Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 7

Authorization as trustee company

7. Authorization as trustee company



(1) A corporation may apply to the Minister for authority to carry on business
as a trustee company.

(2) The Minister may request the Commissioner to prepare a report on an
application under subsection (1), or any part of such an application.

(3) The Minister or the Commissioner may require an applicant to supply such
information as the Minister or the Commissioner thinks necessary in relation
to the application.

(4) The Minister may authorise a corporation to be a trustee company, subject
to such conditions (if any) as are prescribed either generally or in relation
to a particular corporation.



(5) Subject to section 8, a corporation authorized by the Minister under
subsection (4) is a trustee company.

(5A) 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.

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



(6) Notice of an authorization under this section shall be published in the
Government Gazette.