Victorian Consolidated Legislation

Trustee Companies Act 1984 - SECT 8

Suspension or revocation of authority

8. Suspension or revocation of authority





(1) If the Minister is satisfied that a corporation that is a trustee company
has failed to comply with a condition to which its authorisation under section
7 is subject, the Minister may, by notice published in the Government Gazette
declare-

   (a)  that the corporation's authorisation as a trustee company is suspended
        either for the period specified in the notice or indefinitely; or

   (b)  that the corporation is not a trustee company.

(2) If a declaration is made under subsection (1)-

   (a)  the corporation must not, during the period of suspension or, if the
        declaration was made under subsection (1)(b), after the making of the
        declaration-

   (i)  accept appointment as an executor; or

   (ii) apply for probate or a grant of administration; or

   (iii) be appointed under section 14; or

   (iv) establish a common fund; and

   (b)  except as provided in paragraph (a), this Act continues to apply to
        the corporation and so applies, in the case of a declaration made
        under subsection (1)(b), as if the corporation were a trustee company.



(3) If the Minister is satisfied that a corporation that is a trustee company
has ceased to carry on business as a trustee company, the Minister may, by
notice published in the Government Gazette declare that the corporation is not
a trustee company.

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