SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 23 - FINANCIAL ASSISTANCE TO CERTAIN FUNDS  

Division 2 - Determination of applications for financial assistance  

SECTION 233   FINANCIAL ASSISTANCE TO BE SUBJECT TO CONDITIONS  

233(1)   [ Conditions]  

The payment to a trustee of a fund of a grant of financial assistance is subject to the following conditions:


(a) a condition that the amount of financial assistance granted will be deposited in the corpus of the fund;


(b) a condition that the amount will be applied, within a period determined by the Minister:


(i) in making payments to persons who were beneficiaries in the fund at the time the fund suffered the eligible loss; or

(ii) for the benefit of those persons in such other manner as the Minister approves in writing;


(c) a condition that a trustee of the fund will prepare and give to the Minister such reports on the application of the amount as are required by the Minister;


(d) such other conditions (if any) as the Minister determines and notifies in writing to a trustee of the fund.

233(2)   [ Compliance]  

Despite any law of the Commonwealth, a State or a Territory, whether written or unwritten, or any provision of a trust deed or other rules according to which a fund is administered:


(a) a trustee of a fund must comply with a condition mentioned in paragraph (1)(b); and


(b) the trustee does not contravene the law, trust deed or rules by complying with such a condition.




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