SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

PART 6 - PROVISIONS RELATING TO GOVERNING RULES OF SUPERANNUATION ENTITIES  

SECTION 60   AMENDMENT OF GOVERNING RULES  

60(1)   [Superannuation entity other than a self managed fund]  

The governing rules of a superannuation entity other than a self managed superannuation fund must not permit those rules to be amended unless:


(a) the trustee, or the trustees, of the entity have consented to the amendment; or


(b) if the entity is an employer-sponsored fund:


(i) the amendment relates to the contributions that an employer-sponsor will, after the amendment, be required or permitted to pay to the fund; or

(ii) the amendment relates solely to the termination of the fund; or

(iii) the circumstances in which the amendment was made are covered by regulations made for the purposes of this subparagraph; or


(c) the amendment is made solely for the purpose of conferring on the trustee, or the trustees, the power to consent to amendments of those rules.

60(2)   [Regulated superannuation fund]  

The governing rules of a regulated superannuation fund must not permit those rules to be amended in such a way that:


(a) a person other than a constitutional corporation would be eligible to be appointed as trustee unless the rules provide, and will continue to provide after the amendment is made, that the fund has, as its sole or primary purpose, the provision of old-age pensions; or


(b) the sole or primary purpose of the fund would be a purpose other than the provision of old-age pensions unless the rules provide, and will continue to provide after the amendment is made, that the trustee must be a constitutional corporation.

60(3)   [Inconsistent rules invalid]  

If the governing rules of the superannuation entity are inconsistent with subsection (1) or (2), the subsection concerned prevails, and the governing rules are, to the extent of the inconsistency, invalid.


 

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