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

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

61   Subsection 130(2)

Omit the subsection, substitute:

Trustee to be told about the financial position

"(2) Subject to subsection (2A), the person must tell the trustee of the entity about the matter in writing.

The person may not have to tell the trustee about the financial position

"(2A) The person does not have to tell the trustee of the entity about the matter if:

(a) the person has been told by another person who is subject to section 130 that:

(i) that other person has already told the trustee about the matter; and

(ii) that other person has also told the Commissioner about the matter or given the trustee a written notice under subsection 130(4); and

(b) the first-mentioned person has no reason to disbelieve that other person.

Penalty for misleading information

"(2B) If:

(a) this section applies to a person; and

(b) that person is aware of a matter that must, under this section, be told to the trustee; and

(c) the person knowingly tells another person that he or she has taken the action described in subparagraphs (2A)(a)(i) and (ii) when the person has not taken that action;

the person is guilty of an offence against this subsection.

Penalty: Imprisonment for 12 months.".