Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 23

Certain commissions prohibited

23. Certain commissions prohibited



(1) Except as otherwise provided by this Act or the regulations, a person
associated with a trustee company or with an executive officer of a trustee
company is not entitled to receive any commission in respect of the
performance of any function in relation to any property that forms the whole
or any part of an estate.





(2) Subsection (1) does not apply in relation to a commission in respect of
the performance of any function in relation to any property that forms the
whole or any part of an estate where-

   (a)  if the estate is subject to a trust-the instrument creating the trust
        expressly provides for the payment of the commission; or

   (b)  if the estate is not subject to a trust-the person committing the
        property to the administration or management of the trustee company
        expressly authorizes the payment of the commission.

(3) In this section-

   (a)  commission means an amount paid or payable (whether directly or
        indirectly and whether or not pursuant to an agreement or undertaking)
        by way of fee, reward or commission or as payment in the nature of a
        commission (however described);

   (b)  executive officer in relation to a trustee company, means any person,
        by whatever name called and whether or not a director of the trustee
        company, who is concerned, or takes part, in the management of the
        trustee company;

   (c)  a reference to a person associated with a trustee company shall be
        construed as a reference to-

   (i)  a director or secretary of the trustee company;

   (ii) a corporation that is related to the trustee company; or

   (iii) a director or secretary of such a related corporation; and

   (d)  a reference to a person associated with an executive officer of a
        trustee company shall be construed as a reference to-

   (i)  a corporation controlled, whether directly or indirectly, by the
        executive officer; or

   (ii) a trustee of a trust under which the executive officer has a
        beneficial interest, whether direct or indirect.