Superannuation Industry (Supervision) Act 1993
A person must not enter into, commence to carry out, or carry out, a scheme if the person entered into, commenced to carry out, or carried out the scheme or any part of the scheme with the intention that:
(a) the scheme would result, or be likely to result, in an artificial reduction in the market value ratio of the fund ' s in-house assets; and
(b) that artificial reduction would avoid the application of any provision of this Part to the fund. 85(2) Civil penalty provision.
Subsection (1) is a civil penalty provision as defined by section 193 , and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, that subsection.
85(3) Validity of transaction not affected by contravention of subsection (1).A contravention of subsection (1) does not affect the validity of a transaction.
85(4) Scheme.In this section:
(a) any agreement, arrangement, understanding, promise or undertaking:
(i) whether express or implied; or
(ii) whether or not enforceable, or intended to be enforceable, by legal proceedings; and
(b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.
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