Document ID: chunk:federal_register_of_legislation:C2010C00406:clause:2_22:p3
Version: federal_register_of_legislation:C2010C00406
Segment Type: clause
Provision Reference: sch 2 cl 22 (pt 3/6)
Character Range: 18889–21551

took all reasonable steps to ensure that the holding out mentioned in that paragraph did not occur; or
 (c) there were no such steps that the director could have taken.

 (6) In determining what is reasonable for the purposes of paragraph (5)(a), (b) or (c), have regard to all relevant circumstances.

 (7) A person who wishes to rely on subsection (5) bears an evidential burden in relation to the matters in that subsection.

Power of courts to grant relief

 (8) Section 1318 of the Corporations Act 2001 (power of Court to grant relief in case of breach of director's duty) does not apply to a liability of a director under this section.

Suspension and removal of trustees

426‑125  Suspension or removal of trustees

Suspension

 (1) The Commissioner may suspend all of the trustees of a *private ancillary fund if the Commissioner is satisfied that the fund, or any of the trustees of the fund, have breached:
 (a) the *private ancillary fund guidelines; or
 (b) any other *Australian law.

 (2) The suspension of a trustee:
 (a) starts when the Commissioner gives the trustee notice of the suspension under subsection (3); and
 (b) ends at the time specified in the notice.

 (3) If the Commissioner decides to suspend a trustee under this section, the Commissioner must give to the trustee a written notice:
 (a) setting out the decision; and
 (b) giving the reasons for the decision; and
 (c) setting out the time the suspension ends.

Extension of suspensions

 (4) The Commissioner may change the time the suspension of a trustee ends.

 (5) If the Commissioner decides to change the time the suspension of a trustee ends under this section, the Commissioner must give to the trustee a written notice:
 (a) setting out the decision; and
 (b) giving the reasons for the decision; and
 (c) setting out the new time the suspension ends.

Removal

 (6) The Commissioner may remove all of the trustees of a *private ancillary fund if the Commissioner is satisfied that the fund, or any of the trustees of the fund, have breached:
 (a) the *private ancillary fund guidelines; or
 (b) any other *Australian law.

 (7) If the Commissioner decides to remove a trustee under this section, the Commissioner must give to the trustee a written notice:
 (a) setting out the decision; and
 (b) giving the reasons for the decision.

Review of decisions under this section

 (8) A trustee who is dissatisfied with any of the following decisions under this section may object in the manner set out in Part IVC of this Act:
 (a) a decision to suspend the trustee;
 (b) a decision to change the time a suspension of the trustee ends;
 (c) a decision to remove the