Superannuation Legislation Amendment Act 1999 (38 of 1999)

Schedule 2   Amendment of the Superannuation Industry (Supervision) Act 1993

Part 1   Amendments commencing on date of Assent

32   Section 375

Repeal the section, substitute:

375 Application of section 153 during the transitional period

Section 153 applies in relation to the Part 31 entity during the transitional period as if subsection (1) were omitted and the following subsection substituted:

(1) The trustee of a public offer entity must not, intentionally or recklessly, issue a superannuation interest in the entity to a person unless:

(a) the issue is pursuant to an application made to the trustee by the person, or by a standard employer-sponsor of the entity on the person's behalf; and

(b) either:

(i) if the application was made by the person - the person was a member of the entity on 1 July 1994; or

(ii) if the application was made by a standard employer-sponsor - the standard employer-sponsor was a standard employer-sponsor of the entity on 1 July 1994.