Superannuation Legislation Amendment Act 1999 (38 of 1999)

Schedule 2   Amendment of the Superannuation Industry (Supervision) Act 1993

Part 1   Amendments commencing on date of Assent

24   Subsections 264(2), (3) and (4)

Repeal the subsections, substitute:

(2) The Commissioner may, by written notice given to a person who is a relevant person in relation to the entity, require the person, within a stated period, to give to the Commissioner or to an authorised person such information, or a report on such matters, relating to the affairs of the entity as are set out in the notice.

(3) The Commissioner may, by written notice given to the trustee or investment manager, direct that person, subject to such conditions (if any) as are stated in the notice:

(a) not to acquire assets on behalf of the entity; or

(b) not to dispose of, or otherwise deal, or deal in a particular way, in:

(i) any of the assets of the entity; or

(ii) any of the assets of the entity included in a specified class of assets; or

(iii) a specified asset or assets of the entity;

until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice.

Note: For example, the Commissioner may direct a trustee not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account.

(4) The Commissioner may, by written notice given to a person (other than the trustee or investment manager) who has possession, custody or control of an asset or assets of the entity, direct the person, subject to such conditions (if any) as are stated in the notice, not to dispose of, or otherwise deal, or deal in a particular way, in:

(a) if the person has possession, custody or control of a single asset - that asset; or

(b) if the person has possession, custody or control of 2 or more assets:

(i) any of those assets; or

(ii) any of those assets that are included in a specified class of assets; or

(iii) such of those assets as are identified in the notice;

until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice.

Note: For example, the Commissioner may direct a person not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account.

(4A) To avoid any doubt, the power of the Commissioner under subsection (3) or (4) to direct a person not to deal in a particular way in assets of an entity includes power to direct a person not to remove from Australia assets of the entity that are in Australia.