{"id":"trustee-companies-act-1984","name":"Trustee Companies Act 1984","slug":"trustee-companies-act-1984","collection":"act","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":174946,"registerId":"vic-trustee-companies-act-1984-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Trustee Companies Act 1984","content":"Version No. 063\n\n**Trustee Companies Act 1984**\n\n**No. 10168 of 1984**\n\nVersion incorporating amendments as at  \n1 March 2020\n\n**table of provisions**\n\n*Section Page*\n\nPart I—Preliminary 1\n\n1 Short title 1\n\n2 Commencement 1\n\n4 Definitions 2\n\nPart III—Powers of trustee companies 8\n\n9 Trustee company may act as executor or administrator 8\n\n10 Authority for trustee company to obtain probate 8\n\n11 Authority for trustee company to obtain letters of administration 8\n\n12 Court may act on affidavit of manager etc. 10\n\n13 Appointment as trustee etc. 10\n\n14 Trustee company may be appointed trustee, receiver or guardian of estate 10\n\n15 Trustee company may act under power of attorney 11\n\n16 Trustee company may be appointed to act as temporary executor, administrator or trustee 11\n\n17 Executor or administrator may appoint trustee company 12\n\n18 Application for consent 13\n\n20A Preparation of wills 14\n\nPart V—Administration of estates 15\n\nDivision 1—General 15\n\n25 Trustee company to be subject to same duties as individual 15\n\n26 Trustee company may be removed from office by Supreme Court 15\n\nDivision 2—Transfer of estate assets and liabilities 16\n\n26AA Definitions 16\n\n26A Transfer determinations under the Corporations Act 17\n\n26B Exemption from State tax 19\n\nPart VIII—Claims and distribution 23\n\n43 Refusal of claim 23\n\n44 Power to make distribution if claimants fail to claim 23\n\nPart X—General 26\n\n54 Testators may appoint their own lawyers 27\n\n55 Regulations 28\n\nPart XI—Transitional provisions 29\n\n56 Regulations of a savings or transitional nature 29\n\n57 Court may review rate of commission 30\n\n58 Order for account and audit of estate 30\n\n59 Order to restrain disposal of shares 31\n\n60 Order for winding up of trustee company 31\n\n61 General transitional provision 31\n\nEndnotes 34\n\n1 General information 34\n\n2 Table of Amendments 36\n\n3 Amendments Not in Operation 40\n\n4 Explanatory details 41\n\n**Version No.** **063**\n\n**Trustee Companies Act 1984**\n\n**No. 10168 of 1984**\n\nVersion incorporating amendments as at  \n1 March 2020\n\nAn Act to re-enact with amendments the law relating to trustee companies, to repeal the **Trustee Companies Act 1958** and for other purposes.\n\n**BE IT ENACTED by the Queen's Most Excellent Majesty by and with the advice and consent of the Legislative Council and the Legislative Assembly of Victoria in this present Parliament assembled and by the authority of the same as follows (that is to say):**\n\nPart I—Preliminary\n\n\t1 Short title\n\nThis Act may be cited as the **Trustee Companies Act 1984**.\n\n\t2 Commencement\n\nThe several provisions of this Act shall come into operation on a day or the respective days to be fixed by proclamation or successive proclamations of the Governor in Council published in the Government Gazette.\n\nS. 3  \nrepealed by No. 45/1994  \ns. 42(Sch. item 13.1).\n\n* * * * *\n\n\t4 Definitions\n\n(1) In this Act unless inconsistent with the context or subject-matter—\n\nS. 4(1) def. of *bank* substituted as *authorised deposit-taking institution* by No. 11/2001 s. 3(Sch. item 82.1(a)), repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\nS. 4(1) def. of *Commission-er* repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\nS. 4(1) def. of *corporation* amended by No. 44/2001 s. 3(Sch. item 118.1(a)), repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\nS. 4(1) def. of *domestic partner* inserted by No. 27/2001 s. 8(Sch. 6 item 8.1), substituted by No. 12/2008 s. 73(1)(Sch. 1 item 62.1).\n\n***domestic partner*** of a person means—\n\n(a) a person who is in a registered relationship with the person; or\n\n(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—\n\n(i) for fee or reward; or\n\n(ii) on behalf of another person or an organisation (including a government or government agency, a body corporate or a charitable or benevolent organisation);\n\n***estate*** includes all real and personal property of whatever nature or kind committed to the administration or management of a trustee company;\n\nS. 4(1) def. of *financial institution* amended by Nos 46/1998  \ns. 7(Sch. 1), 11/2001 s. 3(Sch. item 82.1(b)), repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\n***gross value*** means—\n\n(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—\n\n(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\n\n(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\n\n(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;\n\nS. 4(1) def. of *insurance company* repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\n***manager*** includes acting manager;\n\n***managing director*** includes acting managing director;\n\nS. 4(1) def. of *nominee corporation* amended by No. 44/2001 s. 3(Sch. item 118.1(a)), substituted by No. 9/2002 s. 3(Sch. item 15.1), repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\n***prescribed*** means prescribed by this Act or the regulations;\n\nS. 4(1) def. of *reserve fund* amended by No. 76/1988 s. 4, repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\nS. 4(1) def. of *related corporation* substituted by No. 44/2001 s. 3(Sch. item 118.1(b)), repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\nS. 4(1) def. of *spouse* inserted by No. 27/2001 s. 8(Sch. 6 item 8.1).\n\n***spouse*** of a person means a person to whom the person is married;\n\nS. 4(1) def. of *State Trustees* inserted by No. 17/2010 s. 3(1)(b).\n\n***State Trustees***  has the same meaning as in the **State Trustees (State Owned Company) Act 1994**;\n\nS. 4(1) def. of *subordinated loan* repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\nS. 4(1) def. of  \n*trustee company* substituted by No. 17/2010 s. 3(1)(c).\n\n***trustee company*** means—\n\n(a) a licensed trustee company within the meaning of section 601RAA of the Corporations Act; or\n\n(b) State Trustees;\n\nS. 4(1) def. of *voting shares* amended by No. 44/2001 s. 3(Sch. item 118.1(a)), repealed by No. 17/2010 s. 3(1)(a).\n\n* * * * *\n\n***will*** includes codicil and any other testamentary disposition.\n\nS. 4(2) repealed by No. 17/2010 s. 3(2).\n\n* * * * *\n\nS. 4(3) substituted by No. 44/2001 s. 3(Sch. item 118.2), repealed by No. 17/2010 s. 3(2).\n\n* * * * *\n\nS. 4(4) amended by No. 46/1998  \ns. 7(Sch. 1), repealed by No. 17/2010 s. 3(2).\n\n* * * * *\n\nS. 4(5) inserted by No. 27/2001 s. 8(Sch. 6 item 8.2), substituted by No. 12/2008 s. 73(1)(Sch. 1 item 62.2).\n\n(5) For the  purposes of the definition of ***domestic partner*** in subsection  (1)—\n\n(a) ***registered relationship*** has the same meaning as in the **Relationships Act 2008**; and\n\n(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\n\n(c) a person is not a domestic partner of another person only because they are co-tenants.\n\nS. 5 amended by Nos 46/1998  \ns. 7(Sch. 1), 44/2001 s. 3(Sch. items 118.3, 118.4), repealed by No. 17/2010 s. 4.\n\n* * * * *\n\nPt 2 (Heading and ss 6–8) amended by Nos 76/1988 ss 5, 6, 46/1998 s. 7(Sch. 1), repealed by No. 17/2010 s. 5.