paid without the approval, would contravene subsection (3), if ASIC is satisfied that:

(a) the payment of the fee will not significantly affect the capital of the relevant estate or charitable trust concerned; and

(b) the fee is a fair reflection of the work and expertise required to perform the estate management function.