Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 2000 (Extracts only) (24 of 2000)

Schedule 9   Amendment of superannuation legislation relating to financial assistance to funds

Superannuation Industry (Supervision) Act 1993

8   Section 228

Insert:

eligible loss :

(a) in relation to a fund that is not a defined benefit fund - means a loss suffered by the fund as a result of fraudulent conduct, or theft; and

(b) in relation to a fund that is a defined benefit fund - means so much of a loss suffered by the fund as a result of fraudulent conduct, or theft, that a standard employer-sponsor of the fund:

(i) is required to pay to the fund; but

(ii) cannot pay to the fund while remaining able to pay all debts incurred by the standard employer-sponsor, as and when the debts become due and payable.