New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 18

18 Commission chargeable by trustee company

(1) In respect of every estate which is, after the commencement of this Act, committed to the administration or management of a trustee company as executor, administrator, trustee or receiver or as committee or manager of the estate under the Mental Health Act 1958 or as guardian of the estate of a minor or in any other capacity, the trustee company shall be entitled to receive out of the estate, in addition to all moneys properly expended by the trustee company and chargeable against the estate, a commission to be fixed from time to time by the directors of the trustee company but not in any case exceeding:

(a) Where the estate is committed to the administration and management of the trustee company as attorney acting under power of attorney-$10 for every $200 of all moneys, whether capital or income, received by the trustee company as such attorney,

(b) Where the estate was, before the commencement of section 2 of the Trustee Companies (Amendment) Act 1972 , committed to the administration or management of the trustee company in any capacity other than that referred to in paragraph (a):

(i) $8 for every $200 of the corpus or capital value of the estate, and

(ii) $10 for every $200 of the income received by the trustee company on account of the estate, or

(c) Where the estate is, after the commencement of section 2 of the Trustee Companies (Amendment) Act 1972 , committed to the administration or management of the trustee company in any capacity other than that referred to in paragraph (a):

(i) $4.25 for every $100 of the corpus or capital value of the estate, and

(ii) $5.25 for every $100 of the income received by the trustee company on account of the estate if the estate is not one in respect of which a fee is payable under section 19B (2).

(2) Such commission shall be payable out of the moneys in possession of the trustee company representing the estate upon which the same shall be chargeable, and shall be accepted by the trustee company in full satisfaction of any claim to remuneration for acting as such executor, administrator, trustee, receiver, committee, manager, guardian or in any other capacity, and, except where otherwise provided by this Act, no other charges beyond such commission and moneys so expended by the trustee company shall be made or allowed.

(3) Where the Court is of opinion that the commission or any part thereof or the rate thereof charged in respect of any estate is excessive, the Court may of its own motion or on the application of any person interested in the estate, review the commission or any part thereof or the rate thereof and may, on such review, reduce the commission or any part thereof or the rate thereof.

(4) The commission charged by a trustee company against any estate shall not exceed the amount of the published scale of charges of such trustee company at the time when the administration or management of such estate was committed to such trustee company.

(5) Nothing in this section shall prevent the payment of any commission which a testator has in the testator’s will directed to be paid either in addition to or in lieu of the commission provided for by this section.

(6) In subsection (1), "corpus or capital value", in relation to an estate committed to the administration or management of a trustee company:

(a) where the estate was so committed before the commencement of section 2 of the Trustee Companies (Amendment) Act 1972 and the trustee company’s administration or management of the estate was completed before that commencement-means the gross corpus or capital value of the estate without deduction of debts or liabilities secured or unsecured,

(b) where the estate was so committed before that commencement and the trustee company’s administration or management of the estate continues after that commencement-means:

(i) in the case of any assets (whether real or personal) of the estate realised before that commencement-the gross amount of the value of those assets as at the date on which the estate was so committed, and

(ii) in the case of any assets (whether real or personal) of the estate realised after that commencement-the gross amount realised for those assets,

without deduction of debts or liabilities secured or unsecured, and

(c) where the estate is so committed after that commencement-means the gross amount realised for the assets (whether real or personal) of the estate without deduction of debts or liabilities secured or unsecured.

(6A) For the purposes of subsection (6):

(a) where an asset of an estate comprises moneys (other than the proceeds of the realisation of any asset):

(i) that asset shall be deemed to have been realised when it was collected on behalf of the estate, and

(ii) the amount realised for that asset shall be deemed to have been the amount of the moneys so collected, and

(b) where an asset of an estate is distributed, transferred, appropriated, or released, without realisation, to beneficiaries, whether by or as a result of agreement between beneficiaries or otherwise:

(i) that asset shall be deemed to have been realised when it was so distributed, transferred, appropriated or released, and

(ii) the amount realised for that asset shall be deemed to have been the amount of the value of the asset as at the date of the distribution, transfer, appropriation or release.

(7) The commission, which a trustee company is entitled to receive under this section, shall not in any way be affected or diminished by the fact that any other person may, or may not be entitled to, or be allowed, commission in respect of the same estate.