\n\n* * * * *\n\nPart III—Powers of trustee companies\n\nNo. 6402 s. 4.\n\nS. 9  \namended by No. 74/2000 s. 3(Sch. 1 item 133).\n\n\t9 Trustee company may act as executor or administrator\n\nWhere a trustee company is named either alone or jointly as executor in the will of a testator (whether the will was made before or after the commencement of this section) the trustee company may act as executor, and may apply for and obtain probate of the will of the testator and may perform and discharge all the acts and duties of an executor as fully and effectually as an executor who is a private individual.\n\nNo. 6402  \nss 6, 7.\n\n\t10 Authority for trustee company to obtain probate\n\n(1) Where a person is named expressly or by implication as executor and is entitled to obtain probate of the will of a testator, that person may—\n\n(a) instead of applying personally, authorize a trustee company to apply for and obtain probate of the will; or\n\n(b) join with a trustee company in an application for a grant of probate of the will to the person and the trustee company jointly.\n\n(2) An application under subsection (1) may be granted unless the testator has by will expressed the desire that the office of executor is not to be delegated or that the trustee company so applying is not to act in the trusts of the will.\n\nNo. 6402  \nss 5, 8.\n\n\t11 Authority for trustee company to obtain letters of administration\n\n(1) In any case in which a person may apply for and obtain a grant of letters of administration of the estate of a deceased person (whether with or without the will annexed), that person may—\n\n(a) join with a trustee company in an application for a grant of letters of administration to the person and the trustee company jointly; or\n\n(b) instead of applying personally, authorize a trustee company to apply for and obtain a grant of letters of administration to the estate.\n\n(2) Where—\n\n(a) a person joins with a trustee company in an application under subsection (1); or\n\nS. 11(2)(b) amended by No. 45/1994 s. 42(Sch. item 13.2).\n\n(b) a trustee company makes an application that it has, pursuant to subsection (1)(b), been authorized to make—\n\nthe Supreme Court may grant letters of administration of the estate in accordance with the application.\n\n(3) Where administration of any estate with or without the will annexed is granted to a trustee company either alone or jointly with any other person, that trustee company may do and perform all acts and duties which belong to the office of administrator or administrator with the will annexed, as the case may be, as fully and effectually as an administrator who is a private individual.\n\nS. 11A inserted by No. 84/1991 s. 16,  \nrepealed by No. 80/2014  \ns. 46.\n\n* * * * *\n\nNo. 6402 s. 9.\n\n\t12 Court may act on affidavit of manager etc.\n\nIn all cases in which a trustee company is empowered by this Act or any other Act to apply for probate of a will or for letters of administration in respect of the estate of a deceased person, the Supreme Court may receive and act upon an affidavit made by the managing director, manager, district manager, assistant manager, secretary or such other officer of the trustee company as may from time to time be appointed by the board of directors of the trustee company for that purpose in place of any affidavit required by any Act or rule of the Supreme Court to be made by persons making application for probate or for letters of administration.\n\nNo. 6402 s. 10.\n\n\t13 Appointment as trustee etc.\n\nS. 13(1) amended by No. 17/2010 s. 6(1).\n\n(1) Where probate or letters of administration are granted to a trustee company, the capital, and all other assets of the trustee company shall be liable for the proper administration of the estate committed to the trustee company.\n\nS. 13(2) repealed by No. 17/2010 s. 6(2).\n\n* * * * *\n\nNo. 6402 s. 11.\n\n\t14 Trustee company may be appointed trustee, receiver or guardian of estate\n\nS. 14(1) substituted by No. 59/1986 s. 143(2).\n\n(1) Where a court, judge or other person has power to appoint a person as—\n\n(a) trustee;\n\n(b) guardian of a minor; or\n\n(c) sole guarantor or surety for a person appointed as trustee or guardian—\n\na trustee company may be so appointed and may continue to act until removed from office.\n\nS. 14(2) amended by Nos 59/1986 s. 143(2), 52/1998  \ns. 311(Sch. 1 item 99.1), 13/2019 s. 221(Sch. 1 item 56.1).\n\n(2) Where a trustee company is appointed to an office referred to in subsection (1) or as an administrator under the **Guardianship and Administration Act 2019**, the capital of the trustee company and all other assets of the trustee company shall be liable for the proper discharge of the duties committed to the trustee company and that liability shall be deemed sufficient security for the discharge of those duties in place of the bond required from private persons when appointed as trustee, guardian, administrator, guarantor or surety.\n\nNo. 6402 s. 12.\n\n\t15 Trustee company may act under power of attorney\n\nS. 15(1) amended by No. 76/1988 s. 7.\n\n(1) It shall be lawful for a trustee company to act under any power of attorney by which the trustee company is appointed attorney by any person, and all the powers conferred upon the trustee company by any such power of attorney may be exercised and carried into execution by such officers of the trustee company as it determines.\n\n(2) The capital and all other assets of a trustee company shall be liable for the due execution of the powers conferred by subsection (1) upon the trustee company.\n\n(3) This section does not authorize any person to confer any power upon a trustee company which cannot be legally conferred upon a private individual.\n\nNo. 6402 s. 13.\n\n\t16 Trustee company may be appointed to act as temporary executor, administrator or trustee\n\nAn executor, administrator or trustee may appoint a trustee company to act as executor, administrator or trustee, and a trustee company, if so appointed by power of attorney, may act within the scope of the authority conferred upon it as effectually as the executor, administrator or trustee could have acted and may exercise all discretionary and other powers delegated by the principal as fully as the principal could have exercised them.\n\nNo. 6402 s. 14.\n\n\t17 Executor or administrator may appoint trustee company\n\nS. 17(1) amended by No. 59/1986 s. 143(2).\n\n(1) It shall be lawful—\n\n(a) for an executor or administrator acting under any probate or letters of administration, whether granted before or after the commencement of this section;\n\n(b) for a trustee;\n\nS. 17(1)(c) substituted by Nos 59/1986 s. 143(2), 52/1998  \ns. 311(Sch. 1 item 99.2), amended by No. 13/2019 s. 221(Sch. 1 item 56.2).\n\n(c) with the consent of the Victorian Civil and Administrative Tribunal, for an administrator appointed under the **Guardianship and Administration Act 2019**; or\n\nS. 17(1)(d) substituted by No. 59/1986 s. 143(2).\n\n(d) with the consent of the Supreme Court, for the guardian of a minor—\n\nto appoint a trustee company to perform and discharge all the acts and duties of the executor, administrator, trustee or guardian and the trustee company shall have power to perform and discharge those acts and duties.\n\n(2) Where a trustee company is appointed under subsection (1)—\n\n(a) the capital and all other assets of the trustee company shall be liable for the proper discharge of the duties referred to in subsection (1);\n\nS. 17(2)(b) amended by No. 59/1986 s. 143(2).