Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 52

Declaration by trustee company

52. Declaration by trustee company



(1) The managing director or manager, the chief financial officer and two
other directors of each trustee company shall during the prescribed months in
each year during which the company carries on business, make a statutory
declaration in or to the effect of the prescribed form.

(2) A copy of each declaration made under subsection (1)-

   (a)  shall, within seven days after the making of the declaration, be
        forwarded to the Commissioner;

   (b)  shall be given to any person upon request; and





   (c)  shall within seven days after the making of the declaration be put up
        in a conspicuous place in the registered office of the trustee company
        and in each branch office or place where the business of the trustee
        company is carried on.

(3) If a trustee company fails to comply with the provisions of this section,
the trustee company shall be liable to a penalty of not more than 1 penalty
unit for each day during which the default continues and each director or
manager of the trustee company who knowingly and wilfully authorizes or
permits the default shall incur a like penalty.

(4) A declaration under this section shall not be required to show-

   (a)  liabilities incurred by the trustee company whilst acting as trustee
        or in any representative capacity to the extent to which the trustee
        company has a valid and subsisting right of indemnity out of any
        assets in respect of those liabilities and those assets are sufficient
        to satisfy that right of indemnity; and

   (b)  assets, consisting of the value, if any, of any such right of
        indemnity arising from the incurring of those liabilities.

(5) In this section prescribed months means the months of February, April,
August and October or such other months as the Minister, on the application of
a trustee company, may approve in respect of that trustee company.