Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 54

54.(1) The requirements referred to in paragraph 53(5)(b) are as follows:

   (a)  the question whether the variation should be made has been voted on at
        a meeting of the beneficiaries;

   (b)  the trustee convened the meeting by sending by post, to the last-known
        address of each of the beneficiaries, at least 21 days before the
        meeting, a notice that set out:

        (i)    the date, time and place of the meeting; and

        (ii)   the reason for convening the meeting;

   (c)  the beneficiaries who, at the meeting, vote (whether in person or by
        proxy) on the question hold interests equal in value to at least the
        prescribed percentage of the total value of all the interests in the
        fund;

   (d)  the prescribed percentage of the beneficiaries who voted on the
        question cast their votes in favour of making the variation.

(2) For the purposes of paragraph (1)(c), the value of an interest is the
price at which the trustee would have to make a payment in respect of the
interest if the trustee were required to do so, under the covenant referred to
in section 53, on the day immediately before the day when the meeting is held.