93Post‑30 June 1995 rules—funds with more than 49 members

#### 93 Post‑30 June 1995 rules—funds with more than 49 members Application (1) This section applies to a standard employer‑sponsored fund with more than 49 members. Post‑30 June 1995 (2) This section applies on and after 1 July 1995. Public offer funds (3) If the fund is a public offer superannuation fund: (a) either: (i) the trustee of the fund must be an independent trustee; or (ii) the fund must comply with the basic equal representation rules; and (b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees (prescribed policy committees)—the fund must comply with those rules; and (c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives. Non‑public offer funds (4) If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules. Transitional (5) If, at a particular time, the number of members of a fund increases: (a) from a number less than 7 to 50 or more; or (b) from a number greater than 6, but less than 50, to 50 or more (a paragraph (b) fund); then: (c) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and (d) the fund does not have to comply with this section during the period beginning at that time and ending: (i) at the time at which such arrangements are made; or (ii) 90 days after that time; whichever is the earlier; and (e) for a paragraph (b) fund—despite subsection 92(1), the fund must comply with subsection 92(3) or (4) during the period of time referred to in paragraph (d).