18AManagement charge in respect of charitable trusts, &c.

18A Management charge in respect of charitable trusts, &c.

[Section 18A Inserted by No. 91 of 1975, s. 4 ]

(1)  [Section 18A Subsection (1) amended by No. 49 of 2010, s. 14, Applied:01 Jan 2011] [Section 18A Subsection (1) amended by No. 49 of 2010, s. 14, Applied:01 Jan 2011] [Section 18A Subsection (1) amended by No. 22 of 2000, s. 6, Applied:16 Jun 2000] Where a trustee company administers a charitable trust or a trust of indefinite duration for a purpose other than the individual benefit of persons having an interest under the trust, the company is entitled to receive and charge a sum of such amount as the board of directors or other governing body of the trustee company determines, not exceeding in any case the limits set or permitted by or under Part 5D.3 of Chapter 5D of the Corporations Act.

(2)  For the purpose of recovering in whole or in part any sum that a trustee company may receive and charge under subsection (1) in respect of a trust, it may, as the board of directors or other governing body of the company determines, appropriate to its use any of the property the subject of the trust or the proceeds of the realization thereof or any of the income received by the company as trustee of the trust.

(3)  [Section 18A Subsection (3) omitted by No. 49 of 2010, s. 14, Applied:01 Jan 2011] .  .  .  .  .  .  .  .  

(4)  The rights of a trustee company under this section in respect of its administration of a trust are in addition to, and not in derogation of, its right to charge, receive, or recover, under this Act or otherwise, any commission or other sums in respect of its administration of the trust.

(5)  Where the Court is of opinion that any sums charged by a trustee company under this section in respect of its administration of a trust are excessive, it may review and reduce the sums so charged, and, for that purpose, may make such orders as it thinks fit.