CORPORATIONS ACT 2001
REQUIREMENT FOR TRUST DEED AND TRUSTEE
SECTION 283AC WHO CAN BE A TRUSTEE
Who can be trustee
The trustee must be:
(a) the Public Trustee of any State or Territory; or
(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
(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
(f) a body corporate approved by ASIC (see section
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 23 of 2018, s 3, Sch 1
35] (effective 30 March 2018).
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
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
) 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.
An offence based on subsection (1) or (2) is an offence of strict liability.
, see section 6.1 of the
S 283AC(3) inserted by No 117 of 2001, s 3, Sch 1