29Governing rules inconsistent with these guidelines

29 Governing rules inconsistent with these guidelines

(1) If: (a) a *private ancillary fund does not have a sole trustee that is a *constitutional corporation; and (b) the fund was a prescribed private fund at the end of 30 September 2009; then subsection 12(3) does not apply to the fund. Instead, at least one responsible person must be a trustee of the fund and a member of any other controlling body of the fund. (2) If a *private ancillary fund had an existing borrowing on 30 September 2009, the fund may maintain that borrowing despite subsection 21(1). However, the fund may not alter the terms of the borrowing without the prior agreement of the Commissioner.