SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 19 - PUBLIC OFFER ENTITIES: PROVISIONS RELATING TO SUPERANNUATION INTERESTS  

Division 2 - Issuing, offering etc. superannuation interests in public offer entities  

SECTION 152   LIMITATION ON ISSUING, OFFERING ETC. SUPERANNUATION INTERESTS IN PUBLIC OFFER ENTITIES  

152(1)   [Application]  

This section applies to the following conduct:


(a) issuing superannuation interests in a public offer entity;


(b) offering to issue superannuation interests in a public offer entity;


(c) inviting the making of applications for the issue of superannuation interests in a public offer entity.

152(2)   [Trustee not to engage in conduct]  

The trustee of a public offer entity must not engage in conduct to which this section applies.

Penalty: Imprisonment for 5 years.

Note:

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

152(2A)   [S 152(2) not applied]  

Subsection (2) does not apply if:


(a) the trustee is a constitutional corporation and is an RSE licensee; and


(b) the entity is constituted by a deed as a trust.

Note:

A defendant bears an evidential burden in relation to the matter in subsection (2A) (see subsection 13.3(3) of the Criminal Code ).

152(3)   [Offence by other persons]  

A person, other than the trustee of a public offer entity, must not engage in conduct to which this section applies.

Penalty: Imprisonment for 5 years.

Note:

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

152(4)   [Trustee may authorise other persons]  

This section does not prevent the trustee of a public offer entity from engaging or authorising persons to act on behalf of the trustee.




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