Superannuation Industry (Supervision) Act 1993

PART 17 - SUSPENSION OR REMOVAL OF TRUSTEE OF SUPERANNUATION ENTITY  

SECTION 141   THE REGULATOR MAY GIVE DIRECTIONS TO ACTING TRUSTEE  

141(1)   [The Regulator's directions]  

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If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may give a written notice to the person directing the person to do, or not to do, one or more specified acts or things in relation to the superannuation entity.

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History

S 141(1) amended by No 121 of 1999, s 3 and Sch 1 item 106, by substituting ``the Regulator'' for ``APRA'', effective 8 October 1999. For transitional and saving provisions, see the history note under the heading to Pt 24B .

S 141(1) amended by No 54 of 1998.

141(2)   [Penalty]  

A person must not intentionally or recklessly contravene a direction under subsection (1).

Penalty: 100 penalty units.

Note:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

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History

S 141(2) amended by No 31 of 2001, s 3 and Sch 1 item 187, by inserting the note at the end, effective 15 December 2001.

141(3)   [Validity of transaction]  

This section does not affect the validity of a transaction entered into by a person in contravention of the notice.

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