Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 58B

  (1)   This section applies if a trustee, or the trustees, of a regulated superannuation fund does one or more of the following:

  (a)   acquires a service from an entity;

  (b)   invests assets of the fund in or through an entity;

  (c)   invests assets of the fund in or through a financial product;

  (d)   purchases a financial product using assets of the fund;

  (e)   uses assets of the fund to make payments in relation to a financial product.

  (2)   If the trustee, or the trustees, would not breach:

  (a)   a provision of any of the following:

  (i)   this or any other Act;

  (ii)   a legislative instrument made under this or any other Act;

  (iii)   the prudential standards;

  (iv)   the operating standards;

  (v)   the governing rules of the fund; or

  (b)   any covenant referred to in this Part or prescribed under this Part;

in doing one or more of the things mentioned in subsection   (1), the general law relating to conflict of interest does not apply to the extent that it would prohibit the trustee, or the trustees, from doing the thing.