SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 142   THE REGULATOR MAY FORMULATE A SCHEME FOR THE WINDING-UP OR DISSOLUTION, OR BOTH, OF A SUPERANNUATION ENTITY  

142(1)   Schemes.  

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.

142(2)   Vacancies.  

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.

142(3)   Contravention of scheme.  

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.

142(4)   Notification.  

The Regulator must give a copy of an instrument under subsection (1) to the acting trustee.

142(5)   Beneficiaries to be told.  

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).

142(6)   Copies to be supplied.  

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.

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.

142(8)  
(Repealed by No 154 of 2007)

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.


 

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