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New South Wales regulation
This regulation updates rules for trustee companies: it sets a fixed $100,000 monetary threshold for certain trustee-company elections, prescribes how election notices must be published and worded, and repeals the 2016 regulation while preserving existing legal effects.
It affects trustee companies, executors and beneficiaries; companies or executors must publish notices in the prescribed newspapers and apply the $100,000 threshold when deciding to make or respond to the specified elections.
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Direct links to the current provisions in Trustee Companies Regulation 2022.
2 Commencement
This Regulation commences on the day on which it is published on the NSW legislation website.
Note—
This Regulation repeals and replaces the Trustee Companies Regulation 2016, which would otherwise be repealed on 1 September 2022 by the Subordinate Legislation Act 1989, section 10(2).
3 Definition
In this Regulation—
the Act means the Trustee Companies Act 1964.
Note—
The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation.
4 Prescribed amounts—the Act, ss 15A and 15AA
For the Act, sections 15A(1)(a) and 15AA(1)(c), the amount of $100,000 is prescribed.
5 Notices—the Act, s 15AD
(1) For the Act, section 15AD(1), a notice of an election under the Act, section 15A or 15AA must be published—
(a) if the deceased person resided in New South Wales at the time of the person’s death—in a newspaper circulating in the area in which the person resided, or
(b) otherwise—in a newspaper circulating in Sydney.
(2) For the Act, section 15AD(2), a notice of an election under the Act, section 15A or 15AA or a notice under the Act, section 15AB must state that an election has been made.
6 Repeal and saving
(1) The Trustee Companies Regulation 2016 is repealed.
(2) An act, matter or thing that, immediately before the repeal of the Trustee Companies Regulation 2016, had effect under that Regulation continues to have effect under this Regulation.
Sourced from legislation.nsw.gov.au, CC BY 4.0.
1 Name of Regulation
This Regulation is the Trustee Companies Regulation 2022.
2 Commencement
This Regulation commences on the day on which it is published on the NSW legislation website.
Note—
This Regulation repeals and replaces the Trustee Companies Regulation 2016, which would otherwise be repealed on 1 September 2022 by the Subordinate Legislation Act 1989, section 10(2).
3 Definition
In this Regulation—
the Act means the Trustee Companies Act 1964.
Note—
The Act and the Interpretation Act 1987 contain definitions and other provisions that affect the interpretation and application of this Regulation.
4 Prescribed amounts—the Act, ss 15A and 15AA
For the Act, sections 15A(1)(a) and 15AA(1)(c), the amount of $100,000 is prescribed.
5 Notices—the Act, s 15AD
(1) For the Act, section 15AD(1), a notice of an election under the Act, section 15A or 15AA must be published—
(a) if the deceased person resided in New South Wales at the time of the person’s death—in a newspaper circulating in the area in which the person resided, or
(b) otherwise—in a newspaper circulating in Sydney.
(2) For the Act, section 15AD(2), a notice of an election under the Act, section 15A or 15AA or a notice under the Act, section 15AB must state that an election has been made.
6 Repeal and saving
(1) The Trustee Companies Regulation 2016 is repealed.
(2) An act, matter or thing that, immediately before the repeal of the Trustee Companies Regulation 2016, had effect under that Regulation continues to have effect under this Regulation.