SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 124 Investment managers must be appointed in writing

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 124

  (1)   A trustee of a superannuation entity must not make a non - written appointment of an investment manager of the entity.

Note:   Section   166 imposes an administrative penalty for a contravention of subsection   (1) in relation to a self managed superannuation fund.

  (2)   A trustee commits an offence if the trustee contravenes subsection   (1). This is an offence of strict liability.

Penalty:   50 penalty units.

Note 1:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:   For strict liability , see section   6.1 of the Criminal Code .