Superannuation Industry (Supervision) Act 1993

PART 25 - MONITORING AND INVESTIGATION  

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Pt 25 heading substituted by No 158 of 2012, s 3 and Sch 2 item 41, effective 31 January 2013. For application provisions see note under Pt 16 Div 1A heading. The heading formerly read:

PART 25 - MONITORING AND INVESTIGATING SUPERANNUATION ENTITIES

Division 3 - APRA may require trustee of superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity  

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Heading to Div 3 substituted by No 54 of 1998.

SECTION 257   INVESTIGATION OF FINANCIAL POSITION OF SUPERANNUATION ENTITY  

257(1)   [APRA requirement]  

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APRA may, by written notice given to a trustee of a superannuation entity, require the trustee, or the trustees, of the entity to appoint an individual, or a committee of individuals, to:

(a) carry out an investigation of the whole or a specified part of the financial position of the entity as at a specified time or in relation to a specified period; and

(b) make a report on that investigation.

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S 257(1) amended by No 53 of 2004, s 3 and Sch 2 items 264 and 265, by substituting ``to a trustee'' for ``to the trustee'' and inserting ``, or the trustees, of the entity'' after ``require the trustee'', effective 1 July 2004.

S 257(1) amended by No 54 of 1998.

257(2)   [Copy of notice]  

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Each trustee of the entity must ensure that a copy of the notice is given to the individual or to each member of the committee (whichever is relevant) within 3 days of the appointment of the individual or member.

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S 257(2) amended by No 53 of 2004, s 3 and Sch 2 item 266, by substituting ``Each trustee of the entity must ensure that a copy of the notice is given'' for ``The trustee must give a copy of the notice'', effective 1 July 2004.

S 257(2) inserted by No 160 of 2000, s 3 and Sch 3 item 64, effective 18 January 2001.

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