Superannuation Industry (Supervision) Act 1993
View history note
Hide history notePt 19 heading subsituted by No 123 of 2001, s 3 and Sch 1 item 328, effective 11 March 2002. The heading formerly read:
PART 19 - PUBLIC OFFER ENTITIES - PROVISIONS RELATING TO SUPERANNUATION INTERESTS AND DISCLOSURE OF INFORMATION
(Repealed by No 123 of 2001)
S 153 repealed by No 123 of 2001, s 3 and Sch 1 item 330, effective 11 March 2002. S 153 formerly read:
SECTION 153 TRUSTEE MUST NOT ISSUE INTERESTS, OR PERMIT PERSONS TO BECOME STANDARD EMPLOYER-SPONSORS, EXCEPT PURSUANT TO APPLICATIONS
153(1)
The trustee of a public offer entity (the ' first trustee ' ) must not issue a superannuation interest in the entity to a person (the ' first person ' ) unless:
(a) the interest was issued pursuant to an eligible application made to the first trustee by the first person; or
(b) both:
(i) the interest was issued pursuant to an application made to the first trustee by a standard employer-sponsor of the entity on the first person's behalf; and
(ii) if the application is the first application for the issue of a superannuation interest made to the first trustee by the standard employer-sponsor on behalf of any person - the application is an eligible application; or
(c) both:
(i) the interest was issued pursuant to an application under Part 24 made to the first trustee by another trustee on the first person's behalf; and
(ii) if the application is the first application under Part 24 made to the first trustee by the other trustee on behalf of any person - the application is an eligible application; or
(ca) both:
(i) the interest was issued pursuant to an application under Part 9 of the Retirement Savings Accounts Act 1997 made to the first trustee by an RSA provider on the first person's behalf; and
(ii) if the application is the first application under that Part made to the first trustee by the RSA provider on behalf of any person - the application is an eligible application; or
(d) the interest is issued in circumstances specified in the regulations.Penalty: 100 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: A defendant bears an evidential burden in relation to the matter in paragraphs (1)(a) to (d) inclusive (see subsection 13.3(3) of the Criminal Code ).
HistoryS 153(1) amended by No 31 of 2001, s 3 and Sch 1 items 194 and 195, by omitting ``, intentionally or recklessly, ' ' and inserting the note at the end, effective 15 December 2001.
S 153(1) amended by No 62 of 1997, No 53 of 1995 and No 140 of 1994.
153(2)
The trustee of a public offer entity must not, intentionally or recklessly, permit a person to become a standard employer-sponsor of the entity except:
(a) pursuant to an eligible application made by the person to the trustee; or
(b) in circumstances specified in the regulations.Penalty: 100 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: A defendant bears an evidential burden in relation to the matter in paragraphs (2)(a) and (b) (see subsection 13.3(3) of the Criminal Code ).
HistoryS 153(2) amended by No 31 of 2001, s 3 and Sch 1 item 196, by inserting the note at the end, effective 15 December 2001.
S 153(2) amended by No 53 of 1995; No 140 of 1994.
153(3)
For the purposes of this section, an application is an eligible application if:
(a) the application was made in writing on a form made available by or on behalf of the trustee; and
(b) the form is in accordance with the requirements (if any) specified in a determination made under subsection (4); and
(c) when the applicant received the form, the applicant also received such additional information (if any) and such additional documents (if any) as are required by a determination made under subsection (4).HistoryS 153(3) inserted by No 140 of 1994.
153(4)
ASIC may make a written determination for the purposes of subsection (3).[ CCH Note: The Commissioner has made an instrument, ``Section 153 Determination'', effective 15 October 1997 (notified in Gazette No S411 of 15 October 1997).]
HistoryS 153(4) amended by No 54 of 1998 and inserted by No 140 of 1994.
153(5)
An instrument under subsection (4) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901 .HistoryS 153(5) inserted by No 140 of 1994.
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