Superannuation Industry (Supervision) Legislation Amendment Act 1995 (144 of 1995)

Schedule 4   AMENDMENTS OF THE SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993

12   After subsection 18(7)

Insert:

"(7A) A declaration that a superannuation fund is not a public offer superannuation fund may be subject to conditions.

"(7B) If a condition has been breached the trustee must immediately notify the Commissioner, in writing, of the breach.

Penalty: 30 penalty units.

"(7C) If the Commissioner is satisfied, whether because of a notification under subsection (7B) or otherwise, that a condition to which the declaration is subject has been breached:

(a) the Commissioner may revoke the declaration; and

(b) the superannuation fund is taken, with effect from the revocation, to have become a public offer superannuation fund.".