SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993
[ CCH Note: Pt 24 has effect in relation to standard employer-sponsored funds and eligible rollover funds, and their trustees, as if it were modified by amendments to s 244 , 247 , 248 and 249 - see ISC Modification Declaration No 4 under s 244 , 247 , 248 and 249 .]
Each director of a corporate trustee of an eligible rollover fund must exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the obligations referred to in section 242K . 242L(2)
The reference in subsection (1) to a reasonable degree of care and diligence is a reference to the degree of care and diligence that a superannuation entity director would exercise in the corporate trustee ' s circumstances.