Corporations Act 2001

A trustee company is a company:

that is a corporation to which paragraph 51(xx) of the Constitution applies; and

that is prescribed by the regulations as a trustee company for the purpose of this Act.

For the purpose of paragraph (1)(b), companies may (for example) be prescribed:

by setting out a list of companies in the regulations; or

by providing a mechanism in the regulations for the determination of a list of companies.

Before the Governor‑General makes a regulation that includes a company in a list set out for the purposes of paragraph (2)(a), the company must satisfy the Minister of the following:

that it is a corporation to which paragraph 51(xx) of the Constitution applies;

that its purposes include:

providing services of the kind referred to in paragraph 601RAC(1)(c); and

performing functions of a kind referred to in paragraph 601RAC(2)(b) and at least one other estate management function;

that it is, and will continue to be, capable of providing the services, and performing the functions, referred to in paragraph (b) of this subsection;

that it is a fit and proper person;

that an unacceptable control situation does not exist in relation to it in relation to any person;

any other matter the Minister specifies by written notice to the company.

Under Division 137 of the Criminal Code it may be an offence for a company to provide false or misleading information or documents to the Minister in purported compliance with this requirement.

A client of a trustee company is a person to whom a financial service (being a traditional trustee company service) is provided by the trustee company.

Regulations made for the purpose of subsection 766A(1B) may prescribe the person or persons to whom a class of traditional trustee company services is taken to be provided.