SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 15 - STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

Division 2 - Requirements for custodians and investment managers  

SECTION 124   INVESTMENT MANAGERS MUST BE APPOINTED IN WRITING  

124(1)  


A trustee of a superannuation entity must not make a non-written appointment of an investment manager of the entity.
Note:

Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.

124(2)  


A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.

Penalty: 50 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

For strict liability , see section 6.1 of the Criminal Code .




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