Superannuation Industry (Supervision) Act 1993

PART 2B - REGISTRABLE SUPERANNUATION ENTITIES  

Division 5 - RSE licensees must provide information about registrable superannuation entities  

Subdivision A - Annual members ' meetings  

SECTION 29PA   OBLIGATION TO ATTEND AN ANNUAL MEMBERS ' MEETING  

29PA(1)    
If:

(a)    the RSE licensee of a registrable superannuation entity is a body corporate; and

(b)    any of the following persons is given notice of an annual members ' meeting for the entity in accordance with subsections 29P(2) and (3) :


(i) the Chair of the board of directors of the RSE licensee;

(ii) a director of the RSE licensee;

(iii) an executive officer of the RSE licensee;

the person must attend the meeting.

Penalty: 50 penalty units.


29PA(2)    
A member of a group of individual trustees that is an RSE licensee of a registrable superannuation entity must attend an annual members ' meeting for the entity.

Penalty: 50 penalty units.


29PA(3)    


If:

(a)    a person (the relevant person ) has been an individual RSE auditor of a registrable superannuation entity for a year of income of the entity; and

(b)    the relevant person is given notice of an annual members ' meeting for the entity for the year in accordance with subsections 29P(2) and (3) ;

then:

(c)    if the relevant person is a practising auditor - the relevant person must attend the meeting; and

(d)    if:


(i) the relevant person is not a practising auditor; and

(ii) another person is the individual RSE auditor of the entity;

the individual RSE auditor must attend the meeting; and

(e)    if:


(i) the relevant person is not a practising auditor; and

(ii) a firm or company is the RSE auditor of the entity; and

(iii) the firm or company is conducting an audit of the entity;

the lead auditor of the audit must attend the meeting.

Penalty: 50 penalty units.


29PA(3A)    


If:

(a)    a firm or company has been an RSE auditor of a registrable superannuation entity for a year of income of the entity; and

(b)    the firm or company is given notice of an annual members ' meeting for the entity for the year in accordance with subsections 29P(2) and (3) ; and

(c)    a person (the relevant lead auditor ) was the lead auditor of the audit of the entity that was conducted by the firm or company for the year;

then:

(d)    if:


(i) the firm or company conducts audits; and

(ii) the relevant lead auditor is a member or employee of the firm or a director or employee of the company;
the relevant lead auditor must attend the meeting; and

(e)    if:


(i) the firm or company conducts audits; and

(ii) paragraph (d) does not apply; and

(iii) a person (the relevant audit team member ) was a member of the audit team that was involved in the audit of the entity that was conducted by the firm or company for the year; and

(iv) the relevant audit team member is a member or employee of the firm or a director or employee of the company; and

(v) the relevant audit team member is not the lead auditor of the audit of the entity;
the relevant audit team member must attend the meeting; and

(f)    if:


(i) the firm or company does not conduct audits; and

(ii) another person is the individual RSE auditor of the entity;
the individual RSE auditor must attend the meeting; and

(g)    if:


(i) the firm or company does not conduct audits; and

(ii) another firm or company is the RSE auditor of the entity; and

(iii) the other firm or company is conducting an audit of the entity;
the lead auditor of the audit must attend the meeting.

Penalty: 50 penalty units.


29PA(3B)    


If:

(a)    2 or more persons are required by paragraph (3A)(e) to attend a meeting; and

(b)    one of those persons attends the meeting;

the remaining persons are not required to attend the meeting.


29PA(4)    
A person who has been an actuary of a registrable superannuation entity during a year of income of the entity must attend an annual members ' meeting for the entity relating to that year if the person is given notice of the meeting in accordance with subsections 29P(2) and (3) .

Penalty: 50 penalty units.


29PA(5)    


Subsections (1) , (2) , (3) , (3A) and (4) do not apply to a person if the person has a reasonable excuse for not attending.

29PA(6)    
Subsection (1) does not apply to a director of an RSE licensee of a registrable superannuation entity, if:

(a)    other directors of the entity have attended the meeting; and

(b)    the number of directors of the entity who attended the meeting is no less than the number of directors that would constitute a quorum for a meeting of the board of directors of the entity.




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