SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 2B - REGISTRABLE SUPERANNUATION ENTITIES  

Division 5 - RSE licensees must provide information about registrable superannuation entities  

Subdivision A - Annual members ' meetings  

SECTION 29P   ANNUAL MEMBERS ' MEETING  

RSE licensees must hold annual members ' meetings

29P(1)  
The RSE licensee of a registrable superannuation entity must hold an annual meeting of members of the entity for each year of income of the entity. Notice of meeting

29P(2)  
The RSE licensee must give notice of the annual members ' meeting to each of the following:


(a) all members of the registrable superannuation entity;


(b) if the RSE licensee is a body corporate - all responsible officers of the body corporate;


(c) any person who has been an auditor of the registrable superannuation entity for the year of income of the entity;


(d) any person who has been an actuary of the registrable superannuation entity during the year of income of the entity.

29P(3)  
The RSE licensee must:


(a) include in the notice:


(i) the time and location of the annual members ' meeting; and

(ii) if the annual members ' meeting to be held by electronic means - details of how the meeting can be attended electronically; and

(iii) the agenda of matters to be discussed at the annual members ' meeting; and


(b) include with the notice any other information prescribed by the regulations; and


(c) give the notice, and any information required to be included with the notice, in the manner (if any) prescribed by the regulations; and


(d) give the notice, and any information required to be included with the notice:


(i) no later than 6 months after the end of the year of income of the entity; and

(ii) at least 21 days before the meeting.

29P(3A)  
Despite subsection 14(2) of the Legislation Act 2003 , regulations made for the purposes of paragraph (3)(b) may make provision in relation to a matter by applying, adopting or incorporating (with or without modification) any matter contained in a reporting standard, made by APRA under the Financial Sector (Collection of Data) Act 2001 , as in force or existing from time to time. Timing of meeting

29P(4)  
The meeting must be held within 3 months after the notice of the meeting is given in accordance with subsections (2) and (3). Conduct of an annual members ' meeting

29P(5)  
At the annual members ' meeting, the RSE licensee must give members of the registrable superannuation entity reasonable opportunities to ask questions about:


(a) the registrable superannuation entity; and


(b) if the RSE licensee is a body corporate - the RSE licensee and the responsible officers of the RSE licensee; and


(c) if the RSE licensee is a group of individual trustees - each of the individual trustees; and


(d) any audit of the registrable superannuation entity for the year of income of the entity; and


(e) any actuarial investigation of the registrable superannuation entity during the year of income of the entity; and


(f) any information included with the notice of the meeting. Minutes of meeting

29P(6)  
The RSE licensee must ensure that:


(a) minutes of the annual members ' meeting are prepared; and


(b) those minutes include the answers to any questions asked at the meeting that a person is obliged to answer either at or after the meeting under sections 29PB , 29PC , 29PD or 29PE ; and


(c) those minutes are made available to all members on the registrable superannuation entity ' s website. Subsection (1) does not apply in relation to certain entities

29P(7)  
Subsection (1) does not apply in relation to a registrable superannuation entity that is:


(a) a superannuation fund with fewer than 5 members; or


(b) an excluded approved deposit fund; or


(c) a pooled superannuation trust; or


(d) an eligible rollover fund. Offence

29P(8)  
A person commits an offence if:


(a) the person is:


(i) a body corporate that is an RSE licensee; or

(ii) a member of a group of individual trustees that is an RSE licensee; and


(b) the RSE licensee contravenes subsection (1), (2), (3), (4), (5) or (6).

Penalty: 50 penalty units.




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