Western Australian Consolidated Acts

STATE SUPERANNUATION ACT 2000 - SECT 44

44 .         Formation of TrustCo

        (1)         The Board and MutualCo are to take the necessary steps to form a subsidiary of MutualCo that is a proprietary company limited by shares and cause it to be registered under the Corporations Act.

        (2)         The company is to be formed and registered with —

            (a)         MutualCo as the only shareholder; and

            (b)         not less than 3 directors nominated by the Treasurer; and

            (c)         a constitution that has been approved by the Treasurer.

        (3)         The Treasurer must not approve a constitution unless satisfied that it contains provisions to the effect that —

            (a)         after the transfer time, the membership of the board of the company will satisfy the equal representation requirements set out in the SIS Act Part 9; and

            (b)         more than half of the directors of the company must be independent directors.

        (4)         In subsection (3)(b) —

        independent director means a director who is not —

            (a)         a director or employee of MutualCo; or

            (b)         an employee of TrustCo; or

            (c)         a director or employee of any subsidiary of MutualCo other than TrustCo.

        [Section 44 inserted by No. 25 of 2007 s. 16.]