South Australian Consolidated Acts South Australian Consolidated ActsSchedule 3—Amendments relating to superannuation
Part
1—Preliminary
(1) Parts 2, 3 and 4
of this Schedule come into operation in accordance with a notice or notices by
the Treasurer published in the Gazette.
(2) A notice
may—
(a) fix
the same day or different days for different provisions of Parts 2, 3 and 4 to
come into operation;
(b)
suspend the operation of specified provisions of Part 2, 3 or 4 until a day or
days to be fixed by subsequent notice or notices.
(3) In this
clause—
provision means—
(a) a
clause, or a paragraph of a clause, of this Schedule; or
(b) a
clause of a schedule (including a clause of the Trust Deed) inserted or
substituted by this Schedule; or
(c) a
clause of Schedule 1 of the Electricity Corporations Act 1994 (including
a clause of the Trust Deed) inserted by clause 4 of this Schedule; or
(d) a
subclause or a paragraph or subparagraph of a clause referred to in
paragraph (b) or (c) or a paragraph or subparagraph of such a subclause.
Part 4—Amendment of Schedule 1 of the
Electricity Corporations Act 1994
Note—
Clause 4(h), (j)-(l), (p), (r), (u), (y) and (zc) had not come into operation
at the date of the publication of this version.
Schedule 1 of the Electricity Corporations Act 1994 as substituted by
Part 2 of this Schedule is amended—
(h) by
striking out Part D;
(j) by
renumbering the clauses of the Trust Deed in numerical order following the
amendments to be made by the following paragraphs of this clause and by making
consequential changes to cross references;
Note—
New clauses inserted by subsequent paragraphs of this clause are given the
number they will have after the renumbering.;
(k) by
striking out clause 1 of the Trust Deed and substituting the following clause:
1—Operation of Deed
This Deed came into operation at the same time as Schedule 1 of the
Electricity Corporations Act 1994 as substituted by the Electricity
Corporations (Restructuring and Disposal) Act 1999.;
(l) by
inserting the following definition after the definition of commencement of
this Deed in subclause (1) of clause 2 of the Trust Deed:
electricity corporation has the same meaning as in the Electricity
Corporations Act 1994;;
(p) by
inserting after subclause (1) of clause 2 of the Trust Deed the following
subclause:
(1a) A term defined in
the relevant law has the same meaning in this Deed.;
(r) by
inserting the following clause after clause 3 of the Trust Deed:
4—Amendment of Deed
(1) Subject to the
relevant law, the Trustee may, by instrument in writing, amend or replace this
Deed.
(2) Where the
amendment or replacement of this Deed would result in an increase in the
contribution to be made by an employer or increase the liability of the
employer under the Scheme in any other way, the Deed cannot be amended or
replaced without the approval of the employer.
(3) An amendment or
replacement of this Deed will be taken to come into operation on the date
specified in the instrument amending or replacing the Deed whether being a
date before or after the date on which the instrument was made.;
(u) by
striking out "Subject to subclause (3)" from subclause (1) of clause 5 of the
Trust Deed and substituting "Subject to the relevant law and to
subclause (3)";
(y) by
inserting the following clauses after clause 10 of the Trust Deed:
11—Application of Superannuation Industry (Supervision) Act 1993
(1) The Trustee must
give notice to the Australian Prudential Regulation Authority electing that
the Superannuation Industry (Supervision) Act 1993 of the Commonwealth is
to apply to the Scheme.
(2) The Trustee must,
after the election referred to in subclause (1), comply with all relevant
provisions of the relevant law unless exempted from compliance with a
specified provision or provisions by the authority administering the law
concerned.
12—Application of relevant law in certain circumstances
(1) A person who has a
discretion under this Deed or the Rules must not exercise that discretion
without the consent of the Trustee if the relevant law so requires.
(2) A person must not
give a direction to the Trustee pursuant to this Deed or the Rules in
contravention of the relevant law.
(3) A covenant that is
required by the relevant law to be included in this Deed will be taken to be
included and will be binding on the Trustee and each member, or each member of
the governing body, of the Trustee.
13—Resolution of inconsistency
A provision of clause 11 or 12 that is inconsistent with any other provision
of this Deed or the Rules will prevail to the extent of the inconsistency.
14—Term of office of Trustee
(1) The Trustee, holds
office until—
(a) it
retires from office by written notice to the employers; or
(b) a
person is appointed as a receiver, receiver and manager or liquidator of the
Trustee or a court approves a scheme of management providing for its
dissolution; or
(c) it
is disqualified from holding office as Trustee of the Scheme.
(2) Subclause (1) does
not apply to the Board.
15—Appointment of new Trustee
(1) When the office of
Trustee becomes vacant the employers must, by a majority decision, appoint
another Trustee.
(2) Only a body that
is a constitutional corporation for the purposes of section 19 of the
Superannuation Industry (Supervision) Act 1993 of the Commonwealth may be
appointed as Trustee of the Scheme.
(3) An act of the
Trustee is not invalid by reason only of a defect in its appointment.
16—Powers of Trustee
(1) The Trustee may
delegate any of its functions, powers or duties under this Deed or the Rules
to any person.
(2) The
delegation—
(a) must
be by instrument in writing;
(b) may
be absolute or conditional;
(c) does
not derogate from the power of the Trustee to act in any matter;
(d) is
revocable at will by the Trustee.
(3) The Trustee has
all other powers that are necessary or desirable for the proper administration
of the Scheme in accordance with the relevant law.
17—Conflict of interest
A member, or a member of the governing body, of the Trustee will not be taken
to have a conflict of interest in relation to any matter being considered by
the Trustee by reason only of the fact that he or she is entitled, or
potentially entitled, to benefits under the Scheme.;
(zc) by
inserting in clause 13 of the Trust Deed after paragraph (b) of
subclause (1) of that clause ", or the exclusion of liability is
prohibited by the relevant law.".