Superannuation Industry (Supervision) Act 1993

S 57(2) substituted by No 135 of 2020, s 3 and Sch 9 item 64, effective 1 January 2021 and applicable in relation to: (a) liabilities imposed on or after 1 January 2022; and (b) amounts that become payable under infringement notices (however described) given on or after 1 January 2022.

57(2)
A provision of the governing rules of a superannuation entity is void in so far as it would have the effect of indemnifying a director of the trustee against:

(a) a liability that arises because the director:

(i) fails to act honestly in a matter concerning the entity; or

(ii) intentionally or recklessly fails to exercise, in relation to a matter affecting the entity, the degree of care and diligence that the director is required to exercise; or

(b) liability for a monetary penalty under a civil penalty order; or

(c) the payment of any amount payable under an infringement notice; or

(d) liability for the costs of undertaking a course of education in compliance with an education direction; or

(e) liability for an administrative penalty imposed by section 166 .

S 57(2) amended by No 11 of 2014, s 3 and Sch 2 item 8, by inserting para (d) and (e), applicable to contraventions that occur on or after 1 July 2014.

S 57(2) amended by No 61 of 2013, s 3 and Sch 1 item 70, by inserting para (c), effective 1 July 2013.

S 57(4) amended by No 55 of 2001, s 3 and Sch 3 item 503, by substituting " Corporations Act 2001 " for " Corporations Law of a State or internal Territory " , effective 15 July 2001.