Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 371

371.(1) This section applies if:

   (a)  the existing trustee, on or after 1 July 1994, ceases to hold office
        as the trustee of the Part 31 entity otherwise than because of this
        Division; and
(b) at the time (the "cessation time") when the existing trustee ceases to
hold office:

        (i)    the existing management company still holds office as the
               management company of the entity; and

        (ii)   the entity is a superannuation entity.

(2) This Division applies as if:

   (a)  the existing trustee had given the existing management company a
        notice under subsection 363(1) that specified as the date of effect
        the day in which the cessation time occurs; and

   (b)  the existing management company had given the Commissioner a notice
        under subsection 364(3); and

   (c)  the Commissioner had, under section 365, appointed the existing
        management company as the new trustee of the Part 31 entity.

(3) Any notices:

   (a)  actually given under Subdivision B or C by the existing management
        company or the existing trustee; or

   (b)  taken by subsection 362(1) or 369(1) to have been given by the
        existing trustee or the existing management company; have no effect.