Document ID: chunk:federal_register_of_legislation:C2010C00406:clause:2_22:p4
Version: federal_register_of_legislation:C2010C00406
Segment Type: clause
Provision Reference: sch 2 cl 22 (pt 4/6)
Character Range: 21347–24128

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 trustee.

426‑130  Commissioner to appoint acting trustee in cases of suspension or removal

Appointment of acting trustee

 (1) If the Commissioner suspends all of the trustees of a *private ancillary fund under section 426‑125, the Commissioner must appoint a single entity to act as the trustee (the acting trustee) of the fund during the period of the suspension.

 (2) If the Commissioner removes all of the trustees of a *private ancillary fund under section 426‑125, the Commissioner must appoint a single entity to act as the trustee (the acting trustee) of the fund until all of the vacancies in the position of trustee are filled.

Acting trustee need not be constitutional corporation

 (3) An acting trustee need not be a *constitutional corporation, and may be the Commissioner. Paragraph 426‑105(1)(a) does not apply in relation to an acting trustee.

 (4) An entity that is not a *constitutional corporation may not act as trustee under this section for longer than 6 months.

Acting trustee must have agreed to comply with guidelines

 (5) An entity may only be appointed as acting trustee if the entity has, in accordance with paragraph 426‑105(1)(b), agreed to comply with the rules in the *private ancillary fund guidelines, as in force from time to time.

426‑135  Terms and conditions of appointment of acting trustee

 (1) The Commissioner may determine the terms and conditions of the appointment of the acting trustee, including fees. The determination has effect despite anything in:
 (a) any *Australian law other than this section; or
 (b) the *private ancillary fund's governing rules.

 (2) Without limiting subsection (1), the Commissioner may make a determination under that subsection to the effect that the acting trustee's fees are to be paid out of the corpus of the *private ancillary fund.

426‑140  Termination of appointment of acting trustee

  The Commissioner may terminate the appointment of the acting trustee at any time.

426‑145  Resignation of acting trustee

 (1) The acting trustee may resign by writing given to the Commissioner.

 (2) The resignation does not take effect until the end of the seventh day after the day on which it was given to the Commissioner.

426‑150  Property vesting orders

 (1) If the Commissioner appoints an acting trustee, the Commissioner must make a written order vesting the property of the *private ancillary fund in the acting trustee.

 (2) If the appointment ends, the Commissioner must make a written order vesting the property of the fund in the new acting trustee, the previously