Superannuation Industry (Supervision) Act 1993
Schemes
142(1)
If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may, by legislative instrument, formulate a scheme for the winding-up or dissolution, or both, of the entity.
Hide history note
View history noteS 142(1) amended by No 154 of 2007, s 3 and Sch 4 item 71, by substituting " legislative instrument " for " writing " , effective 24 September 2007.
S 142(1) amended by No 121 of 1999, s 3 and Sch 1 item 107, by substituting " the Regulator " for " APRA " , effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .
S 142(1) amended by No 54 of 1998.
Vacancies
142(2)
Without limiting subsection (1) , a scheme may make provision for and in relation to prohibiting the appointment of a person to fill a vacancy in the position of trustee.
Contravention of scheme
142(3)
A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section.
Penalty: 100 penalty units.
Note:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
S 142(3) amended by No 31 of 2001, s 3 and Sch 1 item 189, by inserting the note at the end, effective 15 December 2001.
Notification
142(4)
The Regulator must give a copy of an instrument under subsection (1) to the acting trustee.
S 142(4) amended by No 121 of 1999, s 3 and Sch 1 item 108, by substituting " The Regulator " for " APRA " , effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .
S 142(4) amended by No 54 of 1998.
Beneficiaries to be told
142(5)
Without limiting section 141 , the Regulator may give a direction under that section to the acting trustee requiring the acting trustee to tell beneficiaries in the entity about an instrument under subsection (1) .
S 142(5) amended by No 121 of 1999, s 3 and Sch 1 item 109, by substituting " the Regulator " for " APRA " , effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .
S 142(5) amended by No 54 of 1998.
Copies to be supplied
142(6)
A person whose interests are affected by an instrument under subsection (1) may request the Regulator to give the person a copy of the instrument. The Regulator must comply with the request.
S 142(6) amended by No 121 of 1999, s 3 and Sch 1 item 109, by substituting " the Regulator " for " APRA " (wherever occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .
S 142(6) amended by No 54 of 1998.
Publishing notice
142(7)
The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.
S 142(7) substituted by No 69 of 2023, s 3 and Sch 1 item 142, effective 1 January 2024. S 142(7) formerly read:
142(7) Advertising.The Regulator must advertise the making of each instrument under subsection (1) in such newspaper or newspapers as the Regulator considers reasonable having regard to the likely places of residence of the majority of beneficiaries in the entity. The advertisement is to be in the prescribed form.
S 142(7) amended by No 121 of 1999, s 3 and Sch 1 items 110-111, by substituting " The Regulator " for " APRA " (first occurring) and " the Regulator " for " APRA " (second occurring), effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .
S 142(7) amended by No 54 of 1998.
142(8)
(Repealed by No 154 of 2007)
S 142(8) repealed by No 154 of 2007, s 3 and Sch 4 item 72, effective 24 September 2007. S 142(8) formerly read:
142(8) Disallowance.An instrument under subsection (1) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 .
142(9)
(Repealed by No 69 of 2023)
S 142(9) repealed by No 69 of 2023, s 3 and Sch 1 item 142, effective 1 January 2024. S 142(9) formerly read:
142(9)
Section 42 of the Legislation Act 2003 does not apply to an instrument relating to an appointment under this Part of a person as a trustee of a superannuation entity if the appointment arose because of the removal, under paragraph 133(1)(c), of another trustee that:
(a) was an approved trustee at any time during the licensing transition period; and
(b) was not an RSE licensee at the end of that period.
S 142(9) amended by No 126 of 2015, s 3 and Sch 1 item 588, by substituting " Legislation Act 2003 " for " Legislative Instruments Act 2003 " , effective 5 March 2016.
S 142(9) amended by No 154 of 2007, s 3 and Sch 4 item 73, by substituting " Section 42 of the Legislative Instruments Act 2003 " for " Subsection (8) " , effective 24 September 2007.
S 142(9) inserted by No 53 of 2004, s 3 and Sch 1 item 81, effective 1 July 2006.
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