Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 89

89.(1) For the purposes of this Part, a fund complies with the basic equal
representation rules if:

   (a)  both:

        (i)    the fund has a group of 2 or more individual trustees;

        (ii)   the group of trustees consists of equal numbers of
               employer representatives and member representatives; or

   (b)  both:

        (i)    the fund has a single corporate trustee;

        (ii)   the board of the corporate trustee consists of equal numbers of
               employer representatives and member representatives. Additional
               independent trustee or additional independent director

(2) For the purposes of the application of the basic equal representation
rules to a fund, a group of trustees, or the board of a corporate trustee, is
taken to consist of equal numbers of employer representatives and member
representatives if:

   (a)  the group or board includes an additional independent trustee or an
        additional independent director, as the case may be; and

   (b)  the additional independent trustee or additional independent director,
        as the case may be, is appointed at the request of the employer
        representatives, or the member representatives, who are the members of
        the group or board; and

   (c)  provision is made in the governing rules for the appointment of the
        independent additional trustee or additional independent director, as
        the case may be; and

   (d)  the governing rules do not allow the additional independent trustee or
        additional independent director, as the case may be, to exercise a
        casting vote in any proceedings of the group or board concerned.
        Vacancy

(3) For the purposes of the application of the basic equal representation
rules to a fund, if:

   (a)  a vacancy occurs in the membership of a group of trustees or of the
        board of a corporate trustee; and

   (b)  immediately before the vacancy occurred, the fund complied with the
        basic equal representation rules; and

   (c)  the vacancy is filled within 90 days after it occurred; and

   (d)  immediately after the vacancy is filled, the fund complies with the
        basic equal representation rules; the fund is taken to have complied
        with the basic equal representation rules at all times during the
        period of the vacancy.