Commonwealth Numbered Regulations

1993 No. 33 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 2

2.1 Before regulation 5AA, insert in Division 1 of Part II: Standards:
superannuation fund not to invite contributions, etc., unless prospectus filed

"5AAA. (1) For the purposes of subsection 7(1) of the Act, the standard in
subregulation (3) is prescribed.

"(2) In this regulation:
'applied provisions' means the following provisions of the Corporations Law:

   (a)  section 1017;

   (b)  section 1020;

   (c)  subsections 1021 (1), (2), (3), (4), (5), (6), (6A), (13), (13A) and
        (14);

   (d)  section 1022;

   (e)  section 1022A;

   (f)  section 1024 (other than subsection (7));

   (g)  section 1029;

   (h)  section 1029A;

   (i)  section 1030;

   (j)  section 1032;

   (k)  section 1033.

"(3) A person:

   (a)  must not invite persons to become members of a superannuation fund; or

   (b)  must not invite persons to begin making contributions to a
        superannuation fund in respect of new members; unless there is lodged
        with the Commissioner in relation to that superannuation fund a
        prospectus that would comply with the applied provisions if it were
        registered with the Australian Securities Commission under section
        1020A of the Corporations Law.

"(4) Subject to subregulation (5), terms used in the applied provisions that
are defined in the Corporations Law have, for the purposes of the application
of the applied provisions under subregulation (3), the same meanings as they
have in the Corporations Law.

"(5) In the application of the applied provisions under subregulation (3), a
reference in the applied provisions to:

   (a)  the Commission is taken to be a reference to the Commissioner;
and

   (b)  securities of a corporation is taken to be a reference to the interest
        of a member in a superannuation fund; and

   (c)  the allotment or sale of securities of a corporation is taken to
be a reference to a person becoming a member of the superannuation fund; and

   (d)  a reference to a buyer is taken to be a reference to a person who
        becomes a member of the superannuation fund.".