New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 3

3 Definitions

(1) In this Act, unless the contrary intention appears:
"Commission" means:

(a) the Director-General of the Attorney General’s Department, or

(b) such other person or body as may be prescribed by the regulations.

"Corporation" has the same meaning as in the Corporations Act 2001 of the Commonwealth.
"Court" means Supreme Court.
"Financial institution" means:

(a) a bank, building society or credit union,

(b) an insurance company,

(c) a financial corporation to which the Financial Corporations Act 1974 of the Commonwealth, as amended and in force for the time being, applies,

(d) the trustees or managers of a superannuation fund established by a law of the Commonwealth or of a State or Territory of the Commonwealth, or

(e) a corporation in respect of which a declaration by the Minister under subsection (4) is in force.

"GST" has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth.
"Insurance company" means a corporation that is registered under the Life Insurance Act 1945 of the Commonwealth, as amended and in force for the time being.
"Manager" includes general manager and acting manager.
"Minor" means a person under the age of 18 years.
"New Tax System Price Exploitation law" means:

(a) the New Tax System Price Exploitation Code text, as applied as a law of New South Wales by the Price Exploitation Code (New South Wales) Act 1999 , or

(b) Part VB of the Trade Practices Act 1974 of the Commonwealth.

"Nominee corporation" has the same meaning as in the Corporations Act 2001 of the Commonwealth.
"Regulations" means regulations under this Act.
"Related corporation" of a body corporate means a body corporate that is related to that body corporate within the meaning of section 50 of the Corporations Act 2001 of the Commonwealth.
"Subordinated loan" means a loan which is unsecured and the terms of which are evidenced by an instrument in writing which expressly provides that the rights of the lender are subordinated to all other creditors of the borrower.
"Trustee company" means any company mentioned in the First Part of the Third Schedule.
"Voting share" has the same meaning as in the Corporations Act 2001 of the Commonwealth.

(2) The powers conferred on trustee companies by this Act shall be in addition to and not in derogation of any powers conferred on trustee companies or on executors administrators or trustees by any other Act.

(3) In this Act, a reference to entering into a transaction in relation to shares includes:

(a) a reference to entering into or becoming a party to an agreement, arrangement, understanding or undertaking, whether formal or informal and whether express or implied, in relation to shares, and

(b) a reference to exercising an option to have shares allotted.

(4) The Minister, by notice published in the Gazette:

(a) may declare a corporation or a corporation included in a class of corporations to be a financial institution for the purposes of this Act, and

(b) may revoke or amend any such declaration.

(5) A person is an associate of another person for the purposes of this Act if the person would be an associate of the other person under Division 2 of Part 1.2 of the Corporations Act 2001 of the Commonwealth.

(6) For the purposes of this Act, a person shall be taken to acquire shares in a trustee company (in this subsection referred to as the "shares concerned") if, and only if:

(a) the person acquires a relevant interest in the shares concerned as a direct or indirect result of a transaction entered into by or on behalf of the person in relation to those shares, in relation to other securities of that company or in relation to securities of any other corporation, or

(b) the person acquires any legal or equitable interest in securities of that company or in securities of any other corporation and, as a direct or indirect result of the acquisition, another person acquires a relevant interest in the shares concerned.

(7) For the purposes of this Act, a person shall be taken to dispose of shares in a trustee company if, and only if, having a relevant interest in those shares, the person ceases to have a relevant interest in those shares as a result of the doing of any act, the entering into of any transaction or the occurrence of any circumstance.

(8) For the purposes of this Act:

(a) the shares in a trustee company to which a person is entitled include:

(i) shares in which the person has a relevant interest, and

(ii) except where the person is a nominee corporation in respect of which a certificate of the Minister is in force under subsection (9)-shares in which an associate of the person has a relevant interest, and

(b) a person has a relevant interest in a share in a trustee company if, by reason of sections 608 and 609 of the Corporations Act 2001 of the Commonwealth, the person has a relevant interest in the share for the purposes of that Act.

(9) The Minister may, in the discretion of the Minister, issue to a nominee corporation a certificate declaring the nominee corporation to be an approved nominee corporation for the purposes of this Act and may at any time, in the discretion of the Minister, by notice in writing to the nominee corporation, revoke the certificate.

(10) Unless the contrary intention appears, words and expressions used in this section have the same meanings as they have in the Corporations Act 2001 of the Commonwealth.

(11) A note included in this Act does not form part of this Act.