Corporations Act 2001
In exercising its powers and carrying out its duties, the responsible entity of a registered scheme must: (a) act honestly; and (b) exercise the degree of care and diligence that a reasonable person would exercise if they were in the responsible entity ' s position; and (c) act in the best interests of the members and, if there is a conflict between the members ' interests and its own interests, give priority to the members ' interests; and (d) treat the members who hold interests of the same class equally and members who hold interests of different classes fairly; and (e) not make use of information acquired through being the responsible entity in order to:
(i) gain an improper advantage for itself or another person; or
(f) ensure that the scheme ' s constitution meets the requirements of sections 601GA and 601GB ; and (g) ensure that the scheme ' s compliance plan meets the requirements of section 601HA ; and (h) comply with the scheme ' s compliance plan; and (i) ensure that scheme property is:
(ii) cause detriment to the members of the scheme; and
(i) clearly identified as scheme property; and
(j) ensure that the scheme property is valued at regular intervals appropriate to the nature of the property; and (k) ensure that all payments out of the scheme property are made in accordance with the scheme ' s constitution and this Act; and
(ii) held separately from property of the responsible entity and property of any other scheme; and
(l) (Repealed) (m) carry out or comply with any other duty, not inconsistent with this Act, that is conferred on the responsible entity by the scheme ' s constitution.
The responsible entity holds scheme property on trust for scheme members.
Note: Under subsection 601FB(2) , the responsible entity may appoint an agent to hold scheme property separately from other property.601FC(3)
A duty of the responsible entity under subsection (1) or (2) overrides any conflicting duty an officer or employee of the responsible entity has under Part 2D.1 . 601FC(4)
(Repealed by No 101 of 2007, s 3, Sch 1, Pt 1 [ 66] (effective 28 June 2007).) 601FC(5)
A responsible entity who contravenes subsection (1), and any person who is involved in a responsible entity ' s contravention of that subsection, contravenes this subsection.
Note 1: Section 79 defines involved .
Note 2: Subsection (5) is a civil penalty provision (see section 1317E ).
(Repealed by No 180 of 2012, s 3, Sch 1 (effective 11 December 2012).)
[ CCH Note: Act No 180 of 2012, s 3, Sch 7 contained the following application provision (which was effective 11 December 2012):
Application of amendments made by this Act
The amendments made by this Act apply in relation to an act or omission by a body corporate occurring on or after the day this Act commences.
(Repealed by No 117 of 2001, s 3, Sch 1 [ 179 - 180] (effective 18 September 2001).)