S 121A repealed by No 53 of 2004, s 3 and Sch 1 item 79, effective 1 July 2006. S 121A formerly read:
SECTION 121A CERTAIN PERSONS NOT TO BE TRUSTEES OF CERTAIN SMALL FUNDS
121A(1)
Subject to subsection (1A), a person must not be, or act as, a trustee of a superannuation entity that is a superannuation fund with fewer than 5 members (other than a self managed superannuation fund) unless the person is an approved trustee or an RSE licensee that is a constitutional corporation.
History
S 121A(1) amended by No 53 of 2004, s 3 and Sch 1 item 56, by inserting
"
or an RSE licensee that is a constitutional corporation
"
at the end, effective 1 July 2004.
S 121A(1) amended by No 37 of 2002, s 3 and Sch 8 item 3, by substituting
"
Subject to subsection (1A), a person
"
for
"
A person
"
, effective 27 June 2002.
121A(1A)
Subsection (1) does not apply in respect of a superannuation fund at a particular time (the
relevant time
) if:
(a)
at the relevant time the fund is being wound up; and
(b)
immediately before the commencement of the winding up, the fund had at least 5 members; and
(c)
the relevant time is not more than one year (or such longer period, if any, as APRA allows in respect of the fund) after the time, or the first time, at which the number of members falls below 5.
History
S 121A(1A) inserted by No 37 of 2002, s 3 and Sch 8 item 4, effective 27 June 2002.
121A(2)
A person who contravenes subsection (1) is guilty of an offence punishable on conviction by imprisonment for a term not exceeding 6 months.
History
S 121A(2) inserted by No 121 of 1999, s 3 and Sch 1 item 50, effective 1 July 2000. For transitional and saving provisions, see the history note under the heading to Pt
24B
.
121A(3)
An offence under subsection (2) is an offence of strict liability.
History
S 121A(3) inserted by No 121 of 1999, s 3 and Sch 1 item 50, effective 1 July 2000. For transitional and saving provisions, see the history note under the heading to Pt
24B
.
S 121A inserted by No 121 of 1999, s 3 and Sch 1 item 49, effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt
24B
.
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