Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 358

358.(1) If:

   (a)  the existing management company gives the existing trustee a notice
        under section 357; and

   (b)  the Part 31 entity is a superannuation entity on the date of effect
        specified in the notice; the retirement of the
        existing management company takes effect on that date.

(2) If the retirement of the existing management company so takes effect, the
following provisions apply for so long as the Part 31 entity remains a
superannuation entity:

   (a)  no new management company of the entity can be appointed;

   (b)  the governing rules of the entity have effect as if references in them
        to the management company of the entity were instead references to the
        trustee of the entity;

   (c)  subject to subsections (4) and (5), the trustee of the entity has
        power to amend any trust instrument that constitutes, or is part of,
        those governing rules for the purposes of removing references to the
        management company of the entity and making other changes
        consequential on the removal of those references.

(3) An appointment in contravention of paragraph (2)(a) is ineffective.

(4) An amendment under paragraph (2)(c) must be one that the trustee of the
Part 31 entity reasonably believes will not adversely affect the rights of the
members of the entity.

(5) The regulations may do either or both of the following:

   (a)  require the trustee of the Part 31 entity to comply with specified
        formal requirements when making amendments under paragraph (2)(c);

   (b)  require the trustee of the Part 31 entity to notify specified persons
        of amendments made under paragraph (2)(c).

(6) A notice under section 357 has no effect except as provided in this
Division.