PUBLIC TRUSTEE ACT 1995 - SECT 44
PUBLIC TRUSTEE ACT 1995 - SECT 44
44—Fee for administering perpetual trust
(1) The Public Trustee
may charge against a perpetual trust administered by the Public Trustee
(whether the Public Trustee commenced administering the trust before or after
the commencement of this Act) an administration fee in respect of each month
of the Public Trustee's administration of the trust.
(2) The administration
fee—
(a) must
not exceed one-twelfth of one per cent of the value of the trust as at the
first business day of the month; and
(b) may
be charged only against income received by the Public Trustee on account of
the trust.
(3) If the Public
Trustee charges an administration fee under this section against a perpetual
trust, the Public Trustee may not charge commission in respect of the capital
value of property subject to the trust unless the property comprises or forms
part of a deceased estate administered by the Public Trustee.