Superannuation Industry (Supervision) Regulations 1994

PART 3 - MATTERS PRESCRIBED OR SPECIFIED IN RELATION TO PUBLIC OFFER ENTITIES  

REGULATION 3.04A  

3.04A   REMOVAL OF TRUSTEE OF PUBLIC OFFER ENTITY - S 60A(2) OF THE ACT  
For the purposes of subsection 60A(2) of the Act, the following kinds of removal are specified:

(a) a removal that will have the immediate effect that the fund complies with the basic equal representation rules set out in section 89 of the Act;

(b) a removal that satisfies all of the following conditions:

(i) the questions of whether the trustee should be removed, and who should replace the trustee if the removal is agreed to, have been voted on at a meeting of beneficiaries;

(ii) the beneficiaries who vote (in person or by proxy) on each question mentioned in subparagraph (i) at the meeting referred to in that subparagraph hold interests that are in total at least 25% of the total value of all beneficiaries' interests in the fund;

(iii) at least 75% by number of the beneficiaries who vote (in person or by proxy) at the meeting on whether to remove the trustee vote in favour of removing the trustee;

(iv) at least 75% by number of the beneficiaries who vote (in person or by proxy) at the meeting on who the new trustee should be vote in favour of a particular person as trustee;

(v) that person will become the trustee immediately after the removal takes effect.