(1) A trustee of the trust who is an individual must:
(a) be an Australian resident; and
(b) not have been convicted at any time (including a time before the commencement of this section) of any of the following offences:
(i) an offence of dishonest conduct against, or arising out of, a law of the Commonwealth, a State, a Territory or a foreign country;
(ii) an offence against, or arising out of, this Act, the Administration Act or the Veterans' Entitlements Act; and
(c) not have been disqualified at any time (including a time before the commencement of this section) from managing corporations under the Corporations Act 2001 .
(2) In addition, if a trustee of the trust is a corporation, subsection (1) applies to each director of the trustee.