Superannuation Industry (Supervision) Act 1993

PART 12 - DUTIES OF TRUSTEES AND INVESTMENT MANAGERS OF SUPERANNUATION ENTITIES  

SECTION 103   DUTY TO KEEP MINUTES AND RECORDS  

103(1)    

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If a superannuation entity has a group of individual trustees, the trustees must keep, and retain for at least 10 years, minutes of all meetings of the trustees at which matters affecting the entity were considered.

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History

S 103(1) amended by No 53 of 2004, s 3 and Sch 2 item 130, by omitting " 2 or more " after " a group of " , effective 1 July 2004.

103(2)    
If there is only one trustee of a superannuation entity:

(a) if the trustee is a corporate trustee - the directors of the trustee must keep, and retain for at least 10 years, minutes of all meetings of the directors at which matters affecting the entity were considered; or

(b) if the trustee is an individual - the trustee must keep, and retain for at least 10 years, a record of all decisions made by the trustee in respect of matters affecting the entity.

103(2A)    

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The trustee or trustees must also retain for at least 10 years an election, or a copy of an election, under section 71E .

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History

S 103(2A) inserted by No 199 of 1999.

103(3)    

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A person commits an offence if the person contravenes subsection (1), (2) or (2A). 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 .

Note 3:

Section 166 imposes an administrative penalty for a contravention of subsection (1) , (2) or (2A) in relation to a self managed superannuation fund.

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History

S 103(3) amended by No 11 of 2014, s 3 and Sch 2 item 13, by inserting note 3, applicable to contraventions that occur on or after 1 July 2014.

S 103(3) amended by No 82 of 2010 (as amended by No 136 of 2012), s 3 and Sch 6 item 54, by substituting " Penalty " for " Maximum penalty " in the penalty, effective 27 July 2010.

S 103(3) substituted by No 160 of 2000, s 3 and Sch 3 item 49, effective 18 January 2001. S 103(3) formerly read:

103(3)
A person who intentionally or recklessly contravenes subsection (1), (2) or (2A) is guilty of an offence punishable on conviction by a fine not exceeding 50 penalty units.

S 103(3) amended by No 199 of 1999.

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