Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 34

Standards must be complied with

             (1)  Each trustee of a superannuation entity must ensure that the prescribed standards applicable to the operation of the entity are complied with at all times.

Offence

             (2)  A person who intentionally or recklessly contravenes subsection (1) is guilty of an offence punishable on conviction by a fine not exceeding 100 penalty units.

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

Validity of transaction not affected by contravention of (1)

             (3)  A contravention of subsection (1) does not affect the validity of a transaction.