Superannuation Industry (Supervision) Act 1993

PART 14 - OTHER PROVISIONS APPLYING TO SUPERANNUATION ENTITIES  

SECTION 115   TRUSTEE OF SUPERANNUATION ENTITY MAY MAINTAIN RESERVES  

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115(1)    

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The trustee of a superannuation entity may maintain a reserve of the entity for a particular purpose, unless the governing rules of the entity prohibit the maintenance of a reserve for that purpose.

Governing rules of an RSE must not prohibit reserves to cover operational risk

115(2)    
The governing rules of a registrable superannuation entity must not prohibit the maintenance of a reserve to cover the operational risk relating to the entity.

115(3)    
If the governing rules of a registrable superannuation entity are inconsistent with subsection (2):

(a) subsection (2) prevails; and

(b) the governing rules are invalid, to the extent of the inconsistency.

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History

S 115 substituted by No 117 of 2012, s 3 and Sch 1 item 20, effective 1 July 2013. S 115 formerly read:

SECTION 115 TRUSTEE OF SUPERANNUATION ENTITY MAY MAINTAIN RESERVES  
115(1)
A trustee of a superannuation entity may maintain reserves of the entity.

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History

S 115(1) amended by No 53 of 2004, s 3 and Sch 2 item 187, by substituting " A trustee " for " The trustee " , effective 1 July 2004.

115(2)
Subsection (1) does not apply if the governing rules of the entity prohibit the maintenance of reserves.

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