S 358 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007. S 358 formerly read:
SECTION 358 EFFECT OF NOTICE UNDER SECTION 357
358(1)
If:
(a)
the existing management company gives the existing trustee a notice under section
357
; and
(b)
the Part
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entity is a superannuation entity on the date of effect specified in the notice;
the retirement of the existing management company takes effect on that date.
358(2)
If the retirement of the existing management company so takes effect, the following provisions apply for so long as the Part
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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.
358(3)
An appointment in contravention of paragraph (2)(a) is ineffective.
358(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.
358(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).
358(6)
A notice under section
357
has no effect except as provided in this Division.
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