\n\n(b) the executor, administrator, trustee or guardian that appointed the trustee company shall be released from liability in respect of all acts done, or omitted to be done, by the trustee company acting under that appointment.\n\nNo. 6402 s. 15.\n\n\t18 Application for consent\n\n(1) An application may be made to the Supreme Court for consent under section 17.\n\n(2) Notice of an intended application shall be advertised seven days before the making of the application in a daily newspaper circulating generally in Victoria.\n\n(3) The Supreme Court may require any person resident in Victoria and entitled to the immediate receipt of any of the income or corpus of the estate in respect of which the application is made to be served with notice of the intended application.\n\n(4) The costs of the application shall be in the discretion of the Supreme Court and may be ordered to be paid out of the estate.\n\n(5) The consent of the Supreme Court shall not be given in the case of a will in which the testator has expressed the wish that the trusts should not be delegated or that a trustee company should not act.\n\nS. 19 amended by No. 59/1986 s. 143(2), repealed by No. 17/2010 s. 7.\n\n* * * * *\n\nS. 20 repealed by No. 17/2010 s. 7.\n\n* * * * *\n\nS. 20A inserted by No. 84/1991 s. 17, amended by Nos 35/1996  \ns. 453(Sch. 1 item 86.1(a)  \n(b)), 102/1997 s. 49(Sch.  \nitem 7), substituted by No. 18/2005 s. 18(Sch. 1 item 110.1), amended by No. 17/2014 s. 160(Sch. 2 item 100.1).\n\n\t20A Preparation of wills\n\nDespite anything to the contrary in the Legal Profession Uniform Law (Victoria), a trustee company may prepare wills and charge a fee and recover disbursements for will preparation and other related services, if the wills are prepared under the direction and control of an Australian legal practitioner within the meaning of that Act.\n\nPt 4 (Heading and ss 21–24) amended by Nos 59/1986 s. 143(2), 110/1986 s. 140(2), 76/1988 ss 8, 9, 45/1994 s. 42(Sch. item 13.3), 104/1995 s. 7, 52/1998  \ns. 311(Sch. 1 item 99.3), 24/2000 s. 20(1)(2), repealed by No. 17/2010 s. 8.\n\n* * * * *\n\nPart V—Administration of estates\n\nPt 5 Div. 1 (Heading) inserted by No. 76/2012 s. 25(a).\n\nDivision 1—General\n\nNo. 6402 s. 20.\n\n\t25 Trustee company to be subject to same duties as individual\n\nS. 25(1) substituted by No. 59/1986 s. 143(2), amended by No. 41/2017 s. 27.\n\n(1) Except as otherwise provided in this Act and subject to sections 65C and 65D of the **Administration and Probate Act 1958**, where a trustee company has been or is appointed or has acted or acts in any office referred to in section 14, 16 or 17, the trustee company, in addition to the liabilities and restrictions imposed by this Act is subject to the same respective rights, duties and obligations to which any individual acting in any such capacity would be subject.\n\n(2) Where an individual acting in any capacity referred to in subsection (1) would be liable to attachment, commitment, or to any process, the managers and directors of the trustee company shall, where the trustee company is acting in any such capacity, each be liable for any individual acts and not further or otherwise in person to attachment, commitment or other process.\n\nNo. 6402 s. 21.\n\n\t26 Trustee company may be removed from office by Supreme Court\n\nS. 26(1) substituted by No. 59/1986 s. 143(2).\n\n(1) In every case in which a trustee company has been or is appointed to any office referred to in section 14, 16 or 17 or under any power of attorney the trustee company, in addition to the liabilities and restrictions imposed by this Act, is subject in all respects to the same control and liable to removal in the same manner as a private individual who may be appointed executor, administrator, trustee, guardian or attorney would be.\n\n(2) It shall be lawful for all persons who may claim relief against a trustee company for any act done or assumed to be done or in respect of any act omitted to be done by the trustee company, its directors or officers under any of the powers conferred by this Act to apply to the Supreme Court or in any other court of competent jurisdiction for an order against the trustee company or against any of its directors or officers and the court may make and enforce such order in the matter as to the court seems just.\n\nPt 5 Div. 2 (Heading) inserted by No. 76/2012 s. 25(b).\n\nDivision 2—Transfer of estate assets and liabilities\n\nS. 26AA inserted by No. 76/2012 s. 26.\n\n\t26AA Definitions\n\n(1) Terms used in this Division and in Part 5D.6 of the Corporations Act have the same meanings in this Division as they have in that Part.\n\n(2) For the of avoidance of doubt—\n\n(a) a reference in Part 5D.6 of the Corporations Act to the Public Trustee of a State or Territory is taken to be, in relation to Victoria, a reference to State Trustees; and\n\n(b) a reference in this Division to a receiving company includes a reference to State Trustees.\n\nS. 26A (Heading) substituted by No. 76/2012 s. 27(1).\n\nS. 26A inserted by No. 17/2010 s. 9.\n\n\t26A Transfer determinations under the Corporations Act\n\n(1) This section applies if—\n\nS. 26A(1)(a) substituted by No. 76/2012 s. 27(2).\n\n(a) the Australian Securities and Investments Commission (***ASIC***) makes a determination under section 601WBA(1) of the Corporations Act that there is to be a transfer of estate assets and liabilities from a transferring company to a receiving company; and\n\n(b) ASIC issues a certificate of transfer under section 601WBG of the Corporations Act for the transfer; and\n\n(c) either or both of the transferring company and the receiving company are registered in Victoria.\n\n(2) When the certificate of transfer comes into force, the receiving company is taken to be the successor in law in relation to estate assets and liabilities of the transferring company, to the extent of the transfer.\n\n**Note**\n\nSection 601WBG(2)(d) of the Corporations Act requires the certificate of transfer to state when it is to come into force.\n\n(3) Without limiting subsection (2)—\n\n(a) if the transfer is a total transfer—\n\n(i) all of the assets of the transferring company become assets of the receiving company; and\n\n(ii) all of the liabilities of the transferring company become liabilities of the receiving company—\n\nwithout the need for any further transfer, conveyance, assignment or assurance; and\n\n(b) if the transfer is a partial transfer—\n\n(i) assets of the transferring company listed in the certificate of transfer in accordance with section 601WBG(2)(c) of the Corporations Act become assets of the receiving company; and\n\n(ii) liabilities of the transferring company listed in the certificate of transfer in accordance with section 601WBG(2)(c) of the Corporations Act become liabilities of the receiving company—\n\nwithout the need for any further transfer, conveyance, assignment or assurance; and\n\n(c) to the extent of the transfer, the duties, obligations, immunities, rights and privileges applying to the transferring company apply to the receiving company.