Approval of trustees
54DBA Approval of trustees
(1) The trustees of an approved scheme must, as soon as practicable after appointing a trustee of the scheme, apply in writing to the Minister to approve the appointment.
The Minister must, by written notice to the trustees:
(a) if satisfied the person meets the eligibility criteria for the appointment as specified by regulation – approve the appointment; or
otherwise – refuse to approve the appointment.
(3) The appointment of the person as a trustee of the scheme takes effect only after the appointment has been approved under this section.
(4) A regulation may prescribe matters relating to the appointment of a person as a trustee of an approved scheme, including any of the following:
the application for approval of the person;
the approval or refusal to approve;
the revocation of approval;
a person ceasing to be a trustee;
giving notices relevant to the appointment.
This Act’s bill:Second reading speech
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