Superannuation Industry (Supervision) Act 1993
This section applies if the trustee, or the trustees, of a standard employer-sponsored fund (other than a superannuation fund with no more than 6 members) are required by law: (a) if the trustee is a single corporate trustee - to have member representatives on the board of directors of the trustee; or (b) (c) in any other case - to have member representatives on a policy committee of the fund.
Each trustee of the fund must ensure that: (a)
(i) setting out a procedure for appointing the member representatives; and
(ii) ensuring that member representatives so appointed can only be removed by the same procedure as that by which they were appointed, except in the event of:
(A) death; or
(B) mental or physical incapacity; or
(C) retirement; or
(D) termination of employment; or
(DA) the member representative no longer meeting one or more of the criteria for fitness and propriety relevant to the member representative set out in the prudential standards; or
(E) the member representative becoming a disqualified person within the meaning of Part 15 ; or
(F) suspension or removal under Part 17 ; or
(G) other prescribed circumstances; and
A trustee is guilty of an offence if the trustee contravenes subsection (2) .
Penalty: 100 penalty units.
A trustee is guilty of an offence if the trustee contravenes subsection (2) . This is an offence of strict liability.
Penalty: 50 penalty units.
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
For strict liability , see section 6.1 of the Criminal Code .
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