THE CORPORATIONS LAW

CHAPTER 2L - DEBENTURES

PART 2L.7 - ASIC POWERS

SECTION 260MB   ASIC MAY APPROVE BODY CORPORATE TO BE TRUSTEE  

260MB(1)  [Approval to be trustee]  

ASIC may approve a body corporate in writing to be a trustee for the purposes of paragraph 260FC(1)(f). The approval may allow the body corporate to act as trustee:

(a)  in any circumstances; or

(b)  in relation to a particular borrower or particular class of borrower; or

(c)  in relation to a particular trust deed;

and may be given subject to conditions.

260MB(2)  [Publication in the Gazette ]  

ASIC must publish notice of the approval in the Gazette.


 

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