Superannuation Industry (Supervision) Act 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 140   ACTING TRUSTEE TO NOTIFY APPOINTMENT TO BENEFICIARIES  

140(1)    
If a person is appointed under this Part to act as trustee of a superannuation entity, the person must, as soon as practicable, give each beneficiary a notice about the appointment.

140(2)    
The notice is to be in the approved form.

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History

S 140(2) amended by No 24 of 2000, s 3 and Sch 10 item 10, by substituting " the approved form " for " a form approved by ASIC " , effective 3 April 2000.

S 140(2) amended by No 54 of 1998.

140(3)    

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A person who, without reasonable excuse, contravenes this section commits an offence punishable on conviction by a fine not exceeding 50 penalty units.

140(3A)    

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Subsection (3) is an offence of strict liability.

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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History

S 140(3A) inserted by No 160 of 2000, s 3 and Sch 3 item 84, effective 18 January 2001.

140(4)    
A contravention of subsection (1) does not affect the validity of the appointment.

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