Tax Laws Amendment (2009 Measures No. 4) Act 2009 (88 of 2009)

Schedule 2   Private ancillary funds

Part 3   Transitional provisions

Division 3   Transitional private ancillary funds

28   Transitional - trustees need not be constitutional corporations

Paragraph 426-105(1)(a) (trustees of private ancillary funds must be constitutional corporations) and sections 426-125 to 426-165 (Suspension and removal of trustees) in Schedule 1 to theTaxation Administration Act 1953 do not apply to the trust during the period:

(a) starting at the commencement time; and

(b) ending at the earlier of the following:

(i) the time (at or after the commencement time) the trust first satisfies the requirements of that paragraph (disregarding this item);

(ii) the first time any of the trustees of the trust revoke the agreement mentioned in item 29 in accordance with subsection 426-105(2) in that Schedule.