New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 29D

29D Financial statement of trustee company

(1) A trustee company must prepare a financial statement in the prescribed form, in accordance with a resolution of the directors of the company and signed by at least 2 directors of the company, for each of the following periods:

(a) the period commencing on 1 January in each year and ending on 30 June in that year, and

(b) the period commencing on 1 July in each year and ending on 31 December in that year.

(2) A trustee company must ensure that a copy of each such financial statement:

(a) is forwarded to the Director-General of the Attorney General’s Department within 56 days after the last day of the period to which the statement relates, and

(b) is given to any person on request, and

(c) is, within the period referred to in paragraph (a), put up in a conspicuous place in the registered office of the trustee company and in each branch office or place where the business of the trustee company is carried on.

(3) If a trustee company fails to comply with subsection (1) or (2), the trustee company shall be liable to a penalty not exceeding 20 penalty units and each director or manager of the trustee company who knowingly and wilfully authorises or permits the default shall incur a like penalty.

(4) A financial statement under this section shall not be required to show:

(a) liabilities incurred by the trustee company while acting as trustee or in any representative capacity to the extent to which the trustee company has a valid and subsisting right of indemnity out of any assets in respect of those liabilities and those assets are sufficient to satisfy that right of indemnity, and

(b) assets consisting of the value, if any, of any such right of indemnity arising from the incurring of those liabilities.

(5) A trustee company must not, in any financial statement provided by the trustee company under this section, make any statement or representation that is false or misleading in a material particular.

Maximum penalty: 100 penalty units.

(6) If a trustee company contravenes, whether by act or omission, subsection (5), each person who is a director of the trustee company is to be taken to have contravened that subsection if the person knowingly authorised or permitted the contravention.

(7) A person may be proceeded against and convicted under subsection (5) pursuant to subsection (6) whether or not the trustee company has been proceeded against or been convicted under subsection (5).

(8) Nothing in subsection (6) or (7) affects any liability imposed on a trustee company for an offence committed by the trustee company under subsection (5).

(9) The Director-General of the Attorney General’s Department may review any financial statement forwarded to him or her under this section, or may arrange for any other person to review it.

(10) The regulations may make provision for or with respect to the calculation of the costs recoverable for any work undertaken to review a financial statement under this section. Such regulations may provide for costs to be determined at a prescribed hourly rate, or in some other manner.

(11) Unless the Minister otherwise directs, the cost of any review of a financial statement under this section is to be borne by the trustee company and may be recovered by the Minister in any court of competent jurisdiction as a debt due to the Crown.