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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 115 Trustee of superannuation entity may maintain reserves

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 115

Trustee of superannuation entity may maintain reserves

  (1)   The trustee of a superannuation entity may maintain a reserve of the entity for a particular purpose, unless the governing rules of the entity prohibit the maintenance of a reserve for that purpose.

Governing rules of an RSE must not prohibit reserves to cover operational risk

  (2)   The governing rules of a registrable superannuation entity must not prohibit the maintenance of a reserve to cover the operational risk relating to the entity.

  (3)   If the governing rules of a registrable superannuation entity are inconsistent with subsection   (2):

  (a)   subsection   (2) prevails; and

  (b)   the governing rules are invalid, to the extent of the inconsistency.

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