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

Schedule 1   Trustee companies

Corporations Act 2001

5   After subsection 601RAB(2)

Insert:

(2A) Before the Governor-General makes a regulation that includes a company in a list set out for the purposes of paragraph (2)(a), the company must satisfy the Minister of the following:

(a) that it is a corporation to which paragraph 51(xx) of the Constitution applies;

(b) that its purposes include:

(i) providing services of the kind referred to in paragraph 601RAC(1)(c); and

(ii) performing functions of a kind referred to in paragraph 601RAC(2)(b) and at least one other estate management function;

(c) that it is, and will continue to be, capable of providing the services, and performing the functions, referred to in paragraph (b) of this subsection;

(d) that it is a fit and proper person;

(e) that an unacceptable control situation (as defined in section 601VAA) does not exist in relation to it in relation to any person;

(f) any other matter the Minister specifies by written notice to the company.

Note: Under Division 137 of theCriminal Code it may be an offence for a company to provide false or misleading information or documents to the Minister in purported compliance with this requirement.