FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
PART 7
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PRUDENTIAL PROVISIONS
Division 2
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Application of the Superannuation Industry (Supervision) Act 1993
SECTION 118
118
Persons who may be appointed to be custodians of FHSA trusts
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approved guarantee etc.
The requirement in paragraph 123(1)(b) of the Superannuation Industry (Supervision) Act 1993 is satisfied in relation to a person who is the custodian of an FHSA trust if:
(a) the person satisfies the requirement in that paragraph in relation to the person ' s duties as the custodian of a superannuation entity, because of an approved guarantee; and
(b) the trustee of the FHSA trust is also entitled to the benefit of the approved guarantee in respect of the due performance of the person ' s duties as custodian of the FHSA trust.
The requirement in paragraph 123(1)(b) of the Superannuation Industry (Supervision) Act 1993 is satisfied in relation to a person who is the custodian of an FHSA trust if:
(a) the person satisfies the requirement in that paragraph in relation to the person ' s duties as the custodian of a superannuation entity, because of an approved guarantee; and
(b) the trustee of the FHSA trust is also entitled to the benefit of the approved guarantee in respect of the due performance of the person ' s duties as custodian of the FHSA trust.
[ CCH Note: For the purposes of s 118, Superannuation Industry (Supervision) (approved guarantee) determination No 2 of 2008 has been made, effective 25 September 2008.]
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