Document ID: chunk:federal_register_of_legislation:C2025C00139:section:14:p47
Version: federal_register_of_legislation:C2025C00139
Segment Type: section
Provision Reference: s 14 (pt 47/66)
Character Range: 150498–153325

place of the removed directors or trustees until at least one of the vacancies created by the removal are filled.

100‑35  Acting responsible entities of trusts with constitutional corporations as trustees
 (1) This section applies if:
 (a) the Commissioner removes or suspends a responsible entity of a registered entity at a time; and
 (b) at that time, the registered entity is a federally regulated entity to which paragraph 205‑15(b) (a trust, all of the trustees of which are constitutional corporations) applies, and to which no other paragraph in section 205‑15 applies; and
 (c) just before that time, the responsible entity was:
 (i) a corporation to which paragraph 51(xx) of the Constitution applied; or
 (ii) a body corporate that was incorporated in a Territory.
 (2) Subject to subsection (3), the Commissioner must not appoint a person as an acting responsible entity of the registered entity unless the person meets whichever of the following requirements is applicable:
 (a) in a case to which subparagraphs (1)(c)(i) and (ii) apply—the person is a constitutional corporation;
 (b) in a case to which only subparagraph (1)(c)(i) applies—the person is a corporation to which paragraph 51(xx) of the Constitution applies;
 (c) in a case to which only subparagraph (1)(c)(ii) applies—the person is a body corporate that is incorporated in that Territory.
 (3) The Commissioner may appoint a person that does not meet the requirement in subsection (2) as an acting responsible entity of the registered entity under section 100‑30 if it is not practical for the Commissioner to appoint a person that does meet that requirement.
 (4) If the Commissioner appoints a person that does not meet the requirement in subsection (2) as an acting responsible entity in accordance with subsection (3) at a time:
 (a) the person cannot act as a responsible entity under section 100‑30 for longer than 6 months; and
 (b) if it becomes practical at a later time for the Commissioner to appoint a person that does meet that requirement—the person cannot act as a responsible entity after that later time.

100‑40  Terms and conditions of appointment of acting responsible entities
 (1) The Commissioner may determine the terms and conditions of the appointment of the acting responsible entities. The determination has effect despite anything in:
 (a) any Australian law other than this section; or
 (b) the registered entity's governing rules; or
 (c) if the suspended or removed responsible entities were directors of a trustee of the registered entity—the governing rules of the trustee.
 (2) Without limiting subsection (1), the Commissioner may make a determination under that subsection to the effect that the acting responsible entities' fees are to be paid out of the assets of:
 (a) the registered entity; or
 (b) if the