S 29DA repealed by No 117 of 2012, s 3 and Sch 1 item 5, effective 1 July 2013. S 29DA formerly read:
SECTION 29DA CAPITAL REQUIREMENTS
29DA(1)
The capital requirements under this section are met by a constitutional corporation if it satisfies at least one of the following subsections.
29DA(2)
A constitutional corporation satisfies this subsection if APRA is satisfied that the value of the corporation's net tangible assets is equal to, or greater than, the amount prescribed by regulations made for the purposes of this subsection.
29DA(3)
A constitutional corporation satisfies this subsection if APRA is satisfied that the corporation is entitled to the benefit of an approved guarantee that:
(a)
is of an amount equal to, or greater than, the amount prescribed by regulations made for the purposes of this paragraph; and
(b)
is in respect of the corporation's duties as trustee of each registrable superannuation entity of which it is, or is proposing to become, the trustee.
[
CCH Note:
For the purposes of s 29DA(3) and 29DA(4), Superannuation Industry (Supervision) (approved guarantee) determination No 1 of 2008 has been made, effective 25 September 2008.]
29DA(4)
A constitutional corporation satisfies this subsection if APRA is satisfied that:
(a)
the corporation is entitled to the benefit of an approved guarantee that is in respect of its duties as trustee of each registrable superannuation entity of which it is, or is proposing to become, the trustee; and
(b)
the sum of the amount of the approved guarantee and the value of the corporation's net tangible assets is equal to, or greater than, the amount prescribed by regulations made for the purposes of this paragraph.
[
CCH Note:
For the purposes of s 29DA(3) and 29DA(4), Superannuation Industry (Supervision) (approved guarantee) determination No 1 of 2008 has been made, effective 25 September 2008.]
29DA(5)
A constitutional corporation satisfies this subsection if it has agreed, in writing, to comply with written requirements that:
(a)
were given to it by APRA before:
(i)
it was granted an RSE licence; or
(ii)
its class of RSE licence was varied, resulting in the RSE licensee being required to meet the capital requirements under this section; and
(b)
relate to the custody of the assets of each of the registrable superannuation entities of which it is, or is proposing to become, the trustee.
29DA(6)
In this section:
net tangible assets
has the meaning given by the regulations.
S 29DA inserted by No 53 of 2004, s 3 and Sch 1 item 29, effective 1 July 2004.
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