Retirement Savings Accounts Act 1997

PART 4 - OPERATING STANDARDS ETC. AND ANNUAL RETURNS FOR RSAs  

Division 2 - Operating standards  

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History

Div 2 heading inserted by No 12 of 2012, s 3 and Sch 1 item 7, effective 22 March 2012.

SECTION 39   PRESCRIBED OPERATING STANDARDS MUST BE COMPLIED WITH  

39(1)   Standards must be complied with.  

An RSA provider must ensure that the prescribed standards applicable to the operation of the RSA provider are complied with at all times.

39(2)   Offence.  

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A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.

Note:

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

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History

S 39(2) amended by No 31 of 2001, s 3 and Sch 1 item 90, by adding the note at the end, effective 15 December 2001.

39(3)   Validity of transaction not affected by contravention of subsection (1).  

A contravention of subsection (1) does not affect the validity of a transaction.

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