Commonwealth Consolidated Acts

SUPERANNUATION ACT 1976 - SECT 44

             (1)  The Board must keep proper accounts and records of the Fund's transactions and affairs in accordance with the accounting principles generally applied in commercial practice.

             (2)  The Board must do all things necessary to ensure that:

                     (a)  all payments out of the Fund are correctly made and properly authorised; and

                     (b)  adequate control is maintained over the assets of the Fund and over the incurring of liabilities by the Board in respect of the Fund.

             (3)  If a requirement of this section is contravened, each Trustee who:

                     (a)  caused the contravention; or

                     (b)  failed to take all reasonable steps to comply with the requirement, or secure compliance with the requirement;

is guilty of an offence.

Penalty for contravention of subsection (3):   Imprisonment for 6 months, or 30 penalty units, or both.

Note:          Part IA of the Crimes Act 1914 contains provisions dealing with penalties.