S 367 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007. S 367 formerly read:
SECTION 367 EFFECT OF NOTICE UNDER SECTION 363 ON MANAGEMENT COMPANY
367(1)
If the retirement of the existing trustee takes effect under section
366
and the existing management company has given APRA a notice under subsection
364(2) or (3)
, the existing management company's retirement from the office of management company of the Part
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entity takes effect at the same time as the retirement of the existing trustee.
History
S 367(1) amended by No 54 of 1998.
367(2)
If the existing management company's retirement takes effect, the following provisions apply for so long as the entity remains a superannuation entity:
(a)
no new management company of the entity can be appointed;
(b)
the governing rules of the entity have effect as if references in them to the management company of the entity were instead references to the trustee of the entity;
(c)
subject to subsections (4) and (5), the trustee of the entity has power to amend any trust instrument that constitutes, or is part of, those governing rules for the purposes of removing references to the management company of the entity and making other changes consequential on the removal of those references.
367(3)
An appointment in contravention of paragraph (2)(a) is ineffective.
367(4)
An amendment under paragraph (2)(c) must be one that the trustee of the Part
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entity reasonably believes will not adversely affect the rights of the members of the entity.
367(5)
The regulations may do either or both of the following:
(a)
require the trustee of the Part
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entity to comply with specified formal requirements when making amendments under paragraph (2)(c);
(b)
require the trustee of the Part
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entity to notify specified persons of amendments made under paragraph (2)(c).
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