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CORPORATIONS ACT 2001

CHAPTER 2L - DEBENTURES  

PART 2L.1 - REQUIREMENT FOR TRUST DEED AND TRUSTEE  

SECTION 283AC  WHO CAN BE A TRUSTEE  

283AC(1)  Who can be trustee.  


The trustee must be:


(a) the Public Trustee of any State or Territory; or


(aa) a licensed trustee company (within the meaning of Chapter 5D); or
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(b) a body corporate authorised by a law of any State or Territory to take in its own name a grant of probate of the will, or letters of administration of the estate, of a deceased person; or


(c) a body corporate registered under section 21 of the Life Insurance Act 1995; or
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(d) an Australian ADI; or


(e) a body corporate, all of whose shares are held beneficially by a body corporate or bodies corporate of the kind referred to in paragraph (b), (c) or (d) if that body or those bodies:


(i) are liable for all of the liabilities incurred, or to be incurred, by the trustee as trustee; or

(ii) have subscribed for and beneficially hold shares in the trustee and there is an uncalled liability of at least $500,000 in respect of those shares that can only be called up if the trustee becomes a Chapter 5 body corporate (see section 254N); or


(f) a body corporate approved by ASIC (see section 283GB).

Note: Section 283BD provides that if the borrower becomes aware that the trustee cannot be a trustee, the trustee must be replaced.

283AC(2)  Circumstances in which a person cannot be trustee.  


A person may only be appointed or act as trustee (except to the extent provided for by section 283AD) if the appointment or acting will not result in a conflict of interest or duty. This subsection is not intended to affect any rule of law or equity.

283AC(3)  

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An offence based on subsection (1) or (2) is an offence of strict liability.

Note: For strict liability, see section 6.1 of the Criminal Code.


 



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