17Declaration of the default fund

17 Declaration of the default fund

(1) The Minister may, by notice in writing signed by the Minister, declare that a fund or scheme is the default fund for the purposes of this Act. At the time the declaration is made, the fund or scheme must be a complying superannuation fund (other than a self managed superannuation fund). (2) A declaration under subsection (1) must specify the date of effect of the declaration. The specified date may be the day on which the declaration is signed, or an earlier or later day. (3) The Minister must make a declaration under subsection (1) as soon as practicable after the commencement of this section. (4) The Minister must ensure that there is only one default fund at any one time. (5) The Minister may, by notice in writing signed by the Minister, revoke a declaration made under subsection (1) at any time. (6) A revocation under subsection (5) must specify the date of effect of the revocation. The specified date may be the day on which the notice is signed, or an earlier or later day. (7) If the Minister, under subsection (5), revokes a declaration under subsection (1), the Minister must make another declaration under subsection (1) which takes effect immediately after the revocation takes effect.