SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 135   TERMS AND CONDITIONS OF APPOINTMENT OF ACTING TRUSTEE  

135(1)   [The Regulator ' s determination]  

The Regulator may determine the terms and conditions of the appointment of the acting trustee, including fees. The determination has effect despite anything in:


(a) any other provision of this Act; and


(b) the regulations; and


(ba) the prudential standards; and


(c) any other law; and


(d) the entity ' s governing rules.

135(2)   [Fees]  

Without limiting subsection (1), the Regulator may make a determination under that subsection to the effect that the acting trustee ' s fees are to be paid out of the corpus of the entity concerned.

135(3)  


If:


(a) a person (the former trustee ) is suspended or removed as a trustee of a superannuation entity; and


(b) a person is appointed under this Part to act as trustee of the superannuation entity; and


(c) the acting trustee is required under the terms and conditions of his or her appointment to give information to APRA; and


(d) the acting trustee gives the former trustee notice in writing of the requirement;

the former trustee must do all things reasonably practicable to assist the acting trustee to comply with the requirement.

135(4)  


The former trustee commits an offence of strict liability if the former trustee fails to comply with subsection (3).

Penalty for contravention of this subsection: 50 penalty units.

Note:

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




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