S 361 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007. S 361 formerly read:
SECTION 361 EFFECT OF NOTICE UNDER SUBSECTION 359(2)
361(1)
If:
(a)
the existing trustee gives APRA a notice under subsection
359
(2); and
(b)
the Part
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entity is a superannuation entity on the date of effect specified in the notice given by the existing management company under section
357
;
the retirement of the existing trustee takes effect on that date.
History
S 361(1) amended by No 54 of 1998.
361(2)
If the retirement of the existing trustee so takes effect:
(a)
the appointment under section
360
of the new trustee of the Part
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entity takes effect at the time (the
retirement time
) when the retirement takes effect; and
(b)
property of the entity vests in the new trustee in accordance with subsections (3), (4) and (5).
361(3)
Subject to subsection (5), property of the Part
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entity that was vested in law in the existing trustee immediately before the retirement time vests in law in the new trustee at that time.
361(4)
Property of the Part
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entity that was vested in equity in the existing trustee immediately before the retirement time vests in equity in the new trustee at that time.
361(5)
If:
(a)
property to which subsection (3) applies is of a kind whose transfer or transmission may be registered under a law (the
transfer law
) of the Commonwealth, of a State or of a Territory; and
(b)
the transfer law enables the new trustee to be registered as the owner of the property;
the property does not vest in law in the new trustee until the requirements of the transfer law have been complied with.
361(6)
The former trustee (being the body corporate that was the existing trustee before its retirement) must do all things within its power, in relation to property to which subsection (5) applies, that are necessary to enable the registration of the new trustee as the owner of the property under the transfer law.
361(7)
The former trustee must not intentionally or recklessly contravene subsection (6).
Penalty: 500 penalty units.
Note:
Chapter 2 of the
Criminal Code
sets out the general principles of criminal responsibility.
History
S 361(7) amended by No 31 of 2001, s 3 and Sch 1 item 232, by inserting the note at the end, effective 15 December 2001.
361(8)
A notice under subsection
359(2)
has no effect except as provided in this section.
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