44Exercise of certain powers of ASIC in relation to trust property acquired or disposed of by trustee company

#### 44 Exercise of certain powers of ASIC in relation to trust property acquired or disposed of by trustee company (1) This section applies if ASIC considers that a contravention of a law of the Commonwealth, or of a State or Territory, may have been committed by a trustee company, being a contravention that involves fraud or dishonesty and that relates to trust property. (2) ASIC may require a director, secretary or senior manager of the trustee company to disclose to ASIC information of which he or she is aware and that may have affected an acquisition or disposal of trust property by the trustee company. > Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). (3) If ASIC believes on reasonable grounds that a person can give information about particular matters, being any or all of the following: (a) an acquisition or disposal of trust property by the trustee company; (b) the financial position of the trustee company; (c) an audit of, or a report of an auditor about, accounts or records of the trustee company; ASIC may require the person to disclose to it the information that the person has about those particular matters. > Note: Failure to comply with a requirement made under this subsection is an offence (see section 63). (4) An offence under subsection 63(2) relating to subsection (2) or (3) of this section is an offence of strict liability. > Note: For strict liability, see section 6.1 of the Criminal Code. (5) ASIC must not exercise a power conferred by subsection (2) or (3) except for the purpose of investigating the possible contravention referred to in subsection (1).