SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 133   SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

133(1)   Suspension or removal.  

The Regulator may suspend or remove a trustee of a superannuation entity if:


(a) either:


(i) for a trustee who is an individual and who is a disqualified person only because he or she was disqualified under section 126H - the individual is disqualified from being or acting as a trustee of that superannuation entity; and

(ii) otherwise - the trustee is a disqualified person within the meaning of Part 15 ; or


(b) it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by the trustee or any other trustees of the entity may result in the financial position of the entity or of any other superannuation entity becoming unsatisfactory; or


(c) if the trustee is a trustee of a registrable superannuation entity - the trustee is not an RSE licensee or a member of a group of individuals that is an RSE licensee; or


(d) (Repealed by No 53 of 2004)


(e) if the trustee is an RSE licensee - the RSE licensee breaches any of the conditions of its RSE licence; or


(f) the Regulator has reason to believe that:


(i) either a person holds a controlling stake in the RSE licensee or a person has practical control of the RSE licensee; and

(ii) because of the person ' s control of the RSE licensee, or the way in which that control has been, is or is likely to be exercised, the RSE licensee has been, is or is likely to be unable to satisfy one or more of the trustee ' s obligations contained in a covenant set out in sections 52 to 53 , or prescribed under section 54A ; or


(g) the Regulator has reason to believe that:


(i) a person holds a controlling stake in an RSE licensee; and

(ii) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee.

133(2)   Period of suspension.  

A suspension of a trustee is to be for such period as the Regulator determines.

133(3)   Extension of period of suspension.  

A suspension of a trustee may be extended for such further period or such further periods as the Regulator determines.

133(4)   Reasons.  

If the Regulator makes a decision:


(a) suspending or removing a trustee; or


(b) extending the suspension of a trustee;

the Regulator must cause to be given to the trustee a written notice:


(c) setting out that decision; and


(d) giving the reasons for that decision.

133(5)  
(Repealed by No 25 of 2008)




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