Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

CORPORATIONS ACT 2001 - SECT 601WAA

Definitions

             (1)  In this Part:

"asset " means property, or a right, of any kind, and includes:

                     (a)  any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and

                     (b)  any chose in action; and

                     (c)  any right, interest or claim of any kind including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and

                     (d)  any CGT asset within the meaning of the Income Tax Assessment Act 1997 .

"authorised ASIC officer " , when used in a particular provision of this Part, means a person authorised under subsection (2) to perform or exercise the functions or powers of an authorised ASIC officer under that provision.

"cancel " , in relation to a licence, means:

                     (a)  cancel the licence under Part 7.6; or

                     (b)  vary the conditions of the licence under Part 7.6 so that the licence ceases to cover traditional trustee company services.

"certificate of transfer " has the meaning given by subsection 601WBG(1).

"compulsory transfer determination " has the meaning given by subsection 601WBA(1).

"estate assets and liabilities " , of a company, means assets (including assets in common funds) and liabilities of an estate, or incurred in relation to an estate, in relation to which the company was performing estate management functions, if the assets and liabilities were vested in or otherwise belonged to the company:

                     (a)  because of its performance of those functions; and

                     (b)  immediately before:

                              (i)  if ASIC has cancelled the company's licence--the cancellation; or

                             (ii)  otherwise--a relevant certificate of transfer comes into force.

Note:          This Part does not apply to liabilities for breach of trust etc.: see section 601WBK.

"interest " , in relation to land, includes:

                     (a)  a legal or equitable estate or interest in the land; or

                     (b)  a right, power or privilege over, or in relation to, the land.

"liability " includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).

"licence " means an Australian financial services licence that is held by a trustee company and that covers the provision of one or more traditional trustee company services.

"receiving company " has the meaning given by subsection 601WBA(1).

"transfer determination " has the meaning given by subsection 601WBA(1).

"transferring company " has the meaning given by subsection 601WBA(1).

"voluntary transfer determination " has the meaning given by subsection 601WBA(1).

             (2)  ASIC may, in writing, authorise a person who is a member of ASIC, or of its staff, to perform or exercise the functions or powers of an authorised ASIC officer under a particular provision of this Part.



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback