Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) CONSEQUENTIAL AMENDMENTS ACT 1993 No. 82, 1993 - SECT 56

56. Section 24 of the Principal Act is amended:

   (a)  by omitting from subsections (1) and (2) "subsections (3) and (4)" and
        substituting "subsection (4)";

   (b)  by omitting subparagraph (1)(a)(i) and (ii) and substituting the
        following subparagraphs:

"(i) is a regulated superannuation fund within the meaning of the
Superannuation Industry (Supervision) Act 1993; and

        (ii)   is not subject to a direction under section 63 of the
               Superannuation Industry (Supervision) Act 1993; and

        (iii)  has not been subject to such a direction at any time since the
               beginning of the day on which the benefit certificate is
               expressed to take effect; or";

   (c)  by omitting subsection (3);

   (d)  by omitting from subsection (4) "operating while in breach of a
        superannuation fund condition under the Occupational Superannuation
        Standards Act 1987" (wherever occurring) and substituting "not a
        regulated superannuation fund within the meaning of the
        Superannuation Industry (Supervision) Act 1993 or is operating while
        in breach of that Act or regulations under that Act";

   (e)  by inserting after subsection (4) the following subsection:

"(4A) Section 39 of the Superannuation Industry (Supervision) Act 1993 applies
for the purposes of subsection (4) of this section in a corresponding way to
the way in which it applies for the purposes of Division 2 of Part 5 of that
Act.".