Superannuation Industry (Supervision) Act 1993
PART 6
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PROVISIONS RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES
SECTION 54B
CIVIL AND CRIMINAL CONSEQUENCES FOR CONTRAVENING SECTIONS 52 AND 52A COVENANTS
Section 52 covenants
54B(1)
A person must not contravene a covenant that:
(a) is to the effect of a covenant set out in section 52 ; and
(b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Section 52A covenants 54B(2)
A person must not contravene a covenant that:
(a) is to the effect of a covenant set out in section 52A ; and
(b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Contravention has civil and criminal consequences 54B(3)
Subsections (1) and (2) are civil penalty provisions as defined by section 193 , and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, those subsections. 54B(4)
A contravention of subsection (1) or (2) does not result in the invalidity of a transaction. 54B(5)
This section does not limit the operation of section 55 .
A person must not contravene a covenant that:
(a) is to the effect of a covenant set out in section 52 ; and
(b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Section 52A covenants 54B(2)
A person must not contravene a covenant that:
(a) is to the effect of a covenant set out in section 52A ; and
(b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Contravention has civil and criminal consequences 54B(3)
Subsections (1) and (2) are civil penalty provisions as defined by section 193 , and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, those subsections. 54B(4)
A contravention of subsection (1) or (2) does not result in the invalidity of a transaction. 54B(5)
This section does not limit the operation of section 55 .
Note:
A contravention of subsection (1) or (2) may result in an action to recover loss or damage under section 55 .
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