Treasury Laws Amendment (2023 Law Improvement Package No. 1) Act 2023 (76 of 2023)

Schedule 2   ALRC Financial Services Interim Report: single glossary of defined terms

Part 1   Amendments

Division 6   Terms relating to licensed trustee companies

Corporations Act 2001

153   Section 601WAA

Repeal the section, substitute:

601WAA Meaning of estate assets and liabilities

A company's estate assets and liabilities are assets (including assets in common funds) and liabilities of an estate, or incurred in relation to an estate, in relation to which the company was performing estate management functions, if the assets and liabilities were vested in or otherwise belonged to the company:

(a) because of its performance of those functions; and

(b) immediately before:

(i) if ASIC has under Part 7.6 cancelled the company's Australian financial services licence or varied the conditions of the company's Australian financial services licence so that the licence ceases to cover traditional trustee company services - the cancellation or variation; or

(ii) otherwise - a relevant certificate of transfer comes into force.

Note: This Part does not apply to liabilities for breach of trust etc.: see section 601WBK.