Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) For the purposes of subsection 31(1) of the Act, the standard stated in subregulation (3) is applicable to the operation of standard employer - sponsored funds that must comply:
(a) under subsection 91(4) or 93(4) of the Act--with the basic equal representation rules; or
(b) under subsection 90(3) of the Act--with either:
(i) the basic equal representation rules; or
(ii) the alternative agreed representation rule set out in subsection 90(4) of the Act; or
(c) under subsection 92(4) of the Act--with either:
(i) the basic equal representation rules; or
(ii) the alternative agreed representation rule set out in subsection 92(5) of the Act.
(2) Despite subregulation (1), the standard stated in subregulation (3) is not applicable:
(a) to the operation of standard employer - sponsored funds that comply with the alternative agreed representation rule set out in subsection 90(4) or 92(5) of the Act; or
(b) to a decision of a delegate of the individual trustees or of the board of directors of the corporate trustee of the fund if the delegation was approved by at least two - thirds of the total number of the trustees or directors.
(3) A decision of:
(a) the individual trustees of a fund; or
(b) the board of directors of the corporate trustee of a fund;
must be taken not to have been made, or to be of no effect, if fewer than two - thirds of the total number of the trustees or directors, as the case requires, voted for it.