33Change in trustees

33 Change in trustees (1) In this section— ***new trustee*** means a trustee appointed in substitution for a trustee or trustees or a trustee appointed in addition to a trustee or trustees; S. 33(1) def. of *special trustee* amended by No. 69/2011 s. 25. ***special trustee*** means— (a) a trustee company within the meaning of the **Trustee Companies Act 1984**; (b) a corporation constituted under the law of another State or a Territory that, in the Commissioner's opinion, corresponds to a trustee company referred to in paragraph (a); (c) the trustees of a fund that is a complying superannuation fund or that, in the opinion of the trustees, will become a complying superannuation fund within 12 months after the execution of— (i) an instrument appointing a new trustee; or (ii) an instrument by which a trustee retires without a new trustee being appointed in place of the retiree. S. 33(2) amended by No. 30/2002 s. 7(1). (2) No duty is chargeable under this Chapter in respect of a transfer of dutiable property to a special trustee solely because of the retirement of a trustee or the appointment of a new trustee. S. 33(3) substituted by No. 46/2001 s. 7(1). (3) No duty is chargeable under this Chapter in respect of a transfer of dutiable property to a person other than a special trustee if the Commissioner is satisfied that the transfer is made solely— (a) because of the retirement of a trustee or the appointment of a new trustee, or other change in trustees; and (b) in order to vest the property in the trustees for the time being entitled to hold it. S. 33(4) substituted by No. 46/2001 s. 7(1). (4) If the Commissioner is not satisfied as mentioned in subsection (3), the transfer is chargeable with duty, unless subsection (5) applies. (5) No duty is chargeable under this Chapter in respect of a transfer of property as a consequence of— (a) the retirement of a responsible entity of a managed investment scheme; or (b) the appointment of a new responsible entity of a managed investment scheme— if the Commissioner is satisfied that the only beneficial interest acquired by a person in relation to the property as a result of the transfer is a beneficial interest acquired by the replacement or new responsible entity solely because of its appointment as responsible entity for the scheme.