Alterations to constitution of registered FTC concerning directors
10 Alterations to constitution of registered FTC concerning directors
Any alteration to the constitution of registered FTC during the transition period with respect to the number, manner of appointment or manner of removal of directors of the company does not have effect unless the Minister consents in writing to the alteration.
The Minister—
must consent to any alteration to the constitution required for compliance with the Superannuation Industry (Supervision) Act 1993 of the Commonwealth or any regulations or other instruments made under that Act, and
may not consent to any alteration that would be inconsistent with that Act, those regulations or any such instrument.
Subclause (1) is declared to be a Corporations legislation displacement provision for the purposes of section 5G of the Corporations Act in relation to the provisions of the Corporations legislation generally.
Note.
Section 5G (10) of the Corporations Act provides that if a provision of a law of a State or Territory provides that additional requirements must be met for an alteration of a company’s constitution to take effect, the alteration does not take effect unless those requirements are met.
This provision refers to the regulations (any regulations
). Made under this Act:
- Superannuation Administration (Cbus Transitional Provisions) Regulation 2022
- Superannuation Administration (Electricity Superannuation Scheme Transitional Provisions) Regulation 1997
- Superannuation Administration (Local Government Superannuation Scheme Transitional Provisions) Regulation 1997
1 more instrument made under this Act are listed on the Act’s overview.
This Act’s bill:Explanatory memorandumSecond reading speech
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