Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 10

10. In this Act, unless the contrary intention appears:

"actuary" means a person who is a Fellow or an Accredited Member of the
Institute of Actuaries of Australia;

"adopted child", in relation to a person, means a person adopted by the
first-mentioned person:

   (a)  under the law of a State or Territory relating to the adoption of
        children; or

   (b)  under the law of any other place relating to the adoption of children,
        if the validity of the adoption would be recognised under the law of
        any State or Territory;

"amend", in relation to the governing rules of a superannuation entity,
includes the insertion of a provision in, or the omission of a provision from,
those rules;

"annuity" includes a benefit provided by a life insurance company or a
registered organisation, if the benefit is taken, under the regulations, to be
an annuity for the purposes of this Act;

"approved auditor" means a person included in a class of persons specified in
regulations made for the purposes of this definition, but does not include a
person in respect of whom a disqualification order is in force under section 
131 ;

"approved bank" means:

   (a)  a body corporate authorised under Part II of the Banking Act 1959 to
        carry on banking business in Australia; or

   (b)  the Commonwealth Bank of Australia, the Commonwealth Savings Bank of
        Australia or the Commonwealth Development Bank of Australia; or

   (c)  a State bank;

"approved deposit fund" means a fund that:

   (a)  is an indefinitely continuing fund; and

   (b)  is maintained by an approved trustee solely for approved purposes; and

   (c)  has approved rules;

"approved form" means a form approved by the Commissioner, in writing, for the
purposes of the provision in which the expression appears;

"approved guarantee" means a guarantee given by an approved bank or given by
or on behalf of the Commonwealth, a State or a Territory;

"approved purposes", in relation to a fund, means the purposes of:

   (a)  receiving on deposit:

        (i)    amounts that will be taken by section 27D of the Income Tax
               Assessment Act to have been expended out of eligible
               termination payments within the meaning of that section; and

        (ii)   amounts paid under Part 24; and

   (b)  dealing with such amounts, in accordance with the rules of the fund,
        in any way calculated directly or indirectly to enhance the value of,
        or render profitable, property of the fund; and

   (c)  subject to any contrary requirement in the standards from time to time
        applicable to the fund under section 32, paying in accordance with the
        covenant referred to in section 53 to beneficiaries, or to the
        legal personal representatives of beneficiaries, amounts deposited
        with the fund together with accumulated earnings on those amounts;

"approved rules", in relation to a fund, means governing rules of the fund
that include all the kinds of provisions specified in regulations made for the
purposes of this definition;

"approved trustee" means a constitutional corporation in relation to which an
approval under section 26 is in force;

"associate" has the meaning given by section 12;

"Australian court" means:

   (a)  the High Court; or

   (b)  a court created by the Parliament; or

   (c)  a court of a State or Territory;

"authorised person" means an officer of the Australian Public Service
authorised by the Commissioner, in writing, for the purposes of the provision
in which the expression appears;

"beneficiary", in relation to a fund, scheme or trust, means a person (whether
described in the governing rules as a member, a depositor or otherwise) who
has a beneficial interest in the fund, scheme or trust and includes, in
relation to a superannuation fund, a member of the fund despite the express
references in this Act to members of such funds;

"books" includes:

   (a)  any record; or

   (b)  any accounts or accounting records, however compiled, recorded or
        stored; or

   (c)  a document;

"business day" means a day that is not a Saturday, a Sunday or a public
holiday in the place concerned;

"child", in relation to a person, includes an adopted child, a step-child or
an ex-nuptial child of the person;

"civil penalty order" means a declaration or order made under section 196;

"civil penalty provision" has the meaning given by section 193;

"Commissioner" means the Insurance and Superannuation Commissioner appointed
under the Insurance and Superannuation Commissioner Act 1987, or a person for
the time being acting as Insurance and Superannuation Commissioner under that
Act;

"constitutional corporation" means a body corporate that is:

   (a)  a trading corporation formed within the limits of the Commonwealth
        (within the meaning of paragraph 51(xx) of the Constitution); or

   (b)  a financial corporation formed within the limits of the Commonwealth
        (within the meaning of paragraph 51(xx) of the Constitution);

"corporate trustee", in relation to a fund, scheme or trust, means a body
corporate that is a trustee of the fund, scheme or trust;

"Corporations Law" means the Corporations Law set out in the Corporations  Act
1989 ;

"court" means any court, when exercising jurisdiction under this Act;

"Court" means the Federal Court of Australia or the Supreme Court of a State
or a Territory;

"custodian", in relation to a superannuation entity, means a person (other
than the trustee of the entity) who, under a contract with the trustee or an
investment manager of the entity, performs custodial functions in relation to
any of the assets of the entity;

"data processing device" means any article or material (for example, a disc)
from which information is capable of being reproduced with or without the aid
of any other article or device;

"deed" includes an instrument having the effect of a deed;

"dependant", in relation to a person, includes the spouse and any child of the
person;

"director", in relation to a body corporate, has the same meaning as in the
Corporations Law;

"disclose", in relation to information, means give, reveal or communicate in
any way;

"eligibility age", in relation to an age pension, means:

