Commonwealth Numbered Regulations

1990 No. 149 OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS (AMENDMENT) - REG 3

3. Regulation 23 of the Principal Regulations is repealed and the following
regulation substituted: Matters to be included in governing rules of approved
deposit funds

"23. (1) For the purposes of subsection 8 (1) of the Act, the standards in
subregulations (2), (3) and (4) are prescribed.

"(2) Where a requirement of a standard prescribed under the Act, other than by
this regulation, and having effect on 1 January 1990 is applicable to the
operation of an approved deposit fund, the governing rules of the fund must,
on and after:

   (a)  the day on which the return for the fund for the purposes of section
        14 of the Act for the year of income that ends on 30 June 1990 is
        given to the Commissioner; or

   (b)  15 December 1990; whichever is the earlier:

   (c)  include the requirement; or

   (d)  include a provision that has the effect that the requirement, as in
        force from time to time, is taken to be included in the governing
        rules.

"(3) Where:

   (a)  a requirement referred to in subregulation (2) is applicable to the
        operation of an approved deposit fund established on or before 30 June
        1990; and

   (b)  the governing rules of the fund do not, on 30 June 1990:

   (i)  include the requirement; or

   (ii) include a provision that has the effect that the requirement, as in
        force from time to time, is taken to be included in the governing
        rules; the trustees of the fund must:

   (c)  have made before 30 June 1990 arrangements in writing for the
        governing rules of the fund to be amended to:

   (i)  include the requirement referred to in paragraph (a); or

   (ii) include the provision referred to in subparagraph (b) (ii); and

   (d)  if required to do so by the Commissioner by notice in writing, produce
        to the Commissioner, within a period of not less than 14 days
        specified in the notice, documentary evidence that satisfies the
        Commissioner that the trustees have so made those arrangements.

"(4) Where a regulation prescribed under the Act, other than by this
regulation, and notified in the Gazette after 1 January 1990:

   (a)  amends a standard in a manner that affects a requirement applicable to
        the operation of an approved deposit fund; or

   (b)  prescribes a standard containing a requirement applicable to the
        operation of an approved deposit fund; the governing rules of the fund
        must, on and after 30 June in the second calendar year after the
        calendar year in which:

   (c)  the amendment referred to in paragraph (a); or

   (d)  the requirement referred to in paragraph (b); commences, or is
        notified in the Gazette, whichever is the later:

   (e)  include the amendment referred to in paragraph (a) or the requirement
        referred to in paragraph (b), as the case may be; or

   (f)  include a provision that has the effect:

   (i)  that the amendment referred to in paragraph (a) is taken to be
        included in the governing rules; or

   (ii) that the requirement referred to in paragraph (b), as in force from
        time to time, is taken to be included in the governing rules.".