Section 962T — Corporations Act 2001: Requirements for consent—deduction of fees from accounts

The requirements for the consent are: (a) before obtaining the consent, the fee recipient disclosed to the account holder, in writing, the matters set out in subsection 962G(2); and (b) the consent is given by the account holder for the ongoing fees disclosed under paragraph (a), to be deducted from the account; and (c) the consent specifies the name of the account holder and the account number; and (d) for each amount to be deducted, the consent specifies: (i) the amount to be deducted; or (ii) if the amount to be deducted cannot be determined at the time the consent is given, a reasonable estimate of that amount and an explanation of the method used to work out the estimate; and (e) the consent is signed by the account holder; and (f) the consent is dated; and (g) any other requirements prescribed by the regulations. Note: If the account is held jointly, these paragraphs must be satisfied in relation to each account holder: see subsections 962R(3) and 962S(4).