OCCUPATIONAL SUPERANNUATION STANDARDS REGULATIONS 1987 (REPEALED)

PART III - APPROVED DEPOSIT FUNDS  

REGULATION 20  

20   APPROVED RULES  
For the purposes of the definition of approved rules in subsection 3(1) of the Act, the following kinds of provisions are specified:

(a) provisions requiring the trustee or trustees of the fund to maintain a register of depositors containing the name and current residential address of each depositor;

(b) provisions requiring the trustee or trustees of the fund to keep such accounting records as correctly record and explain the transactions of the fund and the financial position of the fund and to keep those accounting records in such manner as will enable:

(i) the preparation from time to time of true and fair accounts of the fund; and

(ii) the accounts of the fund to be conveniently and properly audited;

(c) provisions requiring the repayment to a depositor, or the legal personal representative of a depositor, of the whole of the amount deposited with the fund by the depositor, together with accumulated earnings on such amount, not later than:

(i) where the depositor has died - 90 days after the grant of probate or letters of administration in relation to the depositor ' s estate; or

(ii) in any other case - the sixty-fifth anniversary of the depositor ' s birth;

(d) provisions prohibiting the trustee or trustees of the fund from borrowing money;

(e) provisions prohibiting the trustee or trustees of the fund from lending money to, or otherwise investing moneys in, a related entity other than a related entity that is an eligible bank;

(f) provisions prohibiting the trustee or trustees of the fund from paying pensions or annuities to depositors;

(g) provisions that do not permit a depositor, or the legal personal representative of a depositor, to receive, otherwise than in the form of a repayment of the whole or a part of an amount deposited with the fund by the depositor or accumulated earnings on such an amount, any amount from the fund;

(h) provisions that do not permit a depositor to assign, transfer, mortgage or encumber the depositor ' s interest in an amount deposited with the fund or any accumulated earnings on such an amount;

(ha) provisions that do not allow a depositor to withdraw an amount (excluding management and exit charges) of less than $ 500 from the fund unless the withdrawal is necessary to close the depositor ' s account;

(j) provisions that require a certificate of a registered auditor to be obtained, in relation to each financial year or other accounting period of the fund, stating whether, at all times during the financial year or other accounting period:

(i) the rules of the fund were approved rules; and

(ii) those rules of the fund were complied with.