Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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.