Tax Laws Amendment (2011 Measures No. 7) Act 2011 (147 of 2011)

Schedule 8   Ancillary funds

Part 1   Public ancillary funds

Division 3   Transitional provisions

39   Transitional provision - trustees need not be constitutional corporations

Paragraph 426-102(1)(a) (trustees of public ancillary funds must be constitutional corporations, Public Trustees or prescribed) and sections 426-125 to 426-165 (Suspension and removal of trustees) in Schedule 1 to the Taxation Administration Act 1953 do not apply to the trust during the period:

(a) starting at the commencement time; and

(b) ending at the earlier of the following:

(i) the time (at or after the commencement time) the trust first satisfies the requirements of that paragraph (disregarding this item);

(ii) the first time any of the trustees of the trust revoke the agreement mentioned in item 40 in accordance with subsection 426-102(2) in that Schedule.