SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 349B Acquisition of property

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 349B

  (1)   This Act does not apply to the extent (if any) that its operation would result in an acquisition of property (within the meaning of paragraph   51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph).

  (2)   The following subsections do not limit subsection   (1).

  (3)   If, apart from this section, this Act would result in such an acquisition of property because:

  (a)   it would require a person to take action in relation to an accrued default amount; or

  (b)   it would require a person to take action in relation to an asset of the kind mentioned in subparagraph   29SAB(a)(i); or

  (c)   it would require a person to take action in relation to an amount held in an entity that is or was an eligible rollover fund;

then despite any other provision of this Act, the person is not required to take that action.

  (4)   If, apart from this section, this Act would result in such an acquisition of property because it would prevent the charging of a fee of a kind mentioned in paragraph   29SAC(1)(a) or 242C(1)(a), then despite any other provision of this Act, the person is not prevented from charging that fee.

  (5)   If, apart from this section, this Act would result in such an acquisition of property because it would require or permit a person to use, disclose or publish information, then despite any other provision of this Act, the person is not required or permitted to use, disclose or publish the information in the circumstances that would result in such an acquisition.

  (6)   If, apart from this section, this Act would result in such an acquisition of property because it excuses a person from liability, then despite any other provision of this Act, the person is not excused from the liability.

  (6A)   If, apart from this section, this Act would result in such an acquisition of property because it would require a person to comply with a direction given under this Act, then despite any other provision of this Act, the person is not required to comply with the direction in circumstances that would result in such an acquisition.

  (7)   To avoid doubt, any provision that does not result in an acquisition of property continues to apply in relation to:

  (a)   action in relation to accrued default amounts; and

  (b)   action in relation to an asset of the kind mentioned in subparagraph   29SAB(a)(i); and

  (ba)   action in relation to an amount held in an entity that is or was an eligible rollover fund; and

  (c)   the charging of a fee of a kind mentioned in paragraph   29SAC(1)(a) or 242C(1)(a); and

  (d)   the use, disclosure and publication of information; and

  (e)   a liability; and

  (f)   a direction given under this Act.