SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 138   PROPERTY VESTING ORDERS  

138(1)   [Order on appointment of acting trustee]  

If a person is appointed as acting trustee, the Regulator must make a written order vesting the property of the entity concerned in the acting trustee.

138(2)   [Appointment of acting trustee ends]  

If the appointment of the acting trustee comes to an end, the Regulator must make a written order vesting the property of the entity concerned in:


(a) if there is to be a fresh acting trustee - the fresh acting trustee; or


(b) if the acting trustee acted during a period of suspension of the actual trustee and the suspension has come to an end - the actual trustee; or


(c) if the acting trustee acted because of a vacancy in the position of actual trustee and the acting trustee's appointment has come to an end because the vacancy in the position of actual trustee has been filled by a new actual trustee - the actual trustee.

138(3)   [Property immediately vested in law or equity]  

If an order is made by the Regulator under this section vesting property of a superannuation entity in a person:


(a) if the property was vested in law in the trustee - subject to subsections (4) and (5), the property immediately vests in law in the person named in the order by force of this Act; and


(b) if the property was vested in equity in the trustee - the property immediately vests in equity in the person named in the order by force of this Act.

138(4)   [Registration of vesting order]  

If:


(a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and


(b) that law enables the registration of such an order;

the property does not vest in that person at law until the requirements of the law referred to in paragraph (a) have been complied with.

138(5)   [Registration of person named in order]  

If:


(a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and


(b) that law enables the person named in the order to be registered as the owner of that property;

the property does not vest in that person at law until the requirements of the law referred to in paragraph (a) have been complied with.




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