Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 32

Loans from estates to related corporations prohibited

32. Loans from estates to related corporations prohibited





(1) A deposit or loan shall not be made from an estate administered or managed
by a trustee company under this Act to any related corporation other than an
authorised deposit-taking institution.

Penalty: 50 penalty units.

(2) Subsection (1) does not apply to a deposit or loan of a prescribed class
or made in prescribed circumstances.

(3) If an estate committed to the administration or management in Victoria of
a trustee company includes, at the time it is committed, a deposit or loan to
a related corporation of the trustee company, subsection (1) does not apply to
the deposit or loan.

(4) Regulations made under this section may be disallowed in whole or in part
by resolution of either House of the Parliament in accordance with the
requirements of section 6(2) of the Subordinate Legislation Act 1962.

(5) Disallowance under subsection (4) is deemed to be disallowance by
Parliament for the purposes of the Subordinate Legislation Act 1962.