Section 601RAC — Corporations Act 2001: Meaning of traditional trustee company services and estate management functions

(1) The following are traditional trustee company services: (a) performing estate management functions (see subsection (2)); (b) preparing a will, a trust instrument, a power of attorney or an agency arrangement; (c) applying for probate of a will, applying for grant of letters of administration, or electing to administer a deceased estate; (d) establishing and operating common funds; (e) any other services prescribed by the regulations for the purpose of this paragraph. (2) The following are estate management functions (whether provided alone or jointly with another person or persons): (a) acting as a trustee of any kind, or otherwise administering or managing a trust; (b) acting as executor or administrator of a deceased estate; (c) acting as agent, attorney or nominee; (d) acting as receiver, controller or custodian of property; (e) otherwise acting as manager or administrator (including in the capacity as guardian) of the estate of an individual; (f) acting in any other capacity prescribed by the regulations for the purpose of this paragraph. (3) Subsections (1) and (2) do not apply to: (a) operating a registered scheme; or (b) providing a custodial or depository service; or (c) acting as trustee for debenture holders under Chapter 2L; or (d) acting as a receiver or other controller of property of a corporation under Part 5.2; or (e) acting as trustee of a superannuation fund, an approved deposit fund or a pooled superannuation trust; or (f) acting in any other capacity prescribed by the regulations for the purpose of this paragraph.