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

Schedule 1   Trustee companies

Corporations Act 2001

14   Subsection 601WAA(1) (definition of estate assets and liabilities )

Repeal the definition, substitute:

estate assets and liabilities , of a company, means 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 cancelled the company's licence - the cancellation; 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.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).