SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 142 The Regulator may formulate a scheme for the winding - up or dissolution, or both, of a superannuation entity
SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 142
The Regulator may formulate a scheme for the winding - up or dissolution, or both, of a superannuation entity(1) If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may, by legislative instrument, formulate a scheme for the winding - up or dissolution, or both, of the entity.
(2) Without limiting subsection (1), a scheme may make provision for and in relation to prohibiting the appointment of a person to fill a vacancy in the position of trustee.
(3) A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
(4) The Regulator must give a copy of an instrument under subsection (1) to the acting trustee.
(5) Without limiting section 141, the Regulator may give a direction under that section to the acting trustee requiring the acting trustee to tell beneficiaries in the entity about an instrument under subsection (1).
(6) A person whose interests are affected by an instrument under subsection (1) may request the Regulator to give the person a copy of the instrument. The Regulator must comply with the request.
(7) The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.