Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The following are traditional trustee company services :
(a) performing estate management functions (see subsection (2));
(b) preparing a will, a trust instrument, a power of attorney or an agency arrangement;
(c) applying for probate of a will, applying for grant of letters of administration, or electing to administer a deceased estate;
(d) establishing and operating common funds;
(e) any other services prescribed by the regulations for the purpose of this paragraph.
(2) The following are estate management functions (whether provided alone or jointly with another person or persons):
(a) acting as a trustee of any kind, or otherwise administering or managing a trust;
(b) acting as executor or administrator of a deceased estate;
(c) acting as agent, attorney or nominee;
(d) acting as receiver, controller or custodian of property;
(e) otherwise acting as manager or administrator (including in the capacity as guardian) of the estate of an individual;
(f) acting in any other capacity prescribed by the regulations for the purpose of this paragraph.
(3) Subsections (1) and (2) do not apply to:
(a) operating a registered scheme; or
(b) providing a custodial or depository service; or
(c) acting as trustee for debenture holders under Chapter 2L; or
(d) acting as a receiver or other controller of property of a corporation under Part 5.2; or
(e) acting as trustee of a superannuation fund, an approved deposit fund or a pooled superannuation trust; or
(f) acting in any other capacity prescribed by the regulations for the purpose of this paragraph.