   (a)  in the case of a man-65 years or, if another age is prescribed by the
        regulations in place of 65 years, the age so prescribed; or

   (b)  in the case of a woman-60 years or, if another age is prescribed by
        the regulations in place of 60 years, the age so prescribed;

"employee" has the same meaning as in the Superannuation Guarantee 
(Administration) Act 1992 (for the purposes of this definition, the
Superannuation Guarantee (Administration) Act 1992 has effect as if
subsection  12(11) of that Act had not been enacted);

"employer" has the same meaning as in the Superannuation Guarantee 
(Administration) Act 1992 (for the purposes of this definition, the
Superannuation Guarantee (Administration) Act 1992 has effect as if
subsection  12(11) of that Act had not been enacted);

"employer representative", in relation to a group of trustees of a fund, a
policy committee of a fund or the board of directors of a corporate trustee of
a fund, means a member of the group, committee or board, as the case may be,
nominated by:

   (a)  the employer or employers of the members of the fund; or

   (b)  an organisation representing the interests of that employer or those
        employers;

"employer-sponsor" has the meaning given by subsection 16(1);

"employer-sponsored fund" has the meaning given by subsection 16(3);

"excluded approved deposit fund" means an approved deposit fund:

   (a)  in which there is only one beneficiary; and

   (b)  that satisfies such other conditions (if any) as are specified in the
        regulations;

"excluded fund" means an excluded superannuation fund or an excluded
approved deposit fund;

"excluded superannuation fund" means a superannuation fund of which there are
fewer than 5 members;

"executive officer", in relation to a body corporate, means a person, by
whatever name called and whether or not a director of the body, who is
concerned, or takes part, in the management of the body;

"exempt public sector superannuation scheme" means a public sector
superannuation scheme that is specified in regulations made for the purposes
of this definition;

"expert", in relation to a matter, means a person whose profession or
reputation gives authority to a statement made by him or her in relation to
that matter;

"function" includes duty;

"governing rules", in relation to a fund, scheme or trust, means any trust
instrument, other document or legislation, or combination of them, governing
the establishment and operation of the fund, scheme or trust;

"group of trustees", in relation to a fund, scheme or trust, means a board,
committee or other group of trustees of the fund, scheme or trust;

"half-year" means a period of 6 months ending on 30 June or 31 December;

"Income Tax Assessment Act" means the Income Tax Assessment Act 1936;

"independent director", in relation to a corporate trustee of a fund, means a
director of the corporate trustee who:

   (a)  is not a member of the fund; and

   (b)  is neither an employer-sponsor of the fund nor an associate of such an
        employer-sponsor; and

   (c)  is neither an employee of an employer-sponsor of the fund nor an
        employee of an associate of such an employer-sponsor; and

   (d)  is not, in any capacity, a representative of a trade union, or other
        organisation, representing the interests of one or more members of the
        fund; and

   (e)  is not, in any capacity, a representative of an organisation
        representing the interests of one or more employer-sponsors of the
        fund;

"independent trustee", in relation to a fund, means a trustee of the fund who:

   (a)  is not a member of the fund; and

   (b)  is neither an employer-sponsor of the fund nor an associate of such an
        employer-sponsor; and

   (c)  is neither an employee of an employer-sponsor of the fund nor an
        employee of an associate of such an employer-sponsor; and

   (d)  is not, in any capacity, a representative of a trade union, or other
        organisation, representing the interests of one or more members of the
        fund; and

   (e)  is not, in any capacity, a representative of an organisation
        representing the interests of one or more employer-sponsors of the
        fund;

"individual trustee", in relation to a fund, scheme or trust, means an
individual who is a trustee of the fund, scheme or trust;

"insolvent under administration" means a person who:

   (a)  under the Bankruptcy Act 1966 or the law of an external Territory, is
        a bankrupt in respect of a bankruptcy from which the person has not
        been discharged; or

   (b)  under the law of a country other than Australia or the law of an
        external Territory, has the status of an undischarged bankrupt; and
        includes:

   (c)  a person any of whose property is subject to control under:

        (i)    section 50 or 188 of the Bankruptcy Act 1966; or

        (ii)   a corresponding provision of the law of an external Territory
               or the law of a foreign country; or

   (d)  a person who has, at any time during the preceding 3 years, executed a
        deed of assignment or a deed of arrangement under:

        (i)    Part X of the Bankruptcy Act 1966; or

        (ii)   the corresponding provisions of the law of an external
               Territory or the law of a foreign country; or

   (e)  a person whose creditors have, within the preceding 3 years, accepted
        a composition under:

        (i)    Part X of the Bankruptcy Act 1966; or

        (ii)   the corresponding provisions of the law of an external
               Territory or the law of a foreign country;

"inspector" has the meaning given by section 265;

"investment" means any mode of application of money for the purpose of gaining
interest, income or profit;

"investment manager" means a person appointed by the trustee of a fund or
trust to invest money of the fund or trust;

"involved", in relation to a contravention, has the meaning given by section 
17 ;

"lawyer" means a duly qualified legal practitioner and, in relation to a
person, means such a practitioner acting for the person;

