Document ID: chunk:federal_register_of_legislation:F2022L00184:clause:1_28
Version: federal_register_of_legislation:F2022L00184
Segment Type: clause
Provision Reference: sch 1 cl 28
Character Range: 38051–39076

28  Governing rules inconsistent with these guidelines
 (1) If:
 (a) a *public ancillary fund does not have only trustees that are a *constitutional corporations; and
 (b) the fund was a public ancillary fund that was endorsed as a *deductible gift recipient under item 2 in the table in section 30‑15 of the Income Tax Assessment Act 1997 at the end of 30 December 2011;
then subsection 12(3) does not apply to the fund. Instead, a majority of the active trustees must be responsible persons.
 (2) If a *public ancillary fund had an existing borrowing on 30 December 2011, the fund may maintain that borrowing despite subsection 21(1). However, the fund may not alter the terms of the borrowing without the prior agreement of the Commissioner.

Division 2—Things done under the Public Ancillary Fund Guidelines 2011
Note: This Division sets out transitional rules modifying how Part 2 applies to a public ancillary fund to ensure a seamless transition between the Public Ancillary Fund Guidelines 2011 and this instrument.