THE CORPORATIONS LAW

CHAPTER 11 - APPLICATION AND TRANSITIONAL PROVISIONS

PART 11.2 - COMMENCEMENT AND APPLICATION OF CERTAIN CHANGES TO THIS LAW

Division 11 - Changes resulting from the Managed Investments Act 1998

SECTION 1455   RETIREMENT FROM OFFICE OF TRUSTEE OR REPRESENTATIVE OR MANAGEMENT COMPANY  

1455(1)  [Registered scheme]  

This section provides for the bodies that hold the offices of trustee or representative and management company to retire from those offices. A retirement under this section takes effect if, and only if, the undertaking becomes a registered scheme.

1455(2)  [Written notice]  

One of the bodies may retire from the office it holds by giving written notice of its retirement to the other body. The body giving the notice must lodge a copy of it with ASIC.

1455(3)  [One notice]  

Once one of the bodies has given a retirement notice to the other body, that other body cannot give a retirement notice. If both bodies give notices at the same time, the notice by the body that holds the office of management company is ineffective.

1455(4)  [Timing]  

A retirement notice may only be given:

(a)  while Division 5 of Part 7.12 of the old Law continues to apply to the prescribed interests; and

(b)  during the first year after the commencement.

1455(5)  [Revocation]  

A retirement notice cannot be revoked.

1455(6)  [Section 1456]  

Section 1456 sets out what happens when one of the bodies gives the other a retirement notice.

1455(7)  [Section 1457]  

Section 1457 sets out what happens if neither of the bodies gives the other a retirement notice.

1455(8)  [Sections 1458 to 1461]  

Sections 1458 to 1461 only confer rights and impose obligations on a body for so long as:

(a)  if the body is the trustee or representative or the management company - the body continues to hold that office; and

(b)  in any case - the undertaking is not a registered scheme.