Superannuation Legislation Amendment (Trustee Obligations and Prudential Standards) Act 2012 (117 of 2012)

Schedule 1   Trustee obligations

Superannuation Industry (Supervision) Act 1993

11   After section 51

Insert:

51A Covenants are cumulative

To avoid doubt, each covenant referred to in sections 52 to 53 or prescribed under section 54A, and each obligation referred to in sections 29VN and 29VO, that applies to a trustee of a superannuation entity, or a director of a corporate trustee of a superannuation entity, applies in addition to every other covenant or obligation referred to in those sections that applies to the trustee or director.