Superannuation Industry (Supervision) Act 1993

PART 6 - PROVISIONS RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES  

SECTION 54   PREREQUISITES TO VARIATION OF REPAYMENT PERIOD  

54(1)   [Requirements for variation of payment period]  

The requirements referred to in paragraph 53(5)(b) are as follows:

(a) the question whether the variation should be made has been voted on at a meeting of the beneficiaries;

(b) the trustee convened the meeting by sending by post, to the last-known address of each of the beneficiaries, at least 21 days before the meeting, a notice that set out:

(i) the date, time and place of the meeting; and

(ii) the reason for convening the meeting;

(c) the beneficiaries who, at the meeting, vote (whether in person or by proxy) on the question hold interests equal in value to at least the prescribed percentage of the total value of all the interests in the fund;

(d) the prescribed percentage of the beneficiaries who voted on the question cast their votes in favour of making the variation.

54(2)   [Value of an interest]  

For the purposes of paragraph (1)(c), the value of an interest is the price at which the trustee would have to make a payment in respect of the interest if the trustee were required to do so, under the covenant referred to in section 53 , on the day immediately before the day when the meeting is held.