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CORPORATIONS ACT 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES    View history reference

PART 5D.1 - PRELIMINARY    View history reference

SECTION 601RAD  MEANING OF PERSON WITH A PROPER INTEREST  

 View history reference

601RAD(1)  ["person with a proper interest"]  


A person with a proper interest, in relation to an estate, includes (but is not limited to) the following:


(a) ASIC;


(b) in relation to a charitable trust:


(i) the settlor, or one of the settlors, of the trust; or

(ii) a person who, under the terms of the trust, has power to appoint or remove a trustee of the trust or to vary (or cause to be varied) any of the terms of the trust; or

(iii) a Minister of a State or Territory who has responsibilities relating to charitable trusts; or

(iv) a person who is named in the instrument establishing the trust as a person who may receive payments on behalf of the trust; or

(v) a person who is named in the instrument establishing the trust as a person who must, or may, be consulted by the trustee or trustees before distributing or applying money or other property for the purposes of the trust; or

(vi) a person of a class that the trust is intended to benefit;


(c) in the case of the estate of a deceased person:


(i) if the person died testate - a beneficiary under the person's will; or

(ii) if the person died intestate - a person who, under a law of a State or Territory, has, or is entitled to, an interest in the deceased's estate;


(d) in the case of any other trust:


(i) the settlor, or one of the settlors, of the trust; or

(ii) a person who, under the terms of the trust, has power to appoint or remove a trustee of the trust or to vary (or cause to be varied) any of the terms of the trust; or

(iii) a beneficiary of the trust;


(e) in relation to an application to a court relating to the estate - a person that the court considers, in the circumstances of the case, has a proper interest in the estate;


(f) a person prescribed by the regulations as having a proper interest in the estate;


(g) if a person covered by any of the above paragraphs is under a legal disability - an agent of the person.

601RAD(2)  [Paramountcy of each paragraph or subparagraph]  


None of the paragraphs or subparagraphs of subsection (1) limits, or is limited by, any of the other paragraphs or subparagraphs of that subsection.


 



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