Superannuation Industry (Supervision) Legislation Amendment Act 1995 (144 of 1995)

Schedule 4   AMENDMENTS OF THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

48   After subsection 120(2)

Insert:

"(2A) This subsection applies if:

(a) the body corporate knows, or has reasonable grounds to suspect, that a person who is, or is acting as, a responsible officer of the body corporate is a disqualified person; and

(b) the body corporate knows, or has reasonable grounds to suspect, that:

(i) the person is not eligible under subsection 126B(1) to apply to the Commissioner for a declaration waiving his or her status as a disqualified person; or

(ii) the person is so eligible but will not make an application under subsection 126B(3) within the period allowed for the purpose.".