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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

Schemes

  (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.

Vacancies

  (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.

Contravention of scheme

  (3)   A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section.

Penalty:   100 penalty units.

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

Notification

  (4)   The Regulator must give a copy of an instrument under subsection   (1) to the acting trustee.

Beneficiaries to be told

  (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).

Copies to be supplied

  (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.

Publishing notice

  (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.

 

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