Superannuation Industry (Supervision) Act 1993

PART 19 - PUBLIC OFFER ENTITIES: PROVISIONS RELATING TO SUPERANNUATION INTERESTS

Division 2 - Issuing, offering etc. superannuation interests in public offer entities

(Repealed) SECTION 153A INTERESTS MAY BE ISSUED WITHOUT AN APPLICATION IN CERTAIN CIRCUMSTANCES
(Repealed by Revocation of Modification Declarations (F2005L02475))

[ CCH Note: MODIFICATION DECLARATION No 15 (No GN 31 of 7 August 1996) provides that Pt 19 is to have effect, in relation to public offer entities, and their trustees, as if it were modified by inserting after section 153 the following:

Interests may be issued without an application in certain circumstances
153A
A trustee of a public offer entity who issues a superannuation interest in the entity to a person without first receiving an application, or an eligible application, in accordance with the requirements of subsection 153 (1) is taken not to breach that subsection if:

(a) the entity is a standard employer-sponsored fund; and

(b) the person holds the interest as a standard employer-sponsored member of the entity; and

(c) after issuing the interest, the trustee makes reasonable efforts:

(i) to obtain from the person ' s standard employer-sponsor whichever is applicable of an application mentioned in subparagraph 153(1)(b)(i) or an eligible application mentioned in subparagraph 153(1)(b)(ii) ; or

(ii) to obtain from the person an eligible application mentioned in paragraph 153(1)(a) ; and

(d) where the trustee has not obtained such an application or eligible application within 90 days after issuing the interest, the trustee does not accept any more contributions from the standard employer-sponsor in respect of the person (until such time as the trustee receives such an application or eligible application).

This declaration is taken to have commenced on 1 July 1994. The declaration was revoked effective from 6 September 2005.]

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