Superannuation Industry (Supervision) Act 1993

PART 25 - MONITORING AND INVESTIGATION  

Division 3 - APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity  

SECTION 259   APRA MAY VETO APPOINTMENT OF INVESTIGATOR OR INVESTIGATORS  

259(1)   [Trustee's advice]  

Each trustee of the entity must ensure that, within 7 days after the date on which the notice was given, APRA is advised, in writing, of the name of the person or persons appointed.

259(2)   [Where appointment unacceptable]  

If APRA notifies a trustee of the entity that the person is, or any or all of the persons are, not acceptable to APRA, the trustee, or trustees, of the entity must, within 7 days after the date on which the notice was given:

(a) appoint a different individual or individuals; and

(b) advise APRA, in writing, of the name of the individual or individuals so appointed.

259(3)   [APRA's notice]  

APRA may, within 7 days after the advice was given under subsection (1) or (2), notify a trustee of the entity, in writing, that the person is, or that any or all of the persons are, not acceptable to APRA.