Document ID: chunk:federal_register_of_legislation:C2025C00167:schedule:2:p19
Version: federal_register_of_legislation:C2025C00167
Segment Type: schedule
Provision Reference: sch 2 (pt 19/95)
Character Range: 911195–914032

kind mentioned in section 40‑55 in relation to a registered trustee, or registered trustees.
 (2) The committee must consist of:
 (a) the Inspector‑General; and
 (b) a registered trustee chosen by a prescribed body; and
 (c) a person appointed by the Minister.
Note 1: Section 50‑5 sets out the knowledge and experience that a prescribed body must be satisfied a person has before making an appointment under paragraph (2)(b).
Note 2: Section 50‑10 sets out the matters of which the Minister must be satisfied before making an appointment under paragraph (2)(c).

40‑50  Inspector‑General may refer matters to the committee
  The Inspector‑General may refer a registered trustee to a committee convened under section 40‑45 if the Inspector‑General:
 (a) gives the trustee a notice under section 40‑40 (a show‑cause notice); and
 (b) either:
 (i) does not receive an explanation within 20 business days after the notice is given; or
 (ii) is not satisfied by the explanation.

40‑55  Decision of the committee
 (1) If a registered trustee is referred to a committee under section 40‑50, the committee must decide one or more of the following:
 (a) that the trustee should continue to be registered;
 (b) that the trustee's registration should be suspended for a period, or until the occurrence of an event, specified in the decision;
 (c) that the trustee's registration should be cancelled;
 (d) that the Inspector‑General should direct the trustee not to accept any further appointments as trustee, or not to accept any further appointments as trustee during the period specified in the decision;
 (e) that the trustee should be publicly admonished or reprimanded;
 (f) that a condition specified in the decision should be imposed on the trustee;
 (g) that a condition should be imposed on all other registered trustees that they must not allow the trustee to carry out any of the functions or duties, or exercise any of the powers, of a trustee on their behalf (whether as employee, agent, consultant or otherwise) for a period specified in the decision of no more than 10 years;
 (h) that the Inspector‑General should publish specified information in relation to the committee's decision and the reasons for that decision.
 (2) Without limiting paragraph (1)(f), conditions imposed under that paragraph may include one or more of the following:
 (a) a condition that the trustee engage in, or refrain from engaging in, specified conduct;
 (b) a condition that the trustee engage in, or refrain from engaging in, specified conduct except in specified circumstances;
 (c) a condition that the trustee publish specified information;
 (d) a condition that the trustee notify a specified person or class of persons of specified information;
 (e) a condition that the trustee publish a specified statement;
 (f) a condition that the trustee