Commonwealth Consolidated Acts Commonwealth Consolidated ActsApplication
(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).