SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 25 - MONITORING AND INVESTIGATION  

Division 3 - APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity  

SECTION 259   APRA MAY VETO APPOINTMENT OF INVESTIGATOR OR INVESTIGATORS  

259(1)   [Trustee's advice]  

Each trustee of the entity must ensure that, within 7 days after the date on which the notice was given, APRA is advised, in writing, of the name of the person or persons appointed.

259(2)   [Where appointment unacceptable]  

If APRA notifies a trustee of the entity that the person is, or any or all of the persons are, not acceptable to APRA, the trustee, or trustees, of the entity must, within 7 days after the date on which the notice was given:


(a) appoint a different individual or individuals; and


(b) advise APRA, in writing, of the name of the individual or individuals so appointed.

259(3)   [APRA's notice]  

APRA may, within 7 days after the advice was given under subsection (1) or (2), notify a trustee of the entity, in writing, that the person is, or that any or all of the persons are, not acceptable to APRA.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.