Section 962T — Corporations Act 2001 (Cth)

The requirements for the consent are:

(a) before obtaining the consent, the fee recipient disclosed to the account holder, in writing, the matters set out in subsection 962G(2); and

(b) the consent is given by the account holder for the ongoing fees disclosed under paragraph (a), to be deducted from the account; and

(c) the consent specifies the name of the account holder and the account number; and

(d) for each amount to be deducted, the consent specifies:

(i) the amount to be deducted; or

(ii) if the amount to be deducted cannot be determined at the time the consent is given, a reasonable estimate of that amount and an explanation of the method used to work out the estimate; and

(e) the consent is signed by the account holder; and

(f) the consent is dated; and

(g) any other requirements prescribed by the regulations.

Note: If the account is held jointly, these paragraphs must be satisfied in relation to each account holder: see subsections 962R(3) and 962S(4).

Related sections

• s 962J — Client may terminate ongoing fee arrangement at any time
• s 962R — Fee recipient must not deduct ongoing fees without consent
• s 962S — Fee recipient must not arrange for deduction of ongoing fees without consent or accept such deductions
• s 962U — Variation or withdrawal of consent
• s 962V — When consent ceases to have effect
• s 962W — Conditions requiring consent to be given are void

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