New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 29E

29E Trustee company to give information to Minister or Commission

(1) A trustee company shall furnish to the Minister or the Commission, as the case may be, such information in writing or statements in respect of its business as the Minister or the Commission directs within such time as is specified by the Minister or the Commission.

Maximum penalty: 20 penalty units.

(2) The Commission may inspect without charge any book kept by a trustee company, including any book relating to estates managed or administered by the trustee company.

(3) The Minister may, where it appears to the Minister to be necessary or advisable, cause to be carried out:

(a) a review of the operations of a trustee company,

(b) an audit of the books and accounts of a trustee company (including the books and accounts of any of the estates managed or administered by the trustee company), or

(c) both the review and the audit.

(4) For the purposes of any review or audit under subsection (3), a trustee company shall:

(a) deliver to any person authorised by the Minister to that effect a list of all books kept by it,

(b) produce to that person at all reasonable times when required the books kept by it and all accounts, vouchers, papers and other documents of the trustee company, and

(c) afford that person all necessary information and all other necessary facilities for enabling that person to carry out that review or audit.

Maximum penalty: 20 penalty units.

(5) Unless the Minister otherwise directs, the cost of any review or audit under this section shall 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.