Superannuation Industry (Supervision) Act 1993

PART 7 - PROVISIONS APPLYING ONLY TO REGULATED SUPERANNUATION FUNDS  

SECTION 68C   VOTING BY A DIRECTOR OF A CORPORATE TRUSTEE - GOVERNING RULES  

68C(1)    
This section applies to a regulated superannuation fund, other than a self managed superannuation fund, of which the trustee is a body corporate.

68C(2)    
A provision in the governing rules of the fund is void to the extent that it purports to preclude a director of the trustee from voting on a matter relating to the fund.

Exception

68C(3)    
Subsection (2) does not apply to a provision in the governing rules of the fund to the extent that the provision:

(a) precludes a director of the trustee of the fund from voting on a matter in which the director has a material personal interest; or

(b) otherwise relates to voting by a director of the trustee of the fund on a matter in which the director has a material personal interest; or

(c) precludes a director of the trustee of the fund from voting where there is a conflict of a kind described in paragraph 52(2)(d) or 52A(2)(d) ; or

(d) otherwise relates to voting by a director of the trustee of the fund where there is a conflict of a kind described in paragraph 52(2)(d) or 52A(2)(d) ; or

(e) precludes a director of the trustee of the fund from exercising a casting vote; or

(f) ensures compliance by the trustee of the fund, or a director of the trustee of the fund, with a prudential standard that deals with conflicts of interest or duty.

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