Superannuation Industry (Supervision) Act 1993
PART 24
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ELIGIBLE ROLLOVER FUNDS
Division 2
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Authority to operate an eligible rollover fund
Subdivision D
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Trustee obligations relating to eligible rollover funds
SECTION 242L
ADDITIONAL OBLIGATIONS OF A DIRECTOR OF A CORPORATE TRUSTEE IN RELATION TO AN ELIGIBLE ROLLOVER FUND
242L(1)
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.
View history note
Hide history note[ 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.
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