222. Requirement for member-nominated directors of corporate trustees.

Where a company1 is a trustee of an occupational trust scheme2 and every trustee of the scheme is a company, the company must secure: (1) that, within a reasonable period of the commencement date3, arrangements are in place which provide for at least one-third of the total number of directors of the company to be member-nominated directors4; and (2) that those arrangements are implemented5.

The arrangements may provide for a greater number of member-nominated directors than that required to satisfy the one-third minimum mentioned in head (1) only if the employer has approved the greater number6. The arrangements: (a) must

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