(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.
S 283AC(1) amended by No 11 of 2016, s 3, Sch 2 (effective 1 March 2017).
S 283AC(1) amended by No 108 of 2009, Sch 2.
S 283AC(1) amended by No 75 of 2009, Sch 1.
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.