SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29J Being trustee of a registrable superannuation entity while unlicensed etc.

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29J

  (1)   A person must not be a trustee, or act as a trustee, of a registrable superannuation entity unless at least one of the following paragraphs apply:

  (a)   the person holds an RSE licence that enables the person to be the trustee of the entity;

  (b)   the person is a member of a group of individual trustees that holds an RSE licence that enables the members of the group to each be a trustee of the entity.

  (2)   Despite subsection   13.3(3) of the Criminal Code , a defendant does not bear an evidential burden in relation to any matter in subsection   (1) of this section.

  (3)   A person that contravenes subsection   (1) commits an offence.

Penalty:   Imprisonment for 2 years, or 120 penalty units, or both.

Note:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility and Part   IA of the Crimes Act 1914 contains provisions dealing with penalties.

  (4)   A person must not be a trustee of a registrable superannuation entity, or act as a trustee of a registrable superannuation entity, if the person:

  (a)   is a body corporate; and

  (b)   is not the only trustee of the registrable superannuation entity.

  (5)   A person that contravenes subsection   (4) commits an offence.

Penalty:   Imprisonment for 2 years, or 120 penalty units, or both.

Note:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility and Part   IA of the Crimes Act 1914 contains provisions dealing with penalties.

  (6)   This section does not prevent an RSE licensee from engaging or authorising persons to act on its behalf.