221. Requirement for member-nominated trustees.

The trustees of an occupational trust scheme1 must secure: (1) that, within a reasonable period of the commencement date2, arrangements are in place which provide for at least one-third of the total number of trustees to be member-nominated trustees3; and (2) that those arrangements are implemented4. The arrangements may provide for a greater number of member-nominated trustees than that required to satisfy the one-third minimum mentioned in head (1) only if the employer5 has approved the greater number6.

The arrangements: (a) must provide for the nomination and selection process to take place within a reasonable period of any requirement arising