OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART III - APPROVED DEPOSIT FUNDS  

REGULATION 23   MATTERS TO BE INCLUDED IN GOVERNING RULES OF APPROVED DEPOSIT FUNDS  

23(1)   [ Prescribed standards ]  

For the purposes of subsection 8(1) of the Act, the standards in subregulations (2), (3) and (4) are prescribed.

23(2)   [ Time for inclusion of standards ]  

Where a requirement of a standard prescribed under the Act, other than by this regulation, and having effect on 1 January 1990 is applicable to the operation of an approved deposit fund, the governing rules of the fund must, on and after:

(a) the day on which the return for the fund for the purposes of section 14 of the Act for the year of income that ends on 30 June 1990 is given to the Commissioner; or

(b) 15 December 1990;

whichever is the earlier:

(c) include the requirement; or

(d) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules.

23(3)   [ Standards not included by required time ]  

Where:

(a) a requirement referred to in subregulation (2) is applicable to the operation of an approved deposit fund established on or before 30 June 1990; and

(b) the governing rules of the fund do not, on 30 June 1990:

(i) include the requirement; or

(ii) include a provision that has the effect that the requirement, as in force from time to time, is taken to be included in the governing rules;

the trustees of the fund must:

(c) have made before 30 June 1990 arrangements in writing for the governing rules of the fund to be amended to:

(i) include the requirement referred to in paragraph (a); or

(ii) include the provision referred to in subparagraph (b)(ii); and

(d) if required to do so by the Commissioner by notice in writing, produce to the Commissioner, within a period of not less than 14 days specified in the notice, documentary evidence that satisfies the Commissioner that the trustees have so made those arrangements.

23(4)   [ Time for inclusion of standards gazetted after 1/1/90 ]  

Where a regulation prescribed under the Act, other than by this regulation, and notified in the Gazette after 1 January 1990:

(a) amends a standard in a manner that effects a requirement applicable to the operation of an approved deposit fund; or

(b) prescribes a standard containing a requirement applicable to the operation of an approved deposit fund;

the governing rules of the fund must, on and after 30 June in the second calendar year after the calendar year in which:

(c) the amendment referred to in paragraph (a); or

(d) the requirement referred to in paragraph (b);

commences, or is notified in the Gazette , whichever is the later:

(e) include the amendment referred to in paragraph (a) or the requirement referred to in paragraph (b), as the case may be; or

(f) include a provision that has the effect:

(i) that the amendment referred to in paragraph (a) is taken to be included in the governing rules; or

(ii) that the requirement referred to in paragraph (b), as in force from time to time, is taken to be included in the governing rules.