Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section applies to a standard employer - sponsored fund with 200 or more members, where:
(a) the fund is a private sector fund established on or after 16 December 1985; or
(b) the fund is a public sector fund established on or after 25 May 1988; or
(c) if there are 2 or more standard employer - sponsors of the fund--any one of those employer - sponsors is not an associate of any other of those employer - sponsors.
(2) This section does not apply on or after 1 July 1995.
Public offer funds
(3) If the fund is a public offer superannuation fund:
(i) the trustee of the fund must be an independent trustee; or
(ii) the fund must comply with the basic equal representation rules; and
(b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees )--the fund must comply with those rules; and
(c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives.
Non - public offer funds
(4) If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules.
(5) If, at a particular time, the number of members of a fund increases from a number less than 200 to 200 or more:
(a) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and
(b) the fund does not have to comply with this section during the period:
(i) beginning at that time; and
(ii) ending at whichever is the earlier of the following times:
(A) the time at which such arrangements are made;
(B) the end of 90 days.