\n\n(4) If the certificate of transfer includes provisions of the kind referred to in section 601WBG(3) of the Corporations Act specifying—\n\n(a) that particular things are to happen or are taken to be the case—those things are, by force of this section, taken to happen or to be the case, in accordance with those provisions;\n\n(b) a mechanism for determining things that are to happen or are taken to be the case—things determined in accordance with the mechanism are, by force of this section, taken to happen, or to be the case, as determined in accordance with that mechanism.\n\nS. 26B inserted by No. 17/2010 s. 9.\n\n\t26B Exemption from State tax\n\n(1) In this section—\n\n***exempt matter*** means the transfer of the estate assets and liabilities of a transferring company to a receiving company under Division 2 of Part 5D.6 of the Corporations Act;\n\n***State tax*** means application or registration fees, duty under the **Duties Act 2000** or any other tax, duty, fee or charge imposed by any Act or law of the State.\n\n(2) State tax is not payable in relation to—\n\n(a) an exempt matter; or\n\n(b) anything done because of, or for a purpose connected with or arising out of, an exempt matter.\n\nS. 27 amended by Nos 110/1986 s. 140(2), 46/1998  \ns. 7(Sch. 1), 27/2001 s. 8(Sch. 6 item 8.3), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 28 amended by No. 110/1986 s. 140(2), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 29 amended by Nos 59/1986 s. 143(2), 110/1986 s. 140(2), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 30 amended by Nos 55/1987 s. 57(3)(Sch. 5 item 80), 45/1994  \ns. 42(Sch. item 13.4), 46/1998  \ns. 7(Sch. 1), 12/1999 s. 4(Sch. 2 item 20.1), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 31 amended by Nos 76/1988 s. 10,  \n44/2001 s. 3(Sch. item 118.5), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 32 amended by Nos 76/1988 s. 11, 11/2001 s. 3(Sch. item 82.2), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 33 repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 34 amended by No. 11/2001 s. 3(Sch. item 82.2), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nS. 35 amended by Nos 46/1998  \ns. 7(Sch. 1), 44/2001 s. 3(Sch. item 118.6), repealed by No. 17/2010 s. 10.\n\n* * * * *\n\nPt 6 (Heading and ss 36–39) amended by Nos 76/1988 ss 12, 14(1), 104/1995 ss 8, 9, 11/2001 s. 3(Sch. item 82.2), 44/2001 s. 3(Sch. item 118.7), repealed by No. 17/2010 s. 11.\n\n* * * * *\n\nPt 7 (Heading and ss 40–42) amended by Nos 76/1988 ss 13, 14(2)(3), 104/1995 ss 10–12, 24/2000 s. 20(3), 11/2001 s. 3(Sch. item 82.2), 44/2001 s. 3(Sch. item 118.8),  \n9/2002 s. 3(Sch. item 15.2), repealed by No. 17/2010 s. 12.\n\n* * * * *\n\nPart VIII—Claims and distribution\n\nNo. 6402 s. 31.\n\n\t43 Refusal of claim\n\n(1) Whenever a trustee company refuses to recognize in whole or in part the claim of a person who claims to be a creditor against the estate of any deceased person, the trustee company may give notice in writing of such refusal to the person so claiming.\n\n(2) If the person does not, within three months after the receipt of a notice under subsection (1), institute proceedings to enforce the claim, it shall be lawful for the trustee company to distribute the assets of the deceased person without regard to the claim or to so much of the claim as the trustee company has by the notice refused to recognize, and thereupon the right of the person to recover the amount of the claim or the part of the claim which the trustee company has by the notice refused to recognize shall be absolutely barred.\n\n(3) For the purposes of this section, a notice may be served on a person by posting it in a registered letter addressed to the person at the address given in the claim, and such a notice shall be deemed to have been received by the person in the ordinary course of post unless the trustee company has notice to the contrary before the distribution of the assets.\n\nNo. 6402 ss 32, 33.\n\nS. 44 amended by No. 110/1986 s. 140(2), substituted by No. 84/1991 s. 18.\n\n\t44 Power to make distribution if claimants fail to claim\n\n(1) This section applies if—\n\n(a) a trustee company has been granted probate of a will or administration of an estate; and\n\n(b) the trustee company has been informed of the existence at any time of a person who, if he or she had survived the testator or intestate, would have been entitled to a legacy under the will or to the whole or a distributive share of the estate; and\n\n(c) a claim has not been made within 3 years after the grant of probate or administration by the person or any person claiming through that person or as one of his or her issue.\n\n(2) The trustee company may—\n\n(a) submit a report to the Court specifying the material facts; and\n\n(b) obtain a direction from the Court as to the manner, form and type of advertisements to be made before a distribution can be made.\n\n(3) The trustee company may distribute an estate as if the person had predeceased the testator or intestate without issue if—\n\n(a) the trustee company has obtained a direction from the Court under subsection (2); and\n\n(b) the trustee company has complied with the direction; and\n\n(c) the claim of any claimant has been finally dealt with.\n\n(4) Nothing in this section shall prejudice the right of any person to follow the assets or any part of the assets into the hands of the person or persons who have received them.\n\n(5) This section shall not be construed as in derogation from the provisions of section 33 of the **Trustee Act 1958**.\n\nPt 9 (Heading and ss 45–49) amended by Nos 55/1987 s. 57(3)(Sch. 5 item 81), 45/1994 s. 42(Sch. items 13.5, 13.6),  \n46/1998  \ns. 7(Sch. 1), 44/2001 s. 3(Sch. items 118.9–118.12), 68/2009  \ns. 97(Sch. item 127), repealed by No. 17/2010 s. 13.\n\n* * * * *\n\nPart X—General\n\nS. 50 amended by No. 44/2001 s. 3(Sch. items 118.13, 118.14), repealed by No. 17/2010 s. 14.\n\n* * * * *\n\nS. 51 amended by No. 44/2001 s. 3(Sch. items 118.15, 118.16), repealed by No. 17/2010 s. 14.\n\n* * * * *\n\nS. 52 amended by Nos 46/1998  \ns. 7(Sch. 1), 2/2009 s. 31(1), repealed by No. 17/2010 s. 14.\n\n* * * * *\n\nS. 53 repealed by No. 17/2010 s. 14.\n\n* * * * *\n\nNo. 6402 s. 36.\n\nS. 54 (Heading) inserted by No. 18/2005 s. 18(Sch. 1 item 110.2).\n\nS. 54 amended by Nos 110/1986 s. 140(2), 35/1996  \ns. 453(Sch. 1 item 86.2  \n(a)–(d)).\n\n\t54 Testators may appoint their own lawyers\n\nS. 54(1) amended by No. 18/2005 s. 18(Sch. 1 item 110.3).\n\n(1) Where by any will a testator directs that an Australian legal practitioner shall conduct the legal business of the estate of the testator, an Australian legal practitioner shall be entitled to act accordingly, but in such a case the trustee company concerned shall not be liable for the negligence, misfeasance, nonfeasance or misconduct of the practitioner, and the practitioner may be removed by order of the Supreme Court upon the application of the trustee company or of any person interested in the estate upon cause shown, and then and in such case the Supreme Court may appoint the legal practitioner of the trustee company.\n\nS. 54(2) inserted by No. 35/1996  \ns. 453(Sch. 1 item 86.3), substituted by No. 18/2005 s. 18(Sch. 1 item 110.4), repealed by No. 17/2014 s. 160(Sch. 2 item 100.2).\n\n* * * * *\n\nS. 54A inserted by No. 76/1988 s. 14(4), repealed by No. 17/2010 s. 14.\n\n* * * * *\n\n\t55 Regulations\n\nThe Governor in Council may make regulations for or with respect to prescribing any matter or thing authorized or required to be prescribed for the purposes of this Act.