What's New June 2021

New Releases

Documentation Suite

As part of our commitment to providing the highest quality legal documents and expanding our legal capabilities to meet the demands of our fast-growing client base, we have made some updates to the following documents: 

Standard Company

  • Removal of the member resolution document previously attached to the front of the Constitution.
  • Furthermore, the constitution template now includes an execution page as the last page of the document that will effectively implement what was previously notated in the member resolution.
  • Share Capital & Share rights
    • All share class clauses have been updated to provide further clarity on the winding up of the company and the repayment of capital paid.
    • Variation of Rights clauses have been updated to provide further clarity on variation for different classes.
  • Dividends and Reserves clauses have been updated to provide further clarity on the declaration and payment of dividends.
  • Directors clause has been updated for terminology changes to reference only “mentally incapacitated” where applicable.
  • The above changes can be viewed from the Sample document available on the Create Documents page.

Discretionary Trust

  • Change to the beneficiary clause wording to provide further clarification that grandparents of the designated beneficiaries will fall under the definition of beneficiary.

  • Broaden the definition of tax-exempt beneficiaries under the tax act.

  • Change to the charity definition to further clarify the inclusion of ACNC charities.

  • Removal of references limiting a de facto to being only defined as a husband or wife.

  • Successor Appointor clause provides further clarity on how the clause is activated and what happens in the event of no successor being appointed.

  • Added replacement trustee requirement in the event of resignation.

  • Added default accumulation clause.

  • Changes to broaden the powers of income streaming.

  • Changes to the default order of entitlement on the vesting date.

  • Further clarify on sub-trust arrangements.

  • The above changes can be viewed from the Sample document available on the Create Documents page.

Fully Reserved

  • Further clarification on the Vesting Date to distribute the Trust Fund if the Trustee failed to make a determination. The Trust Fund will be held for the benefit of the Designated Beneficiaries first.
  • Update to the Designated Beneficiaries clause to further clarify that the children of each Designated Beneficiaries and the grandchildren (to take the share their deceased parent would have taken) will be the default capital beneficiaries if the Designated Beneficiaries have died.
  • Update to the Default Capital Beneficiaries clause to provide additional levels of default capital beneficiaries to fully exhaust the list of potential default beneficiaries before the Trust Fund is held for Charities.

Capital Reserved 

  • Further clarification that the Trustee must hold the Trust Fund for the benefit of any one or more Capital Beneficiary on the Vesting Date, or if no Capital Beneficiaries were then living, then to any one or more of the Beneficiaries.
  • Furthermore, if the Trustee failed to make a decision, we have further clarified that the Trust Fund is to be held for the benefit of the Designated Beneficiaries.
  • Update to the Designated Beneficiaries clause to further clarify that the children of each Designated Beneficiaries and the grandchildren (to take the share their deceased parent would have taken) will be the default capital beneficiaries if the Designated Beneficiaries have died.
  • Update to the Default Capital Beneficiaries clause to provide additional levels of default capital beneficiaries to fully exhaust the list of potential default beneficiaries before the Trust Fund is held for Charities.

Trust Register (Beta)

  • Address field was added to the ‘Beneficiaries’ section on the trust profile to allow users to store addresses for beneficiaries to keep a complete record for the Trust on Trust Register.

General

  • We have made some improvements to help with scalability and provide performance uplift of our systems to meet the growing demand of our client base.

Enhancements

Corporate Messenger

  • We fixed a bug where the electronic signing status was showing as signed on the incorrect date.
  • Fixed a bug where Annual Statements were being marked Signed when they were only sent for electronic signing.
  • Fixed an issue where some users were having issues generating Annual Statements.
  • Fixed an issue with billing contact and electronic signatory not appearing correctly when generating Annual Statements.
  • Fixed a formatting issue for Solvency Minutes generated with Annual Statements.
  • Fixed an issue so users have the ability to amend company registration after registration via the Collaboration page.
  • Fixed an issue where some users were unable to add a Date of Cessation for an officeholder.
  • Fixed a bug where minutes of Form 484 did not produce the correct reason for cessation.

Documentation Suite

  • Fixed an issue where some users were unable to mark Trust Distribution minutes as Signed.
  • We fixed an issue where some clients did not receive an email notification for Stamping after completing the order.
  • Fixed an issue so that text on the document no longer goes off the page.
  • Fixed a bug where some users could not add a city of birth other than Australia.

Trust Register (Beta)

  • Fixed an issue where some users were unable to edit details on Unit Registry.
  • We fixed an issue to show the correct dates of transaction in the Unit Transactions view.

General

  • We fixed an issue where logos and button for electronic signing would go missing when the email was opened on Chrome or IE.
  • We have renamed the DocuSign tab in Portal Settings to Electronic Signing as this menu allows changes to settings beyond DocuSign.
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