Commonwealth Consolidated Acts Commonwealth Consolidated ActsSchemes
(1) If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may, by legislative instrument, formulate a scheme for the winding - up or dissolution, or both, of the entity.
Vacancies
(2) Without limiting subsection (1), a scheme may make provision for and in relation to prohibiting the appointment of a person to fill a vacancy in the position of trustee.
Contravention of scheme
(3) A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Notification
(4) The Regulator must give a copy of an instrument under subsection (1) to the acting trustee.
Beneficiaries to be told
(5) Without limiting section 141, the Regulator may give a direction under that section to the acting trustee requiring the acting trustee to tell beneficiaries in the entity about an instrument under subsection (1).
Copies to be supplied
(6) A person whose interests are affected by an instrument under subsection (1) may request the Regulator to give the person a copy of the instrument. The Regulator must comply with the request.
Publishing notice
(7) The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.