Northern Territory regulation

PUBLIC TRUSTEE REGULATIONS 1979

In ForceNT

Jurisdiction

Northern Territory

Collection

regulation

Plain English Summary

3/10 complexity

These Regulations set how the Northern Territory Public Trustee charges and guarantees money in common funds. They prescribe a 2% p.a. management fee and a 1.1% p.a. levy on common funds, guarantee the capital of “Common Fund 1” and fix cash returns for that fund relative to the Reserve Bank cash rate, and allow the Public Trustee (subject to the Minister) to reduce or waive fees. The rules apply to estates and trusts administered under the Public Trustee Act and affect beneficiaries and estate administrators.

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PUBLIC TRUSTEE REGULATIONS 1979

NORTHERN TERRITORY OF AUSTRALIA PUBLIC TRUSTEE REGULATIONS 1979 As in force at 30 August 2002 Table of provisions 1 Citation ............................................................................................ 1 1A Application ....................................................................................... 1 2 Management fees (prescribed percentage) – section 24A(2) .......... 1 3 Levy (prescribed percentage) – section 28(2) ................................. 1 4 Guarantee of capital and rate of return (Common Fund 1) – section 97(7) .................................................................................... 1 6 Reduction or waiver of commission or fee ....................................... 2 ENDNOTES

NORTHERN TERRITORY OF AUSTRALIA

As in force at 30 August 2002

PUBLIC TRUSTEE REGULATIONS 1979 Regulations under the Public Trustee Act 1979 1 Citation These Regulations may be cited as the Public Trustee Regulations 1979. 1A Application The estate of a deceased person is to be administered in accordance with these Regulations as in force at the date of the death of the person. 2 Management fees (prescribed percentage) – section 24A(2) For the purposes of section 24A(2) of the Act, the prescribed percentage of the value of a common fund is 2% per annum. 3 Levy (prescribed percentage) – section 28(2) For the purposes of section 28(2) of the Act, the prescribed percentage of the value of a common fund is 1.1% per annum. 4 Guarantee of capital and rate of return (Common Fund 1) – section 97(7) For the purposes of section 97(7) of the Act: (a) the capital in the common fund known as "Common Fund 1" is guaranteed; and (b) the following rates of return for money held as cash in the common fund known as "Common Fund 1" are guaranteed: (i) for trusts – 1% per annum less than the Reserve Bank of Australia cash rate; (ii) for estates – 3% per annum less than the Reserve Bank of Australia cash rate.

Public Trustee Regulations 1979 2 6 Reduction or waiver of commission or fee Subject to the directions of the Minister, the Public Trustee may, having regard to: (a) the circumstances of the person or estate liable to pay commission or a fee; or (b) the amount of work done by the Public Trustee, accept, in full satisfaction of that person's or estate's liability under the Act to pay commission or a fee, such proportion of the commission or fee payable as the Public Trustee thinks fit or waive the commission or fee payable.

ENDNOTES Public Trustee Regulations 1979 3 ENDNOTES 1 KEY Key to abbreviations amd = amended od = order app = appendix om = omitted bl = by-law pt = Part ch = Chapter r = regulation/rule cl = clause rem = remainder div = Division renum = renumbered exp = expires/expired rep = repealed f = forms s = section Gaz = Gazette sch = Schedule hdg = heading sdiv = Subdivision ins = inserted SL = Subordinate Legislation lt = long title sub = substituted nc = not commenced 2 LIST OF LEGISLATION Public Trustee Regulations (SL No. 33, 1979) Notified 23 November 1979 Commenced 3 December 1979 (r 1, s 2 Public Trustee Act 1979 (Act No. 84, 1979) and Gaz S25, 28 November 1979) Amendment of the Public Trustee Regulations (SL No. 6, 1984) Notified 14 March 1984 Commenced 14 March 1984 Amendments of Public Trustee Regulations (SL No. 38, 1991) Notified 7 August 1991 Commenced 7 August 1991 Amendments of Public Trustee Regulations (SL No. 47, 1998) Notified 11 November 1998 Commenced 1 December 1998 (r 1) Amendments of Public Trustee Regulations (SL No. 19, 2002) Notified 10 July 2002 Commenced 10 July 2002 Amendments of Public Trustee Regulations (SL No. 30, 2002) Notified 30 August 2002 Commenced 30 August 2002 3 GENERAL AMENDMENTS General amendments of a formal nature (which are not referred to in the table of amendments to this reprint) are made by the Interpretation Legislation Amendment Act 2018 (Act No. 22, 2018) to: r 1.

ENDNOTES Public Trustee Regulations 1979 4 4 LIST OF AMENDMENTS r 1A ins No. 47, 1998, r 3 rr 2 – 4 amd No. 19, 2002, r 3 sub No. 30, 2002, r 2 r 5 amd No. 19, 2002, r 3 rep No. 30, 2002, r 2 r 6 amd No. 19, 2002, r 1 r 7 ins No. 47, 1998, r 4 rep No. 30, 2002, r 3 sch 1 sub No. 6, 1984; No. 38, 1991, r 1 amd No. 19, 2002, r 2 rep No. 30, 2002, r 4 sch 2 sub No. 38, 1991, r 1 rep No. 30, 2002, r 4 sch 3 – 4 ins No. 47, 1998, r 5 rep No. 30, 2002, r 4

Source text

Sourced from NT Legislation (legislation.nt.gov.au), CC BY 4.0.

1 PUBLIC TRUSTEE REGULATIONS 1979

NORTHERN TERRITORY OF AUSTRALIA

As in force at 30 August 2002