Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 (61 of 2013)

Schedule 1   Amendments

Part 1   Amendments

Superannuation Industry (Supervision) Act 1993

109   At the end of section 135

Add:

(3) If:

(a) a person (the former trustee ) is suspended or removed as a trustee of a superannuation entity; and

(b) a person is appointed under this Part to act as trustee of the superannuation entity; and

(c) the acting trustee is required under the terms and conditions of his or her appointment to give information to APRA; and

(d) the acting trustee gives the former trustee notice in writing of the requirement;

the former trustee must do all things reasonably practicable to assist the acting trustee to comply with the requirement.

(4) The former trustee commits an offence of strict liability if the former trustee fails to comply with subsection (3).

Penalty for contravention of this subsection: 50 penalty units.

Note: For strict liability, see section 6.1 of the Criminal Code.