Document ID: chunk:federal_register_of_legislation:C2004A02825:body:0:p41
Version: federal_register_of_legislation:C2004A02825
Segment Type: other
Provision Reference: 
Character Range: 100205–103049

provisions of the law, or of the previous law, of that State or Territory that correspond with this Division; and
     (b) an approval has been granted under the provisions of the law, or of the previous law, of that State or Territory that correspond with this Division to the trustee or representative appointed for the purposes of the deed acting as trustee or representative and that approval has not been revoked and the trustee or representative has not ceased to hold office.".

Approval of deeds
61. Section 166 of the Principal Act is amended—
     (a) by omitting from sub-section (1) "company" (first occurring) and substituting "person"; and
     (b) by omitting from sub-section (3) "a deed has been approved" and substituting "approval has been granted to a deed".

Approval of trustees
62. Section 167 of the Principal Act is amended by omitting from sub-section (1) "company" and substituting "person".

Covenants to be included in deeds
63. Section 168 of the Principal Act is amended—
     (a) by inserting in paragraph (1) (c) "he or" after "that";
     (b) by inserting in sub-paragraph (1) (c) (i) "his or" after "out";
     (c) by omitting paragraph (1) (d) and substituting the following paragraph:
          "(d) a covenant binding the management company and the trustee or representative, respectively, that no moneys available for investment under the deed will be invested in or lent to the management company, the trustee or representative, or any person (other than a banking corporation or a corporation declared pursuant to paragraph 97 (7) (b) to be an authorized dealer in the short term money market) who is associated with the management company or with the trustee or representative;";
     (d) by inserting in sub-paragraph (1) (e) (i) "him or" after "by";
     (e) by omitting from sub-paragraph (1) (e) (ii) "it or he" and substituting "the trustee or representative or the auditor";
     (f) by omitting from paragraph (1) (g) "management company, trustee or representative" and substituting "management company or by the trustee or representative";
     (g) by omitting sub-section (2) and substituting the following sub-sections:
     "(2) The Commission may, by instrument in writing, declare that, subject to such terms and conditions as are specified in the instrument, a specified deed that makes provision for the appointment of a specified person as trustee for or representative of the holders of the prescribed interests to which the deed relates is not required to contain covenants to the effect of such of the matters referred to in sub-section (1), or to contain such of the matters provided for in regulations made for the purposes of paragraph 166 (2) (b), as are specified in the instrument and the Commission may, by instrument in writing, revoke the first-mentioned instrument or vary