Superannuation Industry (Supervision) Act 1993

S 21 repealed by No 53 of 2004, s 3 and Sch 1 item 71, effective 1 July 2006. S 21 formerly read:

SECTION 21 OBJECT OF PART  
21(1)
The object of this Part is to provide for constitutional corporations to be approved as trustees for the purposes of this Act.

21(2)
This Part operates concurrently with Part 2A (which is about licensing of trustees and groups of individual trustees). The significance of the approval or licensing of trustees, or groups of individual trustees, is as follows:

(a) a fund cannot be an approved deposit fund unless it is maintained by an approved trustee or an RSE licensee that is a constitutional corporation (the other requirements of the definition of approved deposit fund in section 10 must also be satisfied);

(b) the trustee of a public offer entity must not engage in conduct to which section 152 applies unless the trustee is an approved trustee or an RSE licensee that is a constitutional corporation (other requirements also apply before that conduct may be engaged in);

(c) a person must not be, or act as, the trustee of a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) if the person is required by subsection 121A(1) to be, but is not, an approved trustee or an RSE licensee that is a constitutional corporation;

(d) APRA may suspend or remove a trustee of a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) if the trustee is required by subsection 121A(1) to be, but is not, an approved trustee or an RSE licensee that is a constitutional corporation;

(e) a person may contravene subsection 29J(1) if the person is not an approved trustee or does not hold an RSE licence.

Note:

See Part 2A for information about RSE licences.

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History

S 21(2) substituted by No 53 of 2004, s 3 and Sch 1 item 23, effective 1 July 2004. S 21(2) formerly read:

21(2)
The significance of the approval of trustees is as follows:

(a) a fund cannot be an approved deposit fund unless it is maintained by an approved trustee (the other requirements of the definition of ``approved deposit fund'' in section 10 must also be satisfied);

(b) the trustee of a public offer entity must not engage in conduct to which section 152 applies unless the trustee is an approved trustee (the other requirements of subsection 152(2) must also be satisfied);

(c) a person must not be the trustee of a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) if the person is required by subsection 121A(1) to be, but is not, an approved trustee;

(d) APRA may suspend or remove a trustee of a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) if the trustee is required by subsection 121A(1) to be, but is not, an approved trustee.

S 21(2) amended by No 37 of 2002, s 3 and Sch 8 items 1 and 2, by substituting " if the person is required by subsection 121A(1) to be, but is not, an approved trustee " for " unless the person is an approved trustee " in para (c) and substituting " is required by subsection 121A(1) to be, but is not, an approved trustee " for " is not an approved trustee " in para (d), effective 27 June 2002.

S 21(2) amended by No 121 of 1999, s 3 and Sch 1 items 28 and 29, by inserting para (c), effective 8 October 1999, and by inserting para (d), effective 1 April 2000. For transitional and saving provisions, see the history note under the heading to Part 24B .