Superannuation Industry (Supervision) Act 1993

PART 2A - LICENSING OF TRUSTEES AND GROUPS OF INDIVIDUAL TRUSTEES  

Division 9 - Offences and self-incrimination  

SECTION 29JCB   HOLDING A CONTROLLING STAKE IN AN RSE LICENSEE WITHOUT APPROVAL  

29JCB(1)    
A person commits an offence if:

(a) the person holds a controlling stake in an RSE licensee; and

(b) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee.

Penalty: 400 penalty units for each day on which the person holds a controlling stake in the RSE licensee without approval.

29JCB(2)    
Strict liability applies to subsection (1).