27Converting a private ancillary fund into a public ancillary fund

27 Converting a private ancillary fund into a public ancillary fund

With the agreement of the Commissioner, a *private ancillary fund may amend its governing rules to convert the fund into a *public ancillary fund, despite anything in this instrument.

Note 1: This means that after receiving the agreement of the Commissioner, the trustee may ignore any provision of this instrument to the extent that it would prevent the conversion of the private ancillary fund into a public ancillary fund.

Note 2: After the conversion, the rules applying to public ancillary funds apply to the converted fund (see Subdivision 426-D in Schedule 1 to the Act and the Taxation Administration (Public Ancillary Fund) Guidelines 2022).