Superannuation Industry (Supervision) Act 1993

Pt 31 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

Div 2 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

Subdiv D repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

S 372 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007. S 372 formerly read:

SECTION 372 EXISTING TRUSTEE CANNOT CEASE TO HOLD OFFICE AT SAME TIME AS EXISTING MANAGEMENT COMPANY  
372(1)
This section applies if:

(a) the existing trustee and the existing management company, on or after 1 July 1994, would, but for this section, cease, at the same time (the cessation time ), to hold office as the trustee and management company, respectively, of the Part 31 entity otherwise than because of this Division; and

(b) the entity is a superannuation entity at the cessation time.

372(2)
By force of this section, the existing trustee does not cease, at the cessation time, to hold office as the trustee of the Part 31 entity.

372(3)
This Division applies as if:

(a) the existing management company had given the existing trustee a notice under section 357 that specified as the date of effect the day in which the cessation time occurs; and

(b) the existing trustee had given APRA a notice under subsection 359(3) .

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History

S 372(3) amended by No 54 of 1998.

372(4)
Subsection 359(4) does not apply for the purposes of this Division as it applies because of subsection (3) of this section.

372(5)
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.