FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 7 - PRUDENTIAL PROVISIONS  

Division 2 - Application of the Superannuation Industry (Supervision) Act 1993  

SECTION 120   Covenants to be included in governing rules - investment management  

120(1)    
The Superannuation Industry (Supervision) Act 1993 applies in accordance with subsection 114(2) with the modifications set out in this section.

120(2)    
Treat the reference in paragraph 52(2)(b) of the Superannuation Industry (Supervision) Act 1993 to a " prudent superannuation trustee " as a reference to a prudent FHSA provider.


120(3)    
After subparagraph 52(6)(a)(vii) of the Superannuation Industry (Supervision) Act 1993 , insert the following subparagraph:


" (viia) if the trustee holds an authorisation as an FHSA provider - the risk of capital losses in light of the purpose of the FHSA and the minimum term of the FHSA having regard to subparagraph 32(1)(c)(i) or (ii) of the First Home Saver Accounts Act 2008 ; "

120(4)    
Treat the reference in paragraph 52A(2)(b) of the Superannuation Industry (Supervision) Act 1993 to a " prudent superannuation entity director " as a reference to a prudent director of an FHSA provider.


120(5)    
(Repealed by No 61 of 2013)


120(6)    
(Repealed by No 61 of 2013)


120(7)    
(Repealed by No 61 of 2013)



 

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