Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to the performance by a licensed trustee company of an estate management function relating to a particular estate.
(2) Subject to subsection (3), fees charged by the trustee company, in accordance with this Part, for the performance of the function are payable to the trustee company out of the capital or income of the relevant estate.
(3) Unless ASIC approves it under subsection (4):
(a) a management fee referred to in section 601TDD can only come out of the income of the relevant estate; and
(b) a common fund administration fee referred to in section 601TDE or 601TDI can only come out of the income received by the common fund on the assets of the charitable trust concerned that are included in the fund.
(4) ASIC may, on application in writing by a licensed trustee company, approve payment of a proposed fee that, if paid without the approval, would contravene subsection (3), if ASIC is satisfied that:
(a) the payment of the fee will not significantly affect the capital of the relevant estate or charitable trust concerned; and
(b) the fee is a fair reflection of the work and expertise required to perform the estate management function.