Superannuation Industry (Supervision) Act 1993

Pt 31 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

Div 2 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

Subdiv C repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

S 363 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007. S 363 formerly read:

SECTION 363 EXISTING TRUSTEE MAY GIVE NOTICE OF RETIREMENT  
363(1)
Subject to section 366 , the existing trustee may retire from the office of trustee of the Part 31 entity by giving written notice to the existing management company in accordance with this section.

363(2)
A notice must specify a date of effect that is:

(a) at least 3 months after it is given to the existing management company; and

(b) after 30 June 1994.

363(2A)
The provisions of the governing rules of the fund or trust concerned have no effect to the extent to which they require the holding of a meeting of beneficiaries before the existing trustee may give a notice.

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History

S 363(2A) inserted by No 140 of 1994.

363(3)
The existing trustee cannot give a notice if the existing management company has already given the existing trustee a notice under section 357 .

363(4)
If the existing trustee gives a notice to the existing management company at the same time as the existing management company gives the existing trustee a notice under section 357 , the notice given by the existing trustee has no effect.

363(5)
If the existing trustee gives the existing management company a notice, the existing trustee must give a copy of the notice to APRA.

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History

S 363(5) amended by No 54 of 1998.

363(6)
The existing trustee must not intentionally or recklessly contravene subsection (5).

Penalty: 250 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

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History

S 363(6) amended by No 31 of 2001, s 3 and Sch 1 item 234, by inserting the note at the end, effective 15 December 2001.

363(7)
A notice cannot be revoked.