Superannuation Industry (Supervision) Act 1993
PART 15
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STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES
Division 2
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Requirements for custodians and investment managers
SECTION 124
INVESTMENT MANAGERS MUST BE APPOINTED IN WRITING
124(1)
A trustee of a superannuation entity must not make a non-written appointment of an investment manager of the entity.
124(2)
A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.
View history note
Hide history noteA trustee of a superannuation entity must not make a non-written appointment of an investment manager of the entity.
Note:
Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund.
124(2)
A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
For strict liability , see section 6.1 of the Criminal Code .
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