SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 9 - EQUAL REPRESENTATION OF EMPLOYERS AND MEMBERS - EMPLOYER-SPONSORED FUNDS  

SECTION 93   POST-30 JUNE 1995 RULES - FUNDS WITH MORE THAN 49 MEMBERS  

93(1)   Application.  

This section applies to a standard employer-sponsored fund with more than 49 members.

93(2)   Post-30 June 1995.  

This section applies on and after 1 July 1995.

93(3)   Public offer funds.  

If the fund is a public offer superannuation fund:


(a) either:


(i) the trustee of the fund must be an independent trustee; or

(ii) the fund must comply with the basic equal representation rules; and


(b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees ) - the fund must comply with those rules; and


(c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives.

93(4)   Non-public offer funds.  

If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules.

93(5)   Transitional.  

If, at a particular time, the number of members of a fund increases:


(a) from a number less than 5 to 50 or more; or


(b) from a number greater than 4, but less than 50, to 50 or more (a paragraph (b) fund );

then:


(c) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and


(d) the fund does not have to comply with this section during the period beginning at that time and ending:


(i) at the time at which such arrangements are made; or

(ii) 90 days after that time;
whichever is the earlier; and


(e) for a paragraph (b) fund - despite subsection 92(1) , the fund must comply with subsection 92(3) or (4) during the period of time referred to in paragraph (d).




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