Commonwealth Repealed Acts

This legislation has been repealed.

CORPORATIONS LAW- SECT 1455

(1)

This section provides for the bodies that hold the offices of trustee or representative and management company to retire from those offices. A retirement under this section takes effect if, and only if, the undertaking becomes a registered scheme.

(2)

One of the bodies may retire from the office it holds by giving written notice of its retirement to the other body. The body giving the notice must lodge a copy of it with ASIC.

(3)

Once one of the bodies has given a retirement notice to the other body, that other body cannot give a retirement notice. If both bodies give notices at the same time, the notice by the body that holds the office of management company is ineffective.

(4)

A retirement notice may only be given:

(a)

while Division 5 of Part 7.12 of the old Law continues to apply to the prescribed interests; and

(b)

during the first year after the commencement.

(5)

A retirement notice cannot be revoked.

(6)

Section 1456 sets out what happens when one of the bodies gives the other a retirement notice.

(7)

Section 1457 sets out what happens if neither of the bodies gives the other a retirement notice.

(8)

Sections 1458 to 1461 only confer rights and impose obligations on a body for so long as:

(a)

if the body is the trustee or representative or the management company-the body continues to hold that office; and

(b)

in any case-the undertaking is not a registered scheme.