\n\nPt 11 (Heading and ss 56–61) inserted by No. 17/2010 s. 15.\n\nPart XI—Transitional provisions\n\nS. 56 inserted by No. 17/2010 s. 15.\n\n\t56 Regulations of a savings or transitional nature\n\n(1) Without limiting section 55, the Governor in Council may make regulations containing provisions of a transitional nature, including matters of an application or savings nature, arising as a result of the enactment of the **Trustee Companies Legislation Amendment Act 2010**, including the repeals and amendments made by that Act.\n\n(2) Regulations made under this section may—\n\n(a) have a retrospective effect to a day on or from the date that the **Trustee Companies Legislation Amendment Act 2010** receives the Royal Assent; and\n\n(b) be of limited or general application; and\n\n(c) leave any matter or thing to be decided by a specified person or class of persons; and\n\n(d) provide for the exemption of persons or matters or a class of persons or matters from any of the regulations made under this section.\n\n(3) To the extent to which a provision of the regulations made under this section takes effect from a time that is earlier than the beginning of the day on which the regulations containing the provision are made, the provision does not operate so as—\n\n(a) to affect in a manner prejudicial to any person (other than the Crown or an authority of the Crown), the rights of that person existing before the date of making of those regulations; or\n\n(b) to impose liabilities on any person (other than the Crown or an authority of the Crown) in respect of anything done or omitted to be done before the date of making of those regulations.\n\n(4) Regulations under this section have effect despite anything to the contrary in any Act (other than this Act or the **Charter of Human Rights and Responsibilities Act 2006**) or in any subordinate instrument.\n\nS. 57 inserted by No. 17/2010 s. 15.\n\n\t57 Court may review rate of commission\n\nDespite the repeal of section 21(3) by section 8 of the **Trustee Companies Legislation Amendment Act 2010**, any application made to the Supreme Court for a review of the commission or rate of commission charged in respect of an estate that was made but not determined before that repeal is taken to continue in force and may be dealt with as if section 21(3) had not been repealed.\n\nS. 58 inserted by No. 17/2010 s. 15.\n\n\t58 Order for account and audit of estate\n\nDespite the repeal of sections 27 and 28 by section 10 of the **Trustee Companies Legislation Amendment Act 2010**, any application made to the Supreme Court for an order for account that was made but not determined before that repeal is taken to continue in force and may be dealt with as if sections 27 and 28 had not been repealed.\n\nS. 59 inserted by No. 17/2010 s. 15.\n\n\t59 Order to restrain disposal of shares\n\nDespite the repeal of section 29 by section 10 of the **Trustee Companies Legislation Amendment Act 2010**, any application made to the Supreme Court for an order to restrain—\n\n(a) a director or any shareholder from disposing of any share that the director or shareholder holds in the trustee company; or\n\n(b) the voluntary winding up of a trustee company—\n\nthat was made but not determined before that repeal is taken to continue in force and may be dealt with as if section 29 had not been repealed.\n\nS. 60 inserted by No. 17/2010 s. 15.\n\n\t60 Order for winding up of trustee company\n\nDespite the repeal of section 30 by section 10 of the **Trustee Companies Legislation Amendment Act 2010**, any application made to the Supreme Court for an order for the winding up of a trustee company that was made but not determined before that repeal is taken to continue in force and may be dealt with as if section 30 had not been repealed.\n\nS. 61 inserted by No. 17/2010 s. 15.\n\n\t61 General transitional provision\n\n(1) The amendments and repeals made by the **Trustee Companies Legislation Amendment Act 2010** are not taken to affect any duties, obligations, rights, liabilities, immunities and privileges that apply to a trustee company pursuant to this Act that are not otherwise dealt with by Chapter 5D of the Corporations Act.\n\n(2) Despite the commencement of the **Trustee Companies Legislation Amendment Act 2010**, any entitlement of a trustee company to fees or commissions that existed under this Act immediately before that commencement continue to exist and may be dealt with as if this Act, as in force before that commencement, continued to apply.\n\n(3) Despite the commencement of the **Trustee Companies Legislation Amendment Act 2010**, any action taken or duties performed by a trustee company under this Act before that commencement are not taken to be affected by that commencement.\n\n(4) Despite the commencement of the **Trustee Companies Legislation Amendment Act 2010**, if a trustee company was a party to any proceedings brought under this Act that were pending immediately before that commencement, the trustee company continues to be a party and this Act, as in force before that commencement, continues to apply to those proceedings.\n\nSchs  \n(Heading)  \nrepealed by  \nNo. 80/2014  \ns. 47.\n\n* * * * *\n\nSch. 1 repealed by No. 45/1994 s. 42(Sch. item 13.1).\n\n* * * * *\n\nSch. 2 amended by No. 45/1994 s. 42(Sch. item 13.7), substituted by No. 104/1995 s. 13, amended by Nos 103/2004 s. 83, 2/2009 s. 31(2), repealed by No. 17/2010 s. 16.\n\n* * * * *\n\nSch. 3 repealed by No. 84/1991 s. 19.\n\n* * * * *\n\n\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\nThe **Trustee Companies Act 1984** was assented to on 20 November 1984 and came into operation on 5 December 1984: Government Gazette 5 December 1984 page 4329.\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original section or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.  \nSee section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThis publication incorporates amendments made to the **Trustee Companies Act 1984** by Acts and subordinate instruments.\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n**Mental Health Act 1986, No. 59/1986**\n\n| Assent Date: | 3.6.86 |\n| --- | --- |\n| Commencement Date: | Ss 1–3, 21, 23, Sch. 1 on 19.6.87: Government Gazette 17.6.87 p. 1538; rest of Act on 1.10.87: Government Gazette 30.9.87 p. 2585 |\n| Current State: | All of Act in operation |\n\n\n**Supreme Court Act 1986, No. 110/1986**\n\n| Assent Date: | 16.12.86 |\n| --- | --- |\n| Commencement Date: | 1.1.87: s. 2 |\n| Current State: | All of Act in operation |\n\n\n**State Trust Corporation of Victoria Act 1987, No. 55/1987**\n\n| Assent Date: | 20.10.87 |\n| --- | --- |\n| Commencement Date: | 2.11.87: Government Gazette 28.10.87 p. 2925 |\n| Current State: | All of Act in operation |\n\n\n**Trustee Companies (Amendment) Act 1988, No. 76/1988**\n\n| Assent Date: | 15.12.88 |\n| --- | --- |\n| Commencement Date: | 25.1.89: Government Gazette 25.1.89 p. 146 |\n| Current State: | All of Act in operation |\n\n\n**State Trust Corporation of Victoria (Amendment) Act 1991, No. 84/1991**\n\n| Assent Date: | 10.12.91 |\n| --- | --- |\n| Commencement Date: | 1.1.92: Government Gazette 18.12.91 p. 3488 |\n| Current State: | All of Act in operation |\n\n\n**State Trustees (State Owned Company) Act 1994, No. 45/1994**\n\n| Assent Date: | 7.6.94 |\n| --- | --- |\n| Commencement Date: | Pt 1 (ss 1–3), s. 27 on 7.6.94: s. 