PART 19
-
PUBLIC OFFER ENTITIES: PROVISIONS RELATING TO SUPERANNUATION INTERESTS
History
Pt 19 heading subsituted by No 123 of 2001, s 3 and Sch 1 item 328, effective 11 March 2002. The heading formerly read:
PART 19
-
PUBLIC OFFER ENTITIES
-
PROVISIONS RELATING TO SUPERANNUATION INTERESTS AND DISCLOSURE OF INFORMATION
Division 2
-
Issuing, offering etc. superannuation interests in public offer entities
SECTION 152
LIMITATION ON ISSUING, OFFERING ETC. SUPERANNUATION INTERESTS IN PUBLIC OFFER ENTITIES
152(1)
[Application]
This section applies to the following conduct:
(a)
issuing superannuation interests in a public offer entity;
(b)
offering to issue superannuation interests in a public offer entity;
(c)
inviting the making of applications for the issue of superannuation interests in a public offer entity.
152(2)
[Trustee not to engage in conduct]
The trustee of a public offer entity must not engage in conduct to which this section applies.
Penalty: Imprisonment for 5 years.
Note:
Chapter 2 of the
Criminal Code
sets out the general principles of criminal responsibility.
History
S 152(2) and (2A) substituted for s 152(2) by No 31 of 2001, s 3 and Sch 1 item 191, effective 15 December 2001. S 152(2) formerly read:
152(2)
The trustee of a public offer entity must not, intentionally or recklessly, engage in conduct to which this section applies unless:
(a)
the trustee is an approved trustee and is the only trustee of the entity; and
(b)
the entity is constituted by a deed as a trust.
Penalty: Imprisonment for 5 years.
152(2A)
[S 152(2) not applied]
Subsection (2) does not apply if:
(a)
the trustee is a constitutional corporation and is an RSE licensee; and
(b)
the entity is constituted by a deed as a trust.
Note:
A defendant bears an evidential burden in relation to the matter in subsection (2A) (see subsection
13.3(3)
of the
Criminal Code
).
History
S 152(2A) amended by No 53 of 2004, s 3 and Sch 1 item 85, by substituting para (a), effective 1 July 2006. Para (a) formerly read:
(a)
the trustee:
(i)
is the only trustee of the entity and is an approved trustee; or
(ii)
is a constitutional corporation and is an RSE licensee; and
S 152(2A) amended by No 53 of 2004, s 3 and Sch 1 item 59, by substituting para (a), effective 1 July 2004. Para (a) formerly read:
(a)
the trustee is an approved trustee and is the only trustee of the entity; and
S 152(2) and (2A) substituted for s 152(2) by No 31 of 2001, s 3 and Sch 1 item 191, effective 15 December 2001.
152(3)
[Offence by other persons]
A person, other than the trustee of a public offer entity, must not engage in conduct to which this section applies.
Penalty: Imprisonment for 5 years.
Note:
Chapter 2 of the
Criminal Code
sets out the general principles of criminal responsibility.
History
S 152(3) amended by No 31 of 2001, s 3 and Sch 1 items 192 and 193, by omitting
"
, intentionally or recklessly,
"
after
"
must not
"
and inserting the note at the end, effective 15 December 2001.
152(4)
[Trustee may authorise other persons]
This section does not prevent the trustee of a public offer entity from engaging or authorising persons to act on behalf of the trustee.
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