Corporations Act 2001
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Hide history noteOn application by a person with a proper interest in an estate that is administered or managed by a licensed trustee company, the trustee company must provide the person with an account of: (a) the assets and liabilities of the estate; and (b) the trustee company's administration or management of the estate; and (c) any investment made from the estate; and (d) any distribution made from the estate; and (e) any other expenditure (including fees and commissions) from the estate.
Note 1: Failure to comply with this subsection is an offence (see subsection 1311(1) ).
Note 2: Failure to comply with this subsection may also lead to the consequences set out in subsection (4) of this section.
601SBB(1A)
An estate that is administered or managed by a trustee company, is all or any of the estate of a person (whether living or dead) that is administered or managed by the trustee company in the course of performing estate management functions.
601SBB(2)
If: (a) a licensed trustee company has provided an account to a person under this section; and (b) the person applies for a further account within 3 months from the date on which the person was provided with the previous account;
the trustee company need not provide a further account in response to that application until the expiration of that period of 3 months.
Note: A defendant bears an evidential burden in relation to the matter in subsection (2), see subsection 13.3(3) of the Criminal Code .
601SBB(3)
A licensed trustee company may charge a reasonable fee for providing an account under this section.
601SBB(4)
If a licensed trustee company fails to provide a proper account under this section, the Court may, on application by the person who sought the account or any other person with a proper interest in the estate, make any order that the Court considers appropriate, including an order requiring the preparation and delivery of proper accounts.
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