2(1); rest of Act on 1.7.94: Special Gazette (No. 36) 23.6.94 p. 1 |\n| Current State: | All of Act in operation |\n\n\n**Trustee and Trustee Companies (Amendment) Act 1995, No. 104/1995**\n\n| Assent Date: | 5.12.95 |\n| --- | --- |\n| Commencement Date: | 1.1.96: s. 2 |\n| Current State: | All of Act in operation |\n\n\n**Legal Practice Act 1996, No. 35/1996**\n\n| Assent Date: | 6.11.96 |\n| --- | --- |\n| Commencement Date: | S. 453(Sch. 1 item 86.1–86.3) on 1.1.97: s. 2(3) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Legal Practice (Amendment) Act 1997, No. 102/1997**\n\n| Assent Date: | 16.12.97 |\n| --- | --- |\n| Commencement Date: | S. 49(Sch. item 7) on 16.12.97: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Public Sector Reform (Miscellaneous Amendments) Act 1998, No. 46/1998**\n\n| Assent Date: | 26.5.98 |\n| --- | --- |\n| Commencement Date: | S. 7(Sch. 1) on 1.7.98: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Tribunals and Licensing Authorities (Miscellaneous Amendments) Act 1998, No. 52/1998**\n\n| Assent Date: | 2.6.98 |\n| --- | --- |\n| Commencement Date: | S. 311(Sch. 1 items 99.1–99.3) on 1.7.98: Government Gazette 18.6.98 p. 1512 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Public Sector Reform (Further Amendments) Act 1999, No. 12/1999**\n\n| Assent Date: | 11.5.99 |\n| --- | --- |\n| Commencement Date: | S. 4(Sch. 2 item 20) on 11.5.99: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**National Taxation Reform (Further Consequential Provisions) Act 2000, No. 24/2000**\n\n| Assent Date: | 16.5.00 |\n| --- | --- |\n| Commencement Date: | S. 20 on 1.7.00: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Statute Law Revision Act 2000, No. 74/2000**\n\n| Assent Date: | 21.11.00 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. 1 item 133) on 22.11.00: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001**\n\n| Assent Date: | 8.5.01 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. item 82) on 1.6.01: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Statute Law Amendment (Relationships) Act 2001, No. 27/2001**\n\n| Assent Date: | 12.6.01 |\n| --- | --- |\n| Commencement Date: | S. 8(Sch. 6 item 8) on 28.6.01: Government Gazette 28.6.01 p. 1428 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Corporations (Consequential Amendments) Act 2001, No. 44/2001**\n\n| Assent Date: | 27.6.01 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. item 118) on 15.7.01: s. 2 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Corporations (Financial Services Reform Amendments) Act 2002, No. 9/2002**\n\n| Assent Date: | 23.4.02 |\n| --- | --- |\n| Commencement Date: | S. 3(Sch. item 15) on 23.4.02: s. 2 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Fair Trading (Enhanced Compliance) Act 2004, No. 103/2004**\n\n| Assent Date: | 21.12.04 |\n| --- | --- |\n| Commencement Date: | S. 83 on 22.12.04: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Legal Profession (Consequential Amendments) Act 2005, No. 18/2005**\n\n| Assent Date: | 24.5.05 |\n| --- | --- |\n| Commencement Date: | S. 18(Sch. 1 item 110) on 12.12.05: Government Gazette 1.12.05 p. 2781 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Relationships Act 2008, No. 12/2008**\n\n| Assent Date: | 15.4.08 |\n| --- | --- |\n| Commencement Date: | S. 73(1)(Sch. 1 item 62) on 1.12.08: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Fundraising Appeals and Consumer Acts Amendment Act 2009, No. 2/2009**\n\n| Assent Date: | 10.2.09 |\n| --- | --- |\n| Commencement Date: | S. 31 on 11.2.09: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Criminal Procedure Amendment (Consequential and Transitional Provisions) Act 2009, No. 68/2009**\n\n| Assent Date: | 24.11.09 |\n| --- | --- |\n| Commencement Date: | S. 97(Sch. item 127) on 1.1.10: Government Gazette 10.12.09 p. 3215 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Trustee Companies Legislation Amendment Act 2010, No. 17/2010**\n\n| Assent Date: | 11.5.10 |\n| --- | --- |\n| Commencement Date: | Ss 3–16 on 11.5.10: Special Gazette (No. 171) 11.5.10 p. 1 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**State Taxation and Other Acts Amendment Act 2012, No. 76/2012**\n\n| Assent Date: | 4.12.12 |\n| --- | --- |\n| Commencement Date: | Ss 25–27 on 5.12.12: s. 2(1) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Legal Profession Uniform Law Application Act 2014, No. 17/2014**\n\n| *Assent Date:* | 25.3.14 |\n| --- | --- |\n| *Commencement Date:* | S. 160(Sch. 2 item 100) on 1.7.15: Special Gazette (No. 151) 16.6.15 p. 1 |\n| *Current State:* | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Justice Legislation Amendment (Succession and Surrogacy) Act 2014,  \nNo. 80/2014**\n\n| Assent Date: | 21.10.14 |\n| --- | --- |\n| Commencement Date: | Ss 46, 47 on 1.1.15: Special Gazette (No. 400) 29.10.14 p. 2 |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Administration and Probate and Other Acts Amendment (Succession and Related Matters) Act 2017, No. 41/2017**\n\n| *Assent Date:* | 19.9.17 |\n| --- | --- |\n| *Commencement Date:* | S. 27 on 1.11.17: s 2(2) |\n| *Current State:* | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n**Guardianship and Administration Act 2019, No. 13/2019**\n\n| Assent Date: | 4.6.19 |\n| --- | --- |\n| Commencement Date: | S. 221(Sch. 1 item 56) on 1.3.20: s. 2(2) |\n| Current State: | This information relates only to the provision/s amending the **Trustee Companies Act 1984** |\n\n\n–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––\n\n3 Amendments Not in Operation\n\nThis version does not contain amendments that are not yet in operation.\n\n4 Explanatory details\n\nNo entries at date of publication.","sortOrder":0}],"analysis":{"summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The practical scope of this Act has narrowed significantly since its 1984 enactment. The Commonwealth government, through the Corporations Act 2001 and ASIC (Australian Securities and Investments Commission), absorbed much of the regulatory function over trustee companies at the national level — particularly following the Corporations Amendment (Trustee Companies) Act 2009. What was once a comprehensive state licensing and oversight regime is now largely a residual framework operating alongside dominant federal regulation."},"complexity_factors":["Interaction between state and Commonwealth regulatory frameworks (overlap with Corporations Act 2001 and ASIC)","Specialised subject matter involving trust law, estate administration, and fiduciary duties","Affects multiple parties simultaneously (trustee companies, beneficiaries, courts, regulators)","Long legislative history since 1984 with multiple amendments creating version complexity","Limited information provided in the extract makes full analysis difficult — the document appears to be a version history shell rather than full legislative text","Trust law itself is inherently technical, requiring understanding of equitable principles"],"plain_english_summary":"## Trustee Companies Act 1984 (Victoria)\n\nThis is a **Victorian state law** that regulates companies that act as professional trustees (organisations paid to manage estates, trusts, and financial affairs on behalf of others).\n\n**Who does this affect?