In this case, the trustee holds the shares in the corporate on trust for the beneficiaries of the trustee’s personal trust. For instance, the ‘John Smith Household Belief’ can’t own shares or any other property. A trust can’t personal shares in a company because the law says a trust shouldn’t be a separate authorized person. If a financial institution rejects your certificate and asks for “the unique certificate”, then the factor to do is to get the particular person on the bank to check the above data with ASIC. The usual certificate is enough to open a checking account and is what most companies use. Bank rejection? Occasionally when a Cleardocs buyer is making an attempt to set up a checking account, the financial institution rejects the certificate that the customer obtained from Cleardocs electronically after which printed and provided to the financial institution. Corporations integrated by Cleardocs are incorporated underneath the Firms Act 2001 in Australia – these companies are generally eligible to apply for an ABN.

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