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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 371
Existing trustee ceases to hold office first
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.
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