OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART IIIA - POOLED SUPERANNUATION TRUSTS  

REGULATION 23L   ACTION BY TRUSTEES OF A POOLED SUPERANNUATION TRUST WHERE A UNIT HOLDER CEASES TO BE AN ELIGIBLE INVESTOR  

23L(1)   [ Trustees to request disposal or redemption of units ]  

Where the holder of units in a pooled superannuation trust:

(a) advises the trustees that the holder is not eligible under regulation 23E , 23F , 23G or 23H to hold the units; or

(b) ceases under regulation 23K to be eligible to hold the units;

the trustees must, within 14 days, request the holder:

(c) to dispose of the units within 30 days after the date of the request to a person who is eligible, for the purposes of an eligible investor statement, to hold the units; or

(d) to arrange with the trustees for the trustees to redeem the units within those 30 days.

23L(2)   [ Where unit holder fails to comply with request or give notice ]  

Where the holder of units in a pooled superannuation trust:

(a) fails to comply with a request under subregulation (1); and

(b) does not give the trustees of the trust a notice under subregulation (3);

the trustees must, within 60 days after the date of request, redeem the units.

23L(3)   [ Notice by unit holder re eligible investor statement ]  

A holder of units in a pooled superannuation trust:

(a) who ceases under regulation 23K to be eligible to hold the units; and

(b) who receives a request under subregulation (1);

may, by notice in writing given to the trustees of the trust not later than 30 days after the date of the request, state the grounds on which:

(c) the holder has failed to give the trustees an eligible investor statement in accordance with the request under regulation 23J ; and

(d) the holder expects to be able to give the trustees an eligible investor statement within 60 days after the date of the request.

23L(4)   [ Where grounds for failure to give statement not satisfactory ]  

Where the trustees of a pooled superannuation trust are not satisfied, on receipt of a notice under subregulation (3) from a holder of units in the trust:

(a) that the holder has reasonable grounds for failing to give them an eligible investor statement; and

(b) that the holder is likely to give them an eligible investor statement within 60 days after the date of their request to the holder under subregulation (1);

the trustees must, within 60 days after the request, redeem the units.

23L(5)   [ Statement not given after trustee ' s request ]  

Where:

(a) the trustees of a pooled superannuation trust are satisfied, on receipt of a notice under subregulation (3) from a holder of units in the trust, that paragraphs (4)(a) and (b) apply in relation to the holder; but

(b) the holder does not give them an eligible investor statement within 60 days after the date of their request to the holder under subregulation (1);

the trustees must, within 30 days after the end of those 60 days, redeem the units.

23L(6)   [ Unit holder deemed not to have ceased to be eligible ]  

Where:

(a) a holder of units in a pooled superannuation trust ceases under regulation 23K to be eligible to hold the units; and

(b) the trustees of the trust are satisfied, on receipt of a notice under subregulation (3) from the holder, that paragraphs (4)(a) and (b) apply in relation to the holder; and

(c) the holder gives them an eligible investor statement within 60 days after the date of their request to the holder under subregulation (1);

the holder is to be taken not to have ceased under regulation 23K to be eligible to hold units in the trust.