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CORPORATIONS ACT 2001

CHAPTER 5D - LICENSED TRUSTEE COMPANIES    View history reference

PART 5D.2 - POWERS ETC. OF LICENSED TRUSTEE COMPANIES    View history reference

Division 3 - Common funds    View history reference

SECTION 601SCB  OBLIGATIONS RELATING TO COMMON FUNDS  

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601SCB(1)  [Each common fund to have distinguishing number]  


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 subsection 1311(1)).

601SCB(2)  [Accounts to be kept for each common fund]  


For each common fund, the licensed trustee company must keep accounts showing at all times the current amount for the time being at credit in the fund on account of each estate.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).

601SCB(3)  [Express provision not to put estate money into a common fund]  


A licensed trustee company must not put estate money into a common fund if doing so is contrary to an express provision of the conditions subject to which the estate money is held by the trustee company.

Note: Failure to comply with this subsection is an offence (see subsection 1311(1)).


 



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