Superannuation Industry (Supervision) Act 1993
PART 15
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STANDARDS FOR TRUSTEES, CUSTODIANS AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES
Division 2
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Requirements for custodians and investment managers
SECTION 122
INVESTMENT MANAGER MUST NOT APPOINT OR ENGAGE CUSTODIAN WITHOUT THE TRUSTEE'S CONSENT
122(1)
An investment manager of a superannuation entity must not appoint or engage a custodian of the entity without the written consent of the trustee, or the trustees, of the entity.
122(2)
The investment manager commits an offence if the investment manager contravenes subsection (1). This is an offence of strict liability.
View history note
Hide history noteAn investment manager of a superannuation entity must not appoint or engage a custodian of the entity without the written consent of the trustee, or the trustees, of the entity.
122(2)
The investment manager commits an offence if the investment manager contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
Note 1:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2:
For strict liability , see section 6.1 of the Criminal Code .
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