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.
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