Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 4

Definitions

4. Definitions



(1) In this Act unless inconsistent with the context or subject-matter-

authorised deposit-taking institution has the same meaning as in the
Banking Act 1959 of the Commonwealth;





Commissioner means the Commissioner for Corporate Affairs under the
Companies (Administration) Act 1981;

corporation has the same meaning as in the Corporations Act;

domestic partner of a person means-

   (a)  a person who is in a registered relationship with the person; or

   (b)  an adult person to whom the person is not married but with whom the
        person is in a relationship as a couple where one or each of them
        provides personal or financial commitment and support of a domestic
        nature for the material benefit of the other, irrespective of their
        genders and whether or not they are living under the same roof, but
        does not include a person who provides domestic support and personal
        care to the person-

   (i)  for fee or reward; or

   (ii) on behalf of another person or an organisation (including a government
        or government agency, a body corporate or a charitable or benevolent
        organisation);

estate includes all real and personal property of whatever nature or kind
committed to the administration or management of a trustee company;

financial institution means-

   (a)  an authorised deposit-taking institution;

   (b)  an insurance company;

   (c)  a financial corporation to which the Financial Corporations Act 1974
        of the Commonwealth as amended and in force for the time being
        applies;

   (d)  the trustees or managers of a superannuation fund established by a law
        of the Commonwealth or of a State or Territory; or

   (e)  a corporation in respect of which a declaration by the Minister under
        subsection (4) is in force;

gross value means-

   (a)  in relation to an estate (other than an estate or any part of an
        estate in relation to which there is a perpetual trust) the aggregate
        of-

   (i)  the actual amount paid out of an estate in the due course of
        administration or management from capital for debts, duties,
        liabilities and administration expenses and to or on behalf of
        beneficiaries; and

   (ii) the amount of the value at the time of distribution or appropriation
        of any assets distributed or appropriated in specie to any beneficiary
        without deduction of any liabilities; or

   (b)  in relation to the whole or part of an estate in relation to which
        there is a perpetual trust-the value at the time the whole or part of
        the estate is committed to the trustee company without deduction of
        any liabilities;

insurance company means a corporation that is registered under the Life
Insurance Act 1945 of the Commonwealth as amended and in force for the time
being;

manager includes acting manager;

managing director includes acting managing director; nominee corporation means
a body corporate whose principal business is the business of holding
marketable securities as a trustee or nominee;





prescribed means prescribed by this Act or the regulations;

reserve fund in relation to a trustee company means the fund established and
kept by the trustee company under Part VI;

related corporation of a body corporate, means a body corporate that is
related to that body corporate within the meaning of section 50 of the
Corporations Act;

spouse of a person means a person to whom the person is married;



subordinated loan means a loan which is unsecured and the terms of which are
evidenced by an instrument in writing which expressly provides that the rights
of the lender are subordinated to all other creditors of the borrower;

trustee company means a corporation that, under section 6 or 7, is, or is
authorized to carry on business as, a trustee company and has not, under
section 8 been declared not to be a trustee company;

voting shares has the same meaning as in the Corporations Act;



will includes codicil and any other testamentary disposition.

(2) In this Act, a reference to entering into a transaction in relation to
shares includes-

   (a)  a reference to entering into or becoming a party to an agreement,
        arrangement, understanding or undertaking, whether formal or informal
        and whether express or implied, in relation to shares; and

   (b)  a reference to exercising an option to have shares allotted.

(3) A person is an associate of another person if the person would be an
associate of the person under Division 2 of Part 1.2 of the Corporations Act.



(4) The Minister, by notice published in the Government Gazette-

   (a)  may declare a corporation or a corporation included in a class of
        corporations to be a financial institution for the purposes of this
        Act; and

   (b)  may revoke or amend any such declaration.

(5) For the purposes of the definition of domestic partner in subsection (1)-

   (a)  registered relationship has the same meaning as in the
        Relationships Act 2008; and

   (b)  in determining whether persons who are not in a registered
        relationship are domestic partners of each other, all the
        circumstances of their relationship are to be taken into account,
        including any one or more of the matters referred to in section 35(2)
        of the Relationships Act 2008 as may be relevant in a particular case;
        and

   (c)  a person is not a domestic partner of another person only because they
        are co-tenants.