283GB
In forceASIC may approve body corporate to be trustee
Volume 2Chapter 2L, Part 2L.1 to Chapter 5, Part 5.9 sections 283AA to 600K
Chapter 2LDebentures
Part 2L.7ASIC powers
283GB ASIC may approve body corporate to be trustee
(1)
ASIC may approve a body corporate in writing to be a trustee for the purposes of paragraph 283AC(1)(f). The approval may allow the body corporate to act as trustee:
(a)
in any circumstances; or
(b)
in relation to a particular borrower or particular class of borrower; or
(c)
in relation to a particular trust deed;
and may be given subject to conditions.
(2)
ASIC must publish notice of the approval in the Gazette.
This Act’s bill:Explanatory memorandumSecond reading speech
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