Document ID: chunk:federal_register_of_legislation:C2010C00406:clause:2_22:p5
Version: federal_register_of_legislation:C2010C00406
Segment Type: clause
Provision Reference: sch 2 cl 22 (pt 5/6)
Character Range: 23889–26631

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 suspended trustee or trustees or the new actual trustee or trustees (whichever is applicable).

 (3) If the Commissioner makes an order under this section vesting property of a *private ancillary fund in an entity or entities, then, subject to subsection (4), the property immediately vests in the entity or entities by force of this section.

 (4) If:
 (a) the property is of a kind whose transfer or transmission may be registered under an *Australian law; and
 (b) that law enables the registration of such an order, or enables the entity or entities to be registered as the owner of that property;
the property does not vest in the entity or entities until the requirements of the law referred to in paragraph (a) have been complied with.

426‑155  Powers of acting trustee

  Subject to section 426‑150:
 (a) the acting trustee has and may exercise all the rights, title and powers, and must perform all the functions and duties, of the original trustee or trustees; and
 (b) the *private ancillary fund's governing rules and every *Australian law apply in relation to the acting trustee as if the acting trustee were the trustee of the fund.

426‑160  Commissioner may give directions to acting trustee

 (1) The Commissioner may give the acting trustee a written notice directing the acting trustee to do, or not to do, one or more specified acts or things in relation to the *private ancillary fund.

 (2) The acting trustee commits an offence if:
 (a) the acting trustee engages in conduct (within the meaning of subsection 2(1) of this Act); and
 (b) that engagement in conduct contravenes a notice given to the acting trustee under subsection (1).

Penalty: 100 penalty units.

 (3) This section does not affect the validity of a transaction entered into in contravention of a notice given under subsection (1).

426‑165  Property vested in acting trustee—former trustees' obligations relating to books, identification of property and transfer of property

Books

 (1) An entity commits an offence if:
 (a) the Commissioner makes an order under subsection 426‑150(1) or (2) vesting the property of a *private ancillary fund in an acting trustee; and
 (b) just before the Commissioner made the order, the property was vested in:
 (a) the entity (the former trustee); or
 (b) 2 or more entities (the former trustees), including the entity; and
 (c) the former trustee or former trustees do not, within 14 days of the Commissioner making the order, give the acting trustee all books (within