Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 21A

Fee for administering perpetual trust

21A. Fee for administering perpetual trust



(1) A trustee company is entitled to receive out of an estate in relation to
which there is a perpetual trust (whether that estate was committed to the
company before or after the commencement of section 7 of the Trustee and
Trustee Companies (Amendment) Act 1995) an administration fee in respect of
each calendar year, or part of a calendar year, of the company's
administration of the perpetual trust.

(2) The administration fee in respect of a calendar year, or part of a
calendar year, that a trustee company is entitled to receive under subsection
(1)-

   (a)  must not exceed 1.056% per annum of the value of the perpetual trust,
        calculated in the prescribed manner, for that year; and

   (b)  may be charged only against income received by the company on account
        of the perpetual trust for that year, or part of that year.

(3) If a trustee company charges an administration fee under this section
against a perpetual trust, it may not charge a commission under section 21(1)
or (7) in respect of the part of the estate constituted by the perpetual
trust.