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

Schedule 3   ALRC Financial Services Interim Report: single glossary of defined terms contingent amendments

Part 6   Schedule 3 to the Treasury Laws Amendment (Modernising Business Communications and Other Measures) Act 2023

Division 1   Amendments if Schedule 2 to this Act commences second

Corporations Act 2001

26   Section 9

Insert:

proposed licensed trustee company means a company:

(a) that is a trustee company, or a corporation to which paragraph 51(xx) of the Constitution applies that proposes to become a trustee company; and

(b) that proposes to apply for an Australian financial services licence covering the provision of one or more traditional trustee company services.

unacceptable control situation :

(a) in relation to a licensed trustee company or a proposed licensed trustee company - has the meaning given by section 601VAA; and

(b) in relation to a widely held market body - has the meaning given by subsection 850B(1).