Fee for administering perpetual trust
44 Fee for administering perpetual trust
The Public Trustee may charge against a perpetual trust administered by the Public Trustee (whether the Public Trustee commenced administering the trust before or after the commencement of this Act) an administration fee in respect of each month of the Public Trustee's administration of the trust.
The administration fee—
must not exceed one-twelfth of one per cent of the value of the trust as at the last business day of the month; and
may be charged only against income received by the Public Trustee on account of the trust.
If the Public Trustee charges an administration fee under this section against a perpetual trust, the Public Trustee may not charge commission in respect of the capital value of property subject to the trust unless the property comprises or forms part of a deceased estate administered by the
Public Trustee.
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