New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 19D

19D General provisions in respect of fees

(1) The fees payable under sections 19, 19B and 19C in respect of an estate committed to the administration or management of a trustee company are in addition to all moneys properly expended by the trustee company and chargeable against the estate and to commission payable under section 18.

(2) The fees payable under sections 19 and 19B in respect of an estate shall be payable out of moneys belonging to the estate.

(3) Where, in respect of an estate, the Court is of the opinion that a fee payable under section 19 or 19B is excessive, the Court may, of its own motion or on the application of any person interested in the estate, review the fee and may, on that review, reduce the fee.

(3A) Where a fee is reduced pursuant to subsection (3) by more than 10 per cent, the trustee company to which the fee is payable shall, unless the Court in special circumstances otherwise orders, pay the costs of the review.

(4) Nothing in section 19, 19B or 19C prevents the payment of any fee which the will or other relevant instrument (if any) directs to be paid either in addition to or in lieu of the fee payable under any of those sections.

(5) The fees provided for under section 19C are payable in respect of estates committed to the administration or management of a trustee company before the commencement of section 2 of the Trustee Companies (Amendment) Act 1972 (whether before, on or after the day appointed and notified under section 1 (2) of this Act) and to estates so committed after that commencement.

(6) Nothing in this Act authorises the fees payable under section 19C to be charged or received in relation to any director’s fee payable in respect of any period before the commencement of section 2 of the Trustee Companies (Amendment) Act 1972 .

(7) The fees provided for under sections 19 and 19B are payable in respect of estates committed to the administration or management of a trustee company before the commencement of Schedule 1 (5)-(9) to the Trustee Companies (Amendment) Act 1979 (whether before, on or after the day appointed and notified under section 1 (2) of this Act) and to estates so committed after that commencement.

(8) Nothing in this Act authorises any fee payable under section 19 to be charged or received in relation to any service provided by a trustee company before the commencement of Schedule 1 (5)-(9) to the Trustee Companies (Amendment) Act 1979 unless the service so provided is a service referred to in section 19 or 19A, as in force immediately before that commencement, and was provided after the trustee company was last entitled to receive a fee in respect of that service under that section, as so in force.

(9) The fees provided for under sections 18 and 19B, as amended by Schedule 1 [1]-[5] to the Trustee Companies Amendment Act 1997 , are payable in respect of estates committed to the administration or management of a trustee company no more than 3 years before the commencement of those provisions on and from the first occurrence of the prescribed time after that commencement.

(10) The fees provided for under sections 18 and 19B, as amended by Schedule 1 [1]-[5] to the Trustee Companies Amendment Act 1997 , are payable in respect of estates committed to the administration or management of a trustee company more than 3 years before the commencement of those provisions on and from a date or dates determined in accordance with the regulations made for the purposes of this subsection.

(11) The fees payable under sections 18 and 19B, as in force immediately before the commencement of Schedule 1 [1]-[5] to the Trustee Companies Amendment Act 1997 , continue to apply until the fees provided for under sections 18 and 19B (as amended by those provisions) are payable, in accordance with the regulations.

(12) The fees payable under section 19B, as amended by Schedule 1.28 to the Statute Law (Miscellaneous Provisions) Act (No 2) 1997 , are, in respect of any estate committed to the administration or management of a trust company on or after 1 September 1995, first payable on the first occurrence of the prescribed time after 1 September 1997.

(13) The following provisions apply to estates committed to the administration or management of a trustee company between 1 September 1994 and 31 August 1995 (both inclusive):

(a) the commission and annual fee payable under sections 18 (1) (c) (ii) and 19B (as in force immediately before 1 September 1997) continue to apply to an estate until the first occurrence of the prescribed time after 1 September 1997,

(b) the annual fee payable under section 19B (as in force immediately before 1 September 1997) for the period between the second anniversary of the date of committal of the estate and the first occurrence of the prescribed time after 1 September 1997 is to be calculated on a pro-rata basis as at the end of that period,

(c) that annual fee is payable on the first occurrence of the prescribed time after 1 September 1997,

(d) the quarterly fee payable under section 19B (as in force after 1 September 1997) is first payable on the second occurrence of the prescribed time after 1 September 1997,

(e) that quarterly fee is not payable in respect of any period for which a fee was payable under clause 11 of the Trustee Companies Regulation 1994 .