S 62 repealed by No 123 of 2001, s 3 and Sch 1 item 269, effective 11 March 2002. S 62 formerly read:
COOLING-OFF PERIOD WHERE EMPLOYER APPLIES FOR RSA
62(1)
This section applies where an RSA is provided as the result of an application by an employer on behalf of an employee.
62(2)
The employee may, at any time before the end of 14 days after the employee receives the documents in accordance with section
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, give the RSA provider written notice that he or she wants to close the RSA and requires the balance to be transferred to another RSA provided by an RSA institution, or a superannuation entity, specified in the notice.
62(3)
If an RSA provider receives a notice under subsection (2), the RSA provider must, as soon as practicable, and in any case within 28 days, comply with the request.
62(4)
The balance to be transferred is the sum of all amounts contributed to the RSA reduced only by any amounts of taxation paid, or that the RSA provider will have to pay, in respect of those amounts. No fees may be deducted.
62(5)
The RSA provider must not, intentionally or recklessly, contravene subsection (3).
Penalty: Imprisonment for 1 year.
Note:
Chapter
2
of the
Criminal Code
sets out the general principles of criminal responsibility.
History
S 62(5) amended by No 31 of 2001, s 3 and Sch 1 item 123, by inserting the note at the end, effective 15 December 2001.
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