AUSTRALIAN CAPITAL TERRITORY

TRUSTEE COMPANIES ORDINANCE 1966

EXPLANATORY MEMORANDUM

No. 12 of 1966

	A company incorporated in the Australian Capital Territory cannot act as a trustee company, and, in particular, cannot obtain probate of a will or letters of administration in the Australian Capital Territory unless it is listed in the First Schedule of the Trustee Companies Ordinance 1946‑1965.

	By a direction in force under section 22 of the Companies Ordinance 1962‑1963 the Attorney-General’s consent is also required before a company can be registered under a name which includes the word ‘trustee’.  Consent is given only if the Attorney-General is satisfied that the proposed company will be a suitable company to carry on business as, and that it would be a genuine, trustee company.

	The purpose of the Trustee Companies Ordinance 1966 is to amend the First Schedule of the Trustee Companies Ordinance 1947‑1965, by adding the name of Family Executors and Trustees Limited, a company incorporated in the Australian Capital Territory with the Attorney-General’s consent, to the list of locally incorporated companies that may act as trustee companies in the Territory, thus enabling the company to commence business as a trustee company.