New South Wales Consolidated Acts

TRUSTEE COMPANIES ACT 1964 - SECT 36AA

36AA Extension of section 36A to other trustee companies

(1) The Governor may, by proclamation published on the NSW legislation website, declare a trustee company named in the Second Schedule to be a trustee company to which section 36A applies.

(2) Any such proclamation may also amend the Second Schedule by omitting from it such of its provisions as impose (in whatever terms) any of the following requirements or restrictions on the trustee company concerned:

(a) a requirement that the portion of the trustee company’s share capital which is not capable of being called up except in the event of and for the purposes of the company being wound up be not less than a specified amount,

(b) a restriction on the amount of share capital that the trustee company may call up or receive,

(c) a restriction on the distribution, as dividends or otherwise, of the trustee company’s profits before the accumulation out of those profits of a special reserve of a specified amount,

(d) a restriction on the distribution of a special reserve.

(3) This section has effect despite the other provisions of this Act, and, accordingly, nothing in this Act prevents:

(a) the making of a proclamation under this section, or

(b) a proclamation made under this section from having effect according to its terms.