Superannuation Industry (Supervision) Act 1993

PART 23 - FINANCIAL ASSISTANCE TO CERTAIN FUNDS  

Division 3 - Repayment of financial assistance  

SECTION 238   FINANCIAL ASSISTANCE TO BE REPAID IN CERTAIN CIRCUMSTANCES  

238(1)   [Trustee liable to repay]  

The trustee, or the trustees, of a fund for which a grant of financial assistance has been made are liable to repay to the Commonwealth the amount of the financial assistance or such part of that amount as the Minister determines if:

(a) a condition to which the grant of the financial assistance was subject has been contravened; or

(b) the grant of the financial assistance is subject to a condition that a particular event does not occur and that event has occurred.

238(2)   [Manner of repayment]  

The Minister is to determine the manner in which repayments of financial assistance are to be made.

238(3)   [Amount debt due to Commonwealth]  

If the trustee, or the trustees, of a fund are liable to pay an amount to the Commonwealth under subsection (1), the Commonwealth may recover the amount as a debt.