Article 16 When administration fee payable

(1)

Subject to paragraph (3), an administration fee is payable, in accordance with articles 17 and 18, at the beginning of each financial year.

(2)

An administration fee is payable in full even if the public trustee ceases to act in the estate or the trust, or any part of the estate or trust, in the course of that year.

(3)

An administration fee is not payable—

(a)

in respect of the period between the date of the acceptance of a trust or any part of a trust and the commencement of the next financial year; or

(b)

in respect of any estate or part of an estate which the public trustee accepts as executor during the period in which the public trustee so acts.