Corporations Act 2001
Sections and provisions with full text and the judgments that cite each one.
Section 601RAA — Meaning of fees and law—Chapter 5D
In this Chapter: fees means fees in the nature of remuneration (including commission). law means an Australian law and includes a rule of common law or equity.
Section 601SAA — Jurisdiction of courts not affected etc.
(1) Any inherent power or jurisdiction of courts in respect of the supervision of the performance of traditional trustee company services is not affected by anything in this Chapter. (2) A licensed…
Section 601SBA — Licensed trustee company not required to file accounts
(1) A licensed trustee company, when acting alone in relation to any estate of a deceased person, is not required to file, or file and pass, accounts relating to the estate unless the Court, of its…
Section 601SCA — Common funds of licensed trustee companies
(1) A licensed trustee company may, for the purposes of investment, pool together into a fund or funds money (estate money) from 2 or more estates that are administered or managed by the trustee…
Section 601SCAA — Common funds that are also registered schemes
If, in relation to a common fund that is also a registered scheme, a provision of this Chapter or a regulation or other instrument made for the purposes of this Chapter is inconsistent with any of…
Section 601TAA — Schedule of fees to be published and available
A licensed trustee company must ensure that an up-to-date schedule of the fees that it generally charges for the provision of traditional trustee company services: (a) is made available to the public…
Section 601TBA — Charging of fees for the provision of traditional trustee company services
(1) Subject to this Part, a licensed trustee company may charge fees for the provision of traditional trustee company services. (2) If a provision of this Part limits the fees that a licensed trustee…
Section 601TCA — Fees otherwise than for being the trustee or manager of a charitable trust
(1) This section applies to a particular provision of a traditional trustee company service by a licensed trustee company, unless: (a) the service consists of being the trustee or manager of a…
Section 601TDA — Subdivision applies to new client charitable trusts
This Subdivision applies to a particular provision of a traditional trustee company service by a licensed trustee company if: (a) the service consists of being the trustee or manager of a charitable…
Section 601TEA — Power of the Court with respect to excessive fees
(1) If the Court is of the opinion that fees charged by a licensed trustee company in respect of any estate are excessive, the Court may review the fees and may, on the review, reduce the fees. (2)…
Section 601UAA — Duties of officers of licensed trustee company
(1) An officer of a licensed trustee company must: (a) act honestly; and (b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the officer’s position;…
Section 601VAA — Meaning of unacceptable control situation—licensed trustee company or a proposed licensed trustee company
An unacceptable control situation exists in relation to: (a) a licensed trustee company and in relation to a particular person; or (b) a proposed licensed trustee company and in relation to a…
Section 601VBA — Application for approval to exceed 15% voting power limit
(1) A person may apply for approval to have voting power of more than 15% in a particular licensed trustee company or proposed licensed trustee company by lodging with ASIC an application that: (a)…
Section 601VCA — Acquisition of property
(1) The Court must not make an order under section 601VAC if: (a) the order would result in the acquisition of property from a person otherwise than on just terms; and (b) the order would be invalid…
Section 601WAA — Meaning of estate assets and liabilities
A company’s estate assets and liabilities are 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…
Section 601WBA — Transfer determinations
(1) ASIC may, in writing, make a determination (a transfer determination) that there is to be a transfer of estate assets and liabilities from a specified company (the transferring company) to…
Section 601WCA — Certificates evidencing operation of Act etc.
(1) A person authorised under section 601WCI, by signed writing, may certify that a specified asset or liability has become an asset or liability of the receiving company under this Part. (2) For all…
Section 601WDA — Transferring company required to contact certain persons
Notice of cancellation or variation of Australian financial services licence (1) If ASIC has under Part 7.6 cancelled a trustee company’s Australian financial services licence, or varied the…
Section 601XAA — Civil liability of licensed trustee companies
(1) A person who suffers loss or damage because of conduct of a licensed trustee company that contravenes a provision of this Chapter may recover the amount of the loss or damage by action against…
Section 601YAA — Exemptions and modifications by ASIC
(1) ASIC may: (a) exempt a person or class of persons, or an estate or class of estates, from all or specified provisions of this Chapter; or (b) declare that this Chapter applies to a person or…
Section 601AB — Deregistration—ASIC initiated
Circumstances in which ASIC may deregister (1) ASIC may decide to deregister a company if: (a) the response to a return of particulars given to the company is at least 6 months late; and (b) the…
Section 601BB — Bodies registered as proprietary companies
(1) The body must have no more than 50 non-employee shareholders if it is to be registered as a proprietary company under this Part. (2) In applying subsection (1): (a) count joint holders of a…
Section 601CB — Application for registration
Subject to this Part, where a registrable Australian body lodges an application for registration under this Division that is in the prescribed form and is accompanied by: (a) a certified copy of a…
Section 601CZB — Register of debenture holders to be maintained by non-companies
(1) A body that is not a company must set up and maintain a register of debenture holders if it issues debentures covered by Chapter 2L. Note 1: Companies have to keep a register of debenture holders…
Section 601DB — Acceptable abbreviations
(1) The abbreviations set out in the following table may be used: (a) instead of words that this Act requires to be part of a registrable Australian body’s or foreign company’s name or to be included…
Section 601EB — Registration of managed investment scheme
(1) ASIC must register the scheme within 14 days of lodgment of the application, unless it appears to ASIC that: (c) the application does not comply with section 601EA; or (d) the proposed…
Section 601FB — Responsible entity to operate scheme
(1) The responsible entity of a registered scheme is to operate the scheme and perform the functions conferred on it by the scheme’s constitution and this Act. (2) The responsible entity has power to…
Section 601GB — Constitution must be legally enforceable
The constitution of a registered scheme must be contained in a document that is legally enforceable as between the members and the responsible entity.
