Superannuation Industry (Supervision) Act 1993

PART 24 - ELIGIBLE ROLLOVER FUNDS  

Division 2 - Authority to operate an eligible rollover fund  

Subdivision A - Applying for authority  

SECTION 242B  

242B   ELECTION TO TRANSFER AMOUNTS HELD IN ELIGIBLE ROLLOVER FUND IF AUTHORISATION CANCELLED  

An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if:

(a) the RSE licensee elects:

(i) to take the action required under the prudential standards in relation to amounts held in the eligible rollover fund, if the authority to operate the fund as an eligible rollover fund is cancelled under subsection 242J(1) ; and

(ii) to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 242J(3) ; and

(b) the election is in writing; and

(c) the election is in the approved form.