Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A trust meets the requirements in this section for an employee share scheme of a body corporate or registered scheme under which an ESS interest may be issued or transferred by the trustee of the trust if:
(a) the trust is covered by subsection (2); and
(b) either:
(i) the trustee acquires the ESS interest in connection with the employee share scheme for the purposes of the trustee transferring the ESS interest to an ESS participant; or
(ii) if the ESS interest is a unit in another ESS interest--the trustee acquires the other ESS interest in connection with the employee share scheme for the purposes of the trustee issuing or transferring the unit to an ESS participant.
(2) A trust is covered by this subsection if the trust deed of the trust:
(a) provides that, in its capacity as trustee of the trust, the activities of the trustee are limited to managing employee share schemes of the body corporate or registered scheme referred to in subsection (1); and
(b) requires the trustee of the trust to keep written records on the administration of the trust; and
(c) prevents the trustee of the trust charging any fees or charges for administering the trust, other than:
(i) reasonable disbursements charged to the trust; or
(ii) amounts charged to the body corporate or responsible entity of the registered scheme; and
(d) if the trustee of the trust is an associated entity of the body corporate or the relevant responsible entity--provides that the trustee may only exercise voting rights associated with the ESS interests in accordance with the instructions of the holder of the interests or consistent with the trustee's fiduciary duties; and
(e) contains terms that meet any requirements prescribed in the regulations for the purposes of this paragraph.