**\n- People who have appointed a trustee company to manage their estate (assets left after death) or financial affairs\n- Beneficiaries (people who receive money or assets from a trust or estate)\n- Companies that operate as professional trustees in Victoria\n- People with a loved one who lacks capacity to manage their own finances\n\n**What does it do?**\n- Sets the rules under which trustee companies are authorised to operate in Victoria\n- Establishes standards and oversight for how these companies must handle other people's money and assets\n- Protects vulnerable people — such as the elderly or those with disabilities — whose finances are managed by these companies\n- Outlines what happens if a trustee company mismanages funds or acts improperly\n\n**Why does it matter?**\nTrustee companies handle enormous amounts of other people's money. Without regulation, there is a real risk of mismanagement or exploitation. This law creates a framework of accountability.\n\n**Note:** Much of the national regulation of trustee companies has since shifted to the *Corporations Act 2001* (Commonwealth) and ASIC oversight, so the practical reach of this Victorian law has narrowed over time."},"flash_summary":{"complexity_score":5,"scope_assessment":{"changed":true,"description":"The Act’s scope has been altered since its original enactment by moving some substantive transfer and licensing matters into the federal Corporations Act framework and by redefining who qualifies as a trustee company (linking to the Corporations Act and State Trustees) (s.4, s.26A). The Act now: (a) relies on ASIC determinations and certificates to effect transfers of estate assets and liabilities and treats receiving companies as statutory successors (s.26A); (b) exempts those transfers from State taxes and duties (s.26B); and (c) includes transitional protections that preserve pre-amendment entitlements and pending proceedings after the 2010 amendments (ss.56–61). These changes shift some regulatory and transactional mechanics from this Act to federal processes and create a carved-out tax treatment for Corporations Act transfers."},"complexity_factors":["Extensive cross-references to other statutes (Corporations Act Part 5D.6, Administration and Probate Act 1958, Duties Act 2000, Guardianship and Administration Act 2019) which shift substantive effect outside this Act (s.4, s.26A, s.26B, ss.56–61).","Mixture of corporate, probate and court procedures combining statutory powers, court discretions and regulatory (Governor in Council) rule‑making (ss.9–18, s.25–26, s.55–56).","Multiple amendments and repeals over time recorded in the text; transitional provisions preserving rights and pending applications add temporal complexity (Part XI, ss.56–61).","Automatic legal effects tied to external administrative certifications (ASIC certificates) create dependency on federal administrative processes (s.26A).","Layered liability rules: corporate asset liability, release of appointing individuals from liability, and court powers to order recourse against directors or officers (ss.13, 15, 17(2)(b), 25–26).","Procedural notice, advertising and time-limits for claimants produce operational compliance steps with strict consequences (ss.18, 43–44)."],"plain_english_summary":"What this Act does, in plain terms\n\n- Mechanically, the Trustee Companies Act 1984 sets out who a \"trustee company\" is and what a trustee company can do, and it sets rules for how trustee companies handle deceased estates, powers of attorney, guardianships and related duties. The Act also provides procedural rules for court consent and notices, and provides transitional and regulatory powers for updating how trustee companies operate (see s.4, Part III, s.18, s.55, Part XI).\n\nWho is covered\n\n- A \"trustee company\" under this Act is either a licensed trustee company as defined in the Corporations Act or State Trustees (s.4). That definition ties the Act to federal licensing and the State Trustees statutory body.\n\nKey practical powers and limits\n\n- A trustee company can be named as executor or administrator, apply for and obtain probate or letters of administration, and perform all the duties of such offices just like a private individual (ss.9–11, 13).\n- Courts may accept affidavits from specified officers of a trustee company instead of affidavits from individuals when the company applies for probate or administration (s.12).\n- Trustee companies can be appointed as trustees, guardians of minors, receivers or sureties by a court or other appointing person and, while appointed, the company’s capital and assets are liable for proper performance of duties (s.14(1)–(2), s.17(2)(a)).\n- A private executor, administrator or trustee may appoint a trustee company to act in their place; if they do so they are released from liability for the acts or omissions of the trustee company (s.16–17(2)(b)).\n- Trustee companies may act under powers of attorney and the company’s assets are liable for proper execution of that authority (s.15).\n- A trustee company may prepare wills and charge fees for that service, but only if the will is prepared under the direction and control of an Australian legal practitioner (s.20A).\n\nLiability and remedies\n\n- When a trustee company is appointed to administer an estate, the company’s capital and assets are available to meet liabilities arising from administration (s.13, s.15, s.17(2)(a), s.14(2)).\n- Trustee companies are subject to the same rights, duties and obligations as an individual in the same role, and the Supreme Court has the same power to remove a trustee company and make orders against the company or its directors or officers as it would against an individual (ss.25–26).\n\nProcedural and claims rules\n\n- If a trustee company refuses a creditor’s claim it must give written notice; if the claimant does not start proceedings within three months, the trustee company may distribute the estate and the claimant’s right is barred (s.43).\n- If a person who might have been entitled to an estate fails to make a claim within three years of probate or administration, the trustee company may seek a court direction about advertisement and then distribute the estate as if that person had predeceased the testator (s.44).\n\nTransfers and interaction with the Corporations Act\n\n- Where ASIC makes a transfer determination under the Corporations Act (Part 5D.6) and issues a certificate, a receiving company is treated as successor in law for the transferred estate assets and liabilities (s.26A). The transfer operates automatically for total or partial transfers as specified in the certificate (s.26A(2)–(4)).\n- Transfers of estate assets and liabilities under that Corporations Act mechanism are specifically exempt from State taxes, duties and fees (s.26B).\n\nWho pays and who decides (mechanics and incentives)\n\n- Financial liability for correct administration rests with the trustee company’s capital and assets (s.13, s.15, s.17(2)(a), s.14(2)). That creates a direct financial incentive for trustee companies to manage estates carefully.\n- Individuals who appoint a trustee company are released from liability for the company’s acts and omissions (s.17(2)(b)), which provides an incentive for appointing a corporate trustee instead of personally acting.\n- The Supreme Court and ASIC (in the transfers context) exercise decisive control: the Court provides consent, directions, removal and review powers (s.18, ss.25–26, s.44, s.57–60); ASIC’s determinations and certificates under the Corporations Act trigger statutory transfers (s.26A).