58Procedures for appointment

58 Procedures for appointment (1) Within 7 days after the day on which the trustees are given notice under section 54EF(1) of the Act, they must appoint a person as the special actuary and give the Minister written notice of the appointment specifying: (a) the name of the person appointed; and (b) information about the person's eligibility for appointment. (2) Within 7 days after the day the Minister is notified of the appointment, the Minister may give written notice to the trustees stating that: (a) the person appointed is not acceptable to the Minister; and (b) the trustees must, within 7 days after receiving the notice, appoint a different person as the special actuary and give the Minister written notice specifying the matters mentioned in subregulation (1)(a) and (b). (3) Subregulation (2) also applies in relation to the appointment of a different person as the special actuary. (4) The trustees must not contravene a notice given to the trustees by the Minister under subsection (2). Maximum penalty: 50 penalty units. (5) An offence against subregulation (4) is a regulatory offence. (6) It is a defence to a prosecution for an offence against subregulation (4) if the defendant establishes a reasonable excuse.