Superannuation Industry (Supervision) Act 1993

Pt 31 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

Div 2 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

Subdiv B repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007.

S 359 repealed by No 154 of 2007, s 3 and Sch 1 item 155, effective 24 September 2007. S 359 formerly read:

SECTION 359 ACTION TO BE TAKEN BY EXISTING TRUSTEE ON RECEIPT OF NOTICE UNDER SECTION 357  
359(1)
If the existing trustee receives a notice under section 357 , the existing trustee must take action under subsection (2) or (3) within 2 months after receiving the notice.

359(2)
Subject to section 361 , the existing trustee may retire from the office of trustee of the Part 31 entity by giving written notice to APRA.

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History

S 359(2) amended by No 54 of 1998.

359(3)
The existing trustee may give written notice to APRA to the effect that it is not going to retire.

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S 359(3) amended by No 54 of 1998.

359(4)
If the existing trustee gives APRA a notice under subsection (3), the existing trustee must give a copy of the notice to each member of the Part 31 entity.

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S 359(4) amended by No 54 of 1998.

359(5)
The existing trustee must not intentionally or recklessly contravene subsection (1) or (4).

Penalty: 250 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

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History

S 359(5) amended by No 31 of 2001, s 3 and Sch 1 item 230, by inserting the note at the end, effective 15 December 2001.