Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 48

Acquisition of shares in trustee companies other than Victorian companies

48. Acquisition of shares in trustee companies other than Victorian companies



(1) Where a person, either alone or together with another person or other
persons, acquires shares in a trustee company that is not a company within the
meaning of the Corporations Act that is taken to be registered in Victoria,
being an acquisition that, if the trustee company were such a company would be
an acquisition in contravention of section 45, the Minister may declare that
that trustee company is not a trustee company and may apply to the Supreme
Court for an order appointing another trustee company as a new trustee of the
trust business of the first-mentioned trustee company.

(2) Notice of a declaration under subsection (1) shall be published in the
Government Gazette.

(3) Part IV of the Trustee Act 1958 applies to an application by the Minister
under subsection (1).



(4) In subsection (1), trust business means estates committed to the
administration or management of the trustee company in Victoria.