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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 93

Post - 30 June 1995 rules--funds with more than 49 members

Application

  (1)   This section applies to a standard employer - sponsored fund with more than 49 members.

Post - 30   June 1995

  (2)   This section applies on and after 1   July 1995.

Public offer funds

  (3)   If the fund is a public offer superannuation fund:

  (a)   either:

  (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.

Transitional

  (5)   If, at a particular time, the number of members of a fund increases:

  (a)   from a number less than 7 to 50 or more; or

  (b)   from a number greater than 6, but less than 50, to 50 or more (a paragraph   (b) fund );

then:

  (c)   the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and

  (d)   the fund does not have to comply with this section during the period beginning at that time and ending:

  (i)   at the time at which such arrangements are made; or

  (ii)   90 days after that time;

    whichever is the earlier; and

  (e)   for a paragraph   (b) fund--despite subsection   92(1), the fund must comply with subsection   92(3) or (4) during the period of time referred to in paragraph   (d).


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