Superannuation Industry (Supervision) Act 1993
This section applies if:
(a) after the commencement of this section, the Regulator makes an order under subsection 138(1) or (2) vesting the property of a superannuation entity in an acting trustee; or
(b) the Regulator made such an order before the commencement of this section and that order is still in force when this section commences. 141A(2)
In this section, the person in whom the property was vested immediately before the order was made is referred to as the former trustee . 141A(3)
The former trustee commits an offence:
(a) if paragraph (1)(a) applies - if the former trustee does not, within 14 days of the order being made, give the acting trustee all books relating to the entity ' s affairs that are in the former trustee ' s possession, custody or control; or
(b) if paragraph (1)(b) applies - if the former trustee does not, within 14 days of the commencement of this section, give the acting trustee all books relating to the entity ' s affairs that are in the former trustee ' s possession, custody or control.
Penalty: 50 penalty units.
The acting trustee may, by notice in writing to the former trustee, require the former trustee, so far as the former trustee can do so:
(a) to identify property of the entity; and
(b) to explain how the former trustee has kept account of that property. 141A(5)
The acting trustee may, by notice in writing to the former trustee, require the former trustee to take specified action that is necessary to bring about a transfer of specified property of the entity to the acting trustee. 141A(6)
The former trustee commits an offence if:
(a) the acting trustee gives the former trustee a notice under subsection (4) or (5); and
(b) the former trustee does not, within 28 days of the notice being given, comply with the requirement in the notice.
Penalty: 50 penalty units.
Subsections (3) and (6) are offences of strict liability.
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 .
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.