Superannuation Industry (Supervision) Act 1993

PART 24 - ELIGIBLE ROLLOVER FUNDS  

Division 2 - Authority to operate an eligible rollover fund  

Subdivision D - Trustee obligations relating to eligible rollover funds  

SECTION 242L   ADDITIONAL OBLIGATIONS OF A DIRECTOR OF A CORPORATE TRUSTEE IN RELATION TO AN ELIGIBLE ROLLOVER FUND  

242L(1)  
Each director of a corporate trustee of an eligible rollover fund must exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the obligations referred to in section 242K .

242L(2)  
The reference in subsection (1) to a reasonable degree of care and diligence is a reference to the degree of care and diligence that a superannuation entity director would exercise in the corporate trustee ' s circumstances.


 

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