Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 359

359.(1) If the existing trustee receives a notice under section 357, the
existing trustee must take action under subsection (2) or (3) within 2 months
after receiving the notice.

(2) Subject to section 361, the existing trustee may retire from the office of
trustee of the Part 31 entity by giving written notice to the Commissioner.

(3) The existing trustee may give written notice to the Commissioner to the
effect that it is not going to retire.

(4) If the existing trustee gives the Commissioner a notice under subsection
(3), the existing trustee must give a copy of the notice to each member of the
Part 31 entity.

(5) The existing trustee must not intentionally or recklessly contravene
subsection (1) or (4). Penalty: 250 penalty units.