Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 19

19.(1) A regulated superannuation fund is a superannuation fund in respect of
which subsections (2) to (4) have been complied with. Fund must have a trustee

(2) The superannuation fund must have a trustee. Trustee must be a
constitutional corporation or fund must be a pension fund

(3) Either of the following must apply:

   (a)  the trustee of the fund must be a constitutional corporation pursuant
        to a requirement contained in the governing rules;

   (b)  the governing rules must provide that the sole or primary purpose of
        the fund is the provision of old-age pensions. Election by trustee

(4) The trustee or trustees must have given to the Commissioner a written
notice in the approved form signed by the trustee or each trustee:

   (a)  in the case of a corporate trustee-under its common or official seal;
        or

   (b)  in the case of an individual-by him or her; electing that this Act is
        to apply in relation to the fund. Election is irrevocable

(5) An election made as mentioned in subsection (4) is irrevocable. Trustee
has power to make election despite anything in the governing rules etc.

(6) The trustee or trustees have the power to make an election as mentioned in
subsection (4) despite anything in the governing rules of the fund. Certain
funds must become regulated superannuation funds

(7) If all of the following conditions are satisfied in relation to a
superannuation fund at any time during the period beginning on the day on
which this Act received the Royal Assent and ending at the end of the fund's
1993-94 year of income:

   (a)  the fund has a trustee;

   (b)  either:

        (i)    the trustee of the fund is a constitutional corporation; or

        (ii)   the governing rules of the fund provide that the sole or
               primary purpose of the fund is the provision of
               old-age pensions;

   (c)  the fund is not a public sector superannuation scheme;

   (d)  there is in force a notice under section 12 or 13 of the Occupational
        Superannuation Standards Act 1987 stating that the Commissioner is
        satisfied that the fund satisfied, or should be treated as if it had
        satisfied, the superannuation fund conditions in relation to a
        particular year of income;

   (e)  there is not in force a notice under section 12 or 13 of the
        Occupational Superannuation Standards Act 1987 stating that the
        Commissioner is not satisfied that the fund satisfied the
        superannuation fund conditions in relation to a year of income later
        than the year of income mentioned in paragraph (d); the trustee of the
        fund must use its best endeavours to ensure that the fund becomes a
        regulated superannuation fund at or before the beginning of the fund's
        1994-95 year of income. Contravention of subsection (7) is not an
        offence

(8) A contravention of subsection (7) is not an offence. However, a
contravention of subsection (7) is a ground for the grant of an injunction
under section 315. References to repealed provisions of OSSA

(9) A reference in this section to a provision of the Occupational 
Superannuation Standards Act 1987 includes a reference to the provision as it
continues to apply, despite its repeal, because of the Occupational 
Superannuation Standards Amendment Act 1993 .