Superannuation Industry (Supervision) Act 1993
Pt 19 heading subsituted by No 123 of 2001, s 3 and Sch 1 item 328, effective 11 March 2002. The heading formerly read:
PART 19 - PUBLIC OFFER ENTITIES - PROVISIONS RELATING TO SUPERANNUATION INTERESTS AND DISCLOSURE OF INFORMATION
Div 5 repealed by No 123 of 2001, s 3 and Sch 1 item 333, effective 11 March 2002. Div 5 formerly read:
Division 5 - Application money to be held on trust
SECTION 168 SECTION 168 SITUATION TO WHICH DIVISION APPLIES - APPLICATION MONEY RECEIVED BUT SUPERANNUATION INTEREST NOT ISSUED IMMEDIATELY
This Division applies to money received by the trustee of a public offer entity from a person in respect of an application for the issue of a superannuation interest in the entity if the trustee does not, for whatever reason (for example, because the application has not been received), issue the superannuation interest immediately after receiving the money.SECTION 169 TRUSTEE TO COMPLY WITH REQUIREMENTS OF THE REGULATIONS IN RELATION TO THE MONEYHistory
S 168 amended by No 38 of 1999.
The Trustee must, subject to subsection (2), hold the money on trust, in accordance with the regulations, for the person on whose behalf the money was received.History
S 169(1) amended by No 38 of 1999.
The trustee must comply with the requirements of the regulations in relation to how the money so held on trust is to be dealt with (including, for example, requirements about the payment to a person of the money and any interest that has accrued).
The trustee is guilty of an offence if the trustee contravenes subsection (1) or (2).
Maximum penalty: Imprisonment for 1 year.
Note: Subsection 4B(2) of the Crimes Act 1914 allows a court to impose an appropriate fine instead of, or in addition to, a term of imprisonment. If a body corporate is convicted of the offence, subsection 4B(3) of that Act allows a court to impose a fine of an amount that is not greater than 5 times the maximum fine that could be imposed by the court on an individual convicted of the same offence.History
S 169(3) and (4) substituted for s 169(3) by No 160 of 2000, s 3 and Sch 3 item 61, effective 18 January 2001. S 169(3) formerly read:
The trustee must not, intentionally or recklessly, contravene subsection (1) or (2).
Penalty: Imprisonment for 1 year.
The trustee is guilty of an offence if the trustee contravenes subsection (1) or (2). This is an offence of strict liability.
Maximum penalty: 50 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: For strict liability , see section 6.1 of the Criminal Code .History
S 169(3) and (4) substituted for s 169(3) by No 160 of 2000, s 3 and Sch 3 item 61, effective 18 January 2001.