Taxation Administration Act 1953
Note: See section 3AA .Chapter 5 - Administration
If the Commissioner suspends all of the trustees of an *ancillary fund under section 426-125 , the Commissioner must appoint a single entity to act as the trustee (the acting trustee ) of the fund during the period of the suspension.
If the Commissioner removes all of the trustees of an *ancillary fund under section 426-125 , the Commissioner must appoint a single entity to act as the trustee (the acting trustee ) of the fund until all of the vacancies in the position of trustee are filled.
An acting trustee need not be a *constitutional corporation, and may be the Commissioner. Paragraph 426-105(1)(a) does not apply in relation to an acting trustee. 426-130(4)
An entity that is not a *constitutional corporation may not act as trustee under this section for longer than 6 months. Acting trustee must have agreed to comply with guidelines 426-130(5)
An entity may only be appointed as acting trustee if the entity has, in accordance with paragraph 426-102(1)(b) or 426-105(1)(b) , agreed to comply with the rules in the *public ancillary fund guidelines or the *private ancillary fund guidelines (whichever are applicable) as in force from time to time.
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