Superannuation Industry (Supervision) Act 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 142   THE REGULATOR MAY FORMULATE A SCHEME FOR THE WINDING-UP OR DISSOLUTION, OR BOTH, OF A SUPERANNUATION ENTITY  
Schemes

142(1)    


If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may, by legislative instrument, formulate a scheme for the winding-up or dissolution, or both, of the entity.

Vacancies

142(2)    
Without limiting subsection (1) , a scheme may make provision for and in relation to prohibiting the appointment of a person to fill a vacancy in the position of trustee.

Contravention of scheme

142(3)    
A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section.

Penalty: 100 penalty units.

Note:

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



Notification

142(4)    


The Regulator must give a copy of an instrument under subsection (1) to the acting trustee.

Beneficiaries to be told

142(5)    


Without limiting section 141 , the Regulator may give a direction under that section to the acting trustee requiring the acting trustee to tell beneficiaries in the entity about an instrument under subsection (1) .

Copies to be supplied

142(6)    


A person whose interests are affected by an instrument under subsection (1) may request the Regulator to give the person a copy of the instrument. The Regulator must comply with the request.

Publishing notice

142(7)    


The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.

142(8)    
(Repealed by No 154 of 2007)


142(9)    
(Repealed by No 69 of 2023)





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