THE CORPORATIONS LAW

CCH Note: Part 13 of the Corporations Act 1989, inserted by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as follows:

PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW 82
The Corporations Law is as follows:...

CHAPTER 11 - APPLICATION AND TRANSITIONAL PROVISIONS

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PART 11.2 - COMMENCEMENT AND APPLICATION OF CERTAIN CHANGES TO THIS LAW

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Division 11 - Changes resulting from the Managed Investments Act 1998

SECTION 1455 RETIREMENT FROM OFFICE OF TRUSTEE OR REPRESENTATIVE OR MANAGEMENT COMPANY

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1455(1) [Registered scheme]

This section provides for the bodies that hold the offices of trustee or representative and management company to retire from those offices. A retirement under this section takes effect if, and only if, the undertaking becomes a registered scheme.

1455(2) [Written notice]

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One of the bodies may retire from the office it holds by giving written notice of its retirement to the other body. The body giving the notice must lodge a copy of it with ASIC.

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1455(3) [One notice]

Once one of the bodies has given a retirement notice to the other body, that other body cannot give a retirement notice. If both bodies give notices at the same time, the notice by the body that holds the office of management company is ineffective.

1455(4) [Timing]

A retirement notice may only be given:

(a) while Division 5 of Part 7.12 of the old Law continues to apply to the prescribed interests; and

(b) during the first year after the commencement.

1455(5) [Revocation]

A retirement notice cannot be revoked.

1455(6) [Section 1456]

Section 1456 sets out what happens when one of the bodies gives the other a retirement notice.

1455(7) [Section 1457]

Section 1457 sets out what happens if neither of the bodies gives the other a retirement notice.

1455(8) [Sections 1458 to 1461]

Sections 1458 to 1461 only confer rights and impose obligations on a body for so long as:

(a) if the body is the trustee or representative or the management company - the body continues to hold that office; and

(b) in any case - the undertaking is not a registered scheme.

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