Superannuation Industry (Supervision) Act 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 141   THE REGULATOR MAY GIVE DIRECTIONS TO ACTING TRUSTEE  

141(1)   [ The Regulator's directions ]  

If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may give a written notice to the person directing the person to do, or not to do, one or more specified acts or things in relation to the superannuation entity.

141(2)   [ Penalty ]  

A person must not intentionally or recklessly contravene a direction under subsection (1).

Penalty: 100 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

141(3)   [ Validity of transaction ]  

This section does not affect the validity of a transaction entered into by a person in contravention of the notice.