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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 54B

Civil and criminal consequences for contravening sections 52 and 52A covenants

Section   52 covenants

  (1)   A person must not contravene a covenant that:

  (a)   is to the effect of a covenant set out in section   52; and

  (b)   is contained, or taken to be contained, in the governing rules of a superannuation entity.

Section   52A covenants

  (2)   A person must not contravene a covenant that:

  (a)   is to the effect of a covenant set out in section   52A; and

  (b)   is contained, or taken to be contained, in the governing rules of a superannuation entity.

Contravention has civil and criminal consequences

  (3)   Subsections   (1) and (2) are civil penalty provisions as defined by section   193, and Part   21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, those subsections.

  (4)   A contravention of subsection   (1) or (2) does not result in the invalidity of a transaction.

  (5)   This section does not limit the operation of section   55.

Note:   A contravention of subsection   (1) or (2) may result in an action to recover loss or damage under section   55.


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