SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 242L Additional obligations of a director of a corporate trustee in relation to an eligible rollover fund
SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 242L
Additional obligations of a director of a corporate trustee in relation to an eligible rollover fund(1) Each director of a corporate trustee of an eligible rollover fund must exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the obligations referred to in section 242K.
(2) The reference in subsection (1) to a reasonable
degree of care and diligence is a reference to the degree of care and
diligence that a superannuation entity director would exercise in the
corporate trustee's circumstances.