Section 601HB — Compliance plan may incorporate provisions from another scheme’s plan
(1) The responsible entity of a registered scheme may lodge with ASIC a compliance plan for the scheme that is expressed to incorporate specified provisions, as in force at a specified time, of a…
Section 601JB — Membership of compliance committee
(1) A scheme’s compliance committee must have at least 3 members, and a majority of them must be external members. (2) A member of the compliance committee is an external member if they: (a) are not,…
Section 601KB — Non-liquid schemes—offers
(1) The responsible entity of a registered scheme that is not liquid may offer members an opportunity to withdraw, wholly or partly, from the scheme to the extent that particular assets are available…
Section 601LB — Replacement section 207
Chapter 2E applies as if section 207 were replaced by the following section: 207 Purpose The rules in this Chapter, as they apply to a registered scheme, are designed to protect the interests of the…
Section 601MB — Voidable contracts where subscription offers and invitations contravene this Act
(1) If: (a) a managed investment scheme is being operated in contravention of subsection 601ED(5) and a person (the offeror) offers an interest in the scheme for subscription, or issues an invitation…
Section 601NB — Winding up at direction of members
If members of a registered scheme want the scheme to be wound up, they may take action under Division 1 of Part 2G.4 for the calling of a members’ meeting to consider and vote on an extraordinary…
Section 601PB — Deregistration by ASIC
(1) ASIC may decide to deregister the registered scheme if: (a) the scheme does not have a responsible entity that meets the requirements of section 601FA; or (b) the scheme does not have a…
Section 601PBB — Deregistration—voluntary
Application (1) The operator of the fund may lodge an application with ASIC for deregistration of the fund as a registered scheme. Note: The responsible entity of a registered scheme that is an…
Section 601QB — Modification by regulations
The regulations may modify the operation of this Chapter or any other provisions of this Act relating to securities in relation to: (a) a managed investment scheme; or (b) all managed investment…
Section 601RAB — Meaning of trustee company and client
(1) A trustee company is a company: (a) that is a corporation to which paragraph 51(xx) of the Constitution applies; and (b) that is prescribed by the regulations as a trustee company for the purpose…
Section 601SAB — Regulations may prescribe other powers etc.
A licensed trustee company also has, in relation to the provision of traditional trustee company services, such other powers, functions, liabilities and obligations, and such privileges and…
Section 601SBB — Licensed trustee company may be required to provide account in relation to estate
(1) On application by a person with a proper interest in an estate that is administered or managed by a licensed trustee company, the trustee company must provide the person with an account of: (a)…
Section 601SCB — Obligations relating to common funds
(1) If a licensed trustee company establishes more than one common fund, each must be allocated an appropriate distinguishing number. Note: Failure to comply with this subsection is an offence (see…
Section 601TAB — Disclosure to clients of changed fees
(1) If, while a licensed trustee company continues to provide a particular traditional trustee company service to a client or clients, the trustee company changes the fees that it will charge for the…
Section 601TBB — Part does not prevent charging of fees as agreed etc.
(1) Nothing in this Part prevents a licensed trustee company from charging: (a) any fees that a testator, in his or her will, has directed to be paid; or (b) any fees that have been agreed on in…
Section 601TCB — Additional amount for preparation of returns etc.
A licensed trustee company may charge a reasonable fee for work involved in the preparation and lodging of returns for the purpose of, or in connection with, assessments of any duties or taxes (other…
Section 601TDB — What the trustee company may charge
(1) For the provision of the service, the trustee company must only charge: (a) either: (i) a capital commission, and an income commission, as provided for in section 601TDC; or (ii) a management fee…
Section 601TEB — Directors’ fees
(1) This section applies if: (a) an estate that is administered or managed by a licensed trustee company has an interest in a corporation; and (b) an officer of the trustee company, in his or her…
Section 601UAB — Duties of employees of licensed trustee company
(1) An employee of a licensed trustee company must not: (a) make use of information acquired through being an employee of the trustee company for the purpose (or for purposes including the purpose)…
Section 601VAB — Acquisitions of shares
If: (a) a person, or 2 or more persons under an arrangement, acquire shares in a body corporate; and (b) the acquisition has the result, in relation to a licensed trustee company, that: (i) an…
Section 601VBB — Approval of application
(1) The Minister may grant the application if the Minister is satisfied that: (a) in the case of a licensed trustee company—it would be in the interests of that company and its clients for the…
Section 601VCB — Interests of clients to be viewed as a group
A reference in this Part to the interests of the clients of a company is a reference to the interests of the clients, when viewed as a group.