“Missing” Deed of Variation

The previous Deed of Variation before the “Elliott Resolution” was executed on 15 February 1977. A copy of this Deed of Variation can be found here.

This Deed of Variation recites Regulation 50 as the Power of Amendment and is executed in accordance with the provisions of Regulation 50; namely the instrument is a “Deed” {and duty stamped as a Deed} and the Deed has been executed by a majority of the Directors of the sponsoring Employer as well as by a majority of the natural person Trustees. All signatures have been witnessed.

The “Elliott Resolution” is not a Deed and has not been duty stamped as a Deed and this document does not recite Regulation 50 as the Power of Amendment. Instead a purported “Rule 1.9.1″ is recited.

Purported “Rule 1.9.1″ is not just a renumbered version of Regulation 50, since it is fundamentally different provisions compared to Regulation 50.

“Rule 1.9.1″ purports that the Power of Amendment has been provided to the Trustees and not the Directors of the sponsoring Employer. Furthermore an important “fetter” the requirement that a “Deed” is required as the amending instrument has been purportedly removed.

A subsidiary company of the National Australia Bank is now a “defacto trustee” of this fund and has been unable to produce a copy of any Deed of Variation that purports to repeal Regulation 50 and to replace the Power of Amendment with purported “Rule 1.9.1″.

The Fund Secretary has been unable to produce such as document as was requested here.

An outline of what such a Deed of Variation would look like is shown in the following diagram.

Missing Deeds of Variation #1


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This tab updated on 15 March 2015