\n- The Governor in Council may make regulations and (for a limited transitional window) regulations may have retrospective effect within limits (ss.55–56). That gives executive-government scope to set detail and transitional rules.\n\nCosts, compliance burden and administrative risk\n\n- Trustee companies bear the direct financial exposure for estate administration (s.13 etc.), so they face monitoring and possibly higher compliance costs (insurance, governance) to limit that risk.\n- Court processes, advertising and notice requirements impose operational steps and costs: notice publication seven days before an application for consent (s.18(2)), service on immediate beneficiaries (s.18(3)), advertising and court direction required before certain distributions (s.44(2)). Costs of some applications may be ordered to be paid out of the estate (s.18(4)).\n- Where transfers rely on ASIC certificates under the Corporations Act, trustee companies and recipients must coordinate with federal processes; the automatic successor effects can reduce transactional friction but shift legal effect to the federal mechanism (s.26A).\n- Regulations made under s.56 may be retrospective in limited ways for transitional purposes, subject to protections where rights would be prejudiced (s.56(2)–(3)). That creates a limited legal uncertainty window during transition.\n\nEffects on private providers and competition (market-liberal lens)\n\n- The Act makes it straightforward for licensed trustee companies or State Trustees to substitute for private individual executors, which can reduce the role or income stream for private individuals who would otherwise act as executors (ss.9–11, 16–17).\n- Allowing trustee companies to prepare wills under the supervision of a legal practitioner (s.20A) opens a revenue stream for trustee companies while preserving a gatekeeping role for regulated legal practitioners. This changes competitive dynamics between private lawyers and trustee companies for will-related services.\n- The Corporations Act transfer mechanism (s.26A) and the State tax exemption for those transfers (s.26B) concentrate financial benefit on receiving companies (including State Trustees where relevant) by reducing transfer costs; the Act thus changes relative transaction costs for corporate transfers of estates.\n\nLimits written into the law\n\n- The Supreme Court must not consent to delegation where the testator expressly disallowed delegation or a trustee company acting in the trusts (s.10(2), s.18(5)).\n- Trustee companies cannot exercise powers that could not legally be conferred on an individual attorney (s.15(3)).\n\nTransitional protections\n\n- The Act contains specific transitional provisions preserving existing duties, rights and fee entitlements for trustee companies following the 2010 amendments, and provides that certain applications pending at repeal continue to be dealt with under the old provisions (ss.56–61)."},"kimi_summary":{"content_quality":"ok","complexity_score":6,"scope_assessment":{"changed":true,"description":"The legislation has significantly narrowed in scope compared to its original 1984 intent. The Trustee Companies Legislation Amendment Act 2010 repealed entire Parts dealing with company formation, capital requirements, reserve funds, share structures, and detailed regulatory oversight (Parts 2, 4, 6, 7, and 9). These were moved to federal regulation under the Corporations Act. What remains is essentially a 'skeleton' Act covering specific Victorian powers (probate, administration, guardianship), will preparation, and transitional arrangements. The Act transformed from a comprehensive regulatory scheme for trustee companies into a supplementary state law that fills gaps left by federal regulation."},"complexity_factors":["Extensive amendment history with 25+ amending Acts noted in the Table of Amendments, creating a patchwork of changes over 36 years","Multiple repealed sections still visible in the text with amendment notes, making it hard to follow current law","Heavy cross-referencing to federal Corporations Act (Part 5D.6) for transfer determinations","Nested definitions requiring reference to other Acts (e.g., 'domestic partner' refers to Relationships Act 2008, 'State Trustees' refers to State Trustees (State Owned Company) Act 1994)","Transitional provisions in Part XI that preserve pre-repeal rights and proceedings, creating parallel legal frameworks","Conditional logic in sections 26A and 26B regarding transfer determinations with multiple sub-conditions (total vs partial transfers)","Interaction between state law and federal law (Corporations Act) creates jurisdictional complexity","Surviving provisions from 1984 original Act mixed with 2010 amendments that removed entire Parts (2, 4, 6, 7, 9) but preserved specific rights"],"plain_english_summary":"This Act sets out the rules for how trustee companies operate in Victoria, particularly when managing deceased estates and acting as executors or administrators.\n\n**What it does:**\n- **Allows trustee companies to act as executors**: If a will names a trustee company as executor, the company can apply for probate (court approval to manage the estate) and carry out all executor duties just like an individual person could.\n- **Lets individuals delegate to trustee companies**: People named as executors or administrators in a will can authorise a trustee company to handle the probate application or administration instead of doing it themselves.\n- **Covers various roles**: Trustee companies can be appointed as trustees, guardians of minors, receivers, or act under powers of attorney.\n- **Provides liability protection**: When a trustee company is appointed, the company's assets back up its duties, and the person who appointed them is generally released from personal liability for the company's actions.\n- **Handles estate transfers**: Special rules allow for the transfer of estate assets and liabilities between trustee companies under federal Corporations Act determinations, with exemptions from state taxes.\n- **Manages claims and distributions**: Sets out procedures for refusing creditor claims and distributing estates when beneficiaries cannot be found.\n- **Allows will preparation**: Trustee companies can prepare wills if supervised by a qualified lawyer.\n\n**Who it affects:**\n- People making wills who want to appoint a professional executor\n- Beneficiaries of estates managed by trustee companies\n- Trustee companies themselves (including State Trustees, the government-owned trustee company)\n- Creditors of deceased estates\n- Courts dealing with estate administration\n\n**Why it matters:**\nThis Act provides a framework for professional estate management, ensuring trustee companies can operate efficiently while being held to the same standards as individual executors. It balances commercial convenience (like streamlined transfers between companies) with protections for beneficiaries and creditors."}},"importantCases":[],"_links":{"self":"/api/acts/trustee-companies-act-1984","history":"/api/acts/trustee-companies-act-1984/history","analysis":"/api/acts/trustee-companies-act-1984/analysis","conflicts":"/api/acts/trustee-companies-act-1984/conflicts","importantCases":"/api/acts/trustee-companies-act-1984/important-cases","documents":"/api/acts/trustee-companies-act-1984/documents"}}