Superannuation Industry (Supervision) Act 1993
Schemes
142(1)
If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may, by legislative instrument, formulate a scheme for the winding-up or dissolution, or both, of the entity.
View history note
Hide history noteVacancies
142(2)
Without limiting subsection (1) , a scheme may make provision for and in relation to prohibiting the appointment of a person to fill a vacancy in the position of trustee.
Contravention of scheme
142(3)
A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section.
Penalty: 100 penalty units.
Note:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Notification
142(4)
The Regulator must give a copy of an instrument under subsection (1) to the acting trustee.
Beneficiaries to be told
142(5)
Without limiting section 141 , the Regulator may give a direction under that section to the acting trustee requiring the acting trustee to tell beneficiaries in the entity about an instrument under subsection (1) .
Copies to be supplied
142(6)
A person whose interests are affected by an instrument under subsection (1) may request the Regulator to give the person a copy of the instrument. The Regulator must comply with the request.
Publishing notice
142(7)
The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.
142(8)
(Repealed by No 154 of 2007)
142(9)
(Repealed by No 69 of 2023)
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