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CORPORATIONS ACT 2001

CHAPTER 7 - FINANCIAL SERVICES AND MARKETS    View history reference

PART 7.1 - PRELIMINARY    View history reference

Division 2 - Definitions    View history reference

SECTION 761FA  MEANING OF PERSON - GENERALLY INCLUDES MULTIPLE TRUSTEES  

 View history reference

761FA(1)  [Application to trust]  


This section applies in relation to a trust while the trust continues to have:


(a) 2 or more trustees; or


(b) a single trustee who was a trustee of the trust at a time when it had 2 or more trustees.

761FA(2)  [``notional entity'']  


Subject to subsections (3) and (4), during a period while this section applies to a trust, this Chapter applies to the trust as if the trustee or trustees of the trust from time to time during the period constituted a single legal entity (the notional entity) that remained the same for the duration of that period.

Note: So, for example, while this section applies to a trust, a licence granted under this Chapter to the trustees of the trust will continue in force, despite a change in the persons who are the trustees.

761FA(3)  [Where trust has two or more trustees]  


During any period or part of a period while this section applies to a trust and the trust has 2 or more trustees, this Chapter applies to the trustees as mentioned in subsection (2), but it applies with the following changes:


(a) obligations that would be imposed on the notional entity are imposed instead on each trustee, but may be discharged by any of the trustees;


(b) any contravention of a provision of this Chapter, or a provision of this Act that relates to a requirement in a provision of this Chapter, that would otherwise be a contravention by the notional entity is taken (whether for the purposes of criminal or civil liability) to have been a contravention by each trustee who:


(i) aided, abetted, counselled or procured the relevant act or omission; or

(ii) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the trustee).

761FA(4)  [Where trust has only one trustee]  


During any period or part of a period while this section applies to a trust and the trust has only one trustee, this Chapter applies to the trustee as mentioned in subsection (2), but it applies with the following changes:


(a) obligations that would be imposed on the notional entity are imposed instead on that single trustee;


(b) any contravention of a provision of this Chapter, or a provision of this Act that relates to a requirement in a provision of this Chapter, that would otherwise be a contravention by the notional entity is taken (whether for the purposes of criminal or civil liability) to have been a contravention by that single trustee.

761FA(5)  [Limitation]  


Subsections (2), (3) and (4) have effect subject to:


(a) an express or implied contrary intention in a provision or provisions of this Chapter; and


(b) the regulations, which may exclude or modify the effect of those subsections in relation to specified provisions.


 



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