"legal personal representative" means the executor of the will or
administrator of the estate of a deceased person, the trustee of the estate of
a person under a legal disability or a person who holds an enduring power of
attorney granted by a person;

"life insurance company" means:

   (a)  a company registered under section 19 of the Life Insurance Act 1945;
        or

   (b)  a public authority constituted by a law of a State or Territory, being
        an authority that carries on life insurance business within the
        meaning of subsection 4(1) of that Act;

"lodge" means lodge with the Commissioner;

"market value", in relation to an asset, means the amount that a willing buyer
of the asset could reasonably be expected to pay to acquire the asset from a
willing seller if the following assumptions were made:

   (a)  that the buyer and the seller dealt with each other at arm's length in
        relation to the sale;

   (b)  that the sale occurred after proper marketing of the asset;

   (c)  that the buyer and the seller acted knowledgeably and prudentially in
        relation to the sale;

"member representative", in relation to a group of trustees of a fund, a
policy committee of a fund or the board of directors of a corporate trustee of
a fund, means a member of the group, committee or board, as the case may be,
nominated by:

   (a)  the members of the fund; or

   (b)  a trade union, or other organisation, representing the interests of
        those members;

"modifications" includes additions, omissions and substitutions;

"occurrence of an event" includes the coming into existence of a state of
affairs;

"old-age pensions" has the same meaning as in paragraph 51(xxiii) of the
Constitution;

"pension", except in the expression "old-age pension", includes a benefit
provided by a fund, if the benefit is taken, under the regulations, to be a
pension for the purposes of this Act;

"policy committee", in relation to a regulated superannuation fund, means a
board, committee or other body that:

   (a)  advises the trustee of the fund about such matters as are specified in
        the regulations; and

   (b)  is established by or under the governing rules of the fund;

"pooled superannuation trust" means a unit trust:

   (a)  the trustee of which is a constitutional corporation; and

   (b)  that, under the regulations, is a unit trust to which this definition
        applies;

"premises" includes:

   (a)  a structure, building, aircraft, vehicle or vessel; and

   (b)  any land or place (whether enclosed or built on or not); and

   (c)  a part of a structure, building, aircraft, vehicle or vessel or of
        such a place;

"private sector fund" means a superannuation fund other than a public sector
fund;

"procure" includes cause;

"produce" includes permit access to;

"protected document" means a document given or produced under or for the
purposes of this Act, being a document containing information relating to the
affairs of any fund or trust;

"protected information" means information disclosed or obtained under or for
the purposes of this Act, being information relating to the affairs of any
fund or trust;

"public offer entity" means:

   (a)  a public offer superannuation fund; or

   (b)  an approved deposit fund that is not an
        excluded approved deposit fund; or

   (c)  a pooled superannuation trust;

"public offer superannuation fund" has the meaning given by section 18;

"public sector fund" means a superannuation fund that is part of a public
sector superannuation scheme;

"public sector superannuation scheme" means a scheme for the payment of
superannuation, retirement or death benefits, where the scheme is established:

   (a)  by or under a law of the Commonwealth or of a State or Territory; or

   (b)  under the authority of:

        (i)    the Commonwealth or the government of a State or Territory; or

        (ii)   a municipal corporation, another local governing body or a
               public authority constituted by or under a law of the
               Commonwealth or of a State or Territory;

"rectify", in relation to a contravention of this Act or the regulations that
has occurred in relation to a superannuation entity, includes put in operation
managerial or administrative arrangements that could reasonably be expected to
ensure that there are no further contraventions of a similar kind;

"redeem", in relation to an interest in an approved deposit fund, includes pay
an amount equal to the interest pursuant to a covenant of a kind referred to
in section 53 that is contained, or taken to be contained, in the governing
rules of the fund;

"registered organisation" means:

   (a)  an association registered under a law of a State or Territory as a
        trade union; or

   (b)  a society registered under a law of a State or Territory providing for
        the registration of friendly or benefit societies; or

   (c)  an association of employees that is registered as an organisation
        under the Industrial Relations Act 1988;

"regulated document", in relation to a public offer entity, means a document:

   (a)  issued, or authorised to be issued, by the trustee of the entity; and

   (b)  that the trustee knows, or ought reasonably to know (having regard to
        the trustee's abilities, experience, qualifications and other
        attributes), may influence a person's decision:

        (i)    whether to apply to have a superannuation interest in the
               entity issued to a person; or

        (ii)   whether to apply to become a standard employer-sponsor of the
               entity;

"regulated superannuation fund" has the meaning given by section 19;

"related", in relation to bodies corporate, has the meaning given by section 
20 ;

"relevant person", in relation to a fund or trust, means:

   (a)  if the trustee or an investment manager of the fund or trust is or
        includes an individual-that individual; or

   (b)  if the trustee or an investment manager of the fund or trust is or
        includes a body corporate-a responsible officer of that body
        corporate; or

   (c)  an auditor of the fund or trust; or

   (d)  an actuary of the fund or trust;

"responsible officer", in relation to a body corporate, means:

   (a)  a director of the body; or

   (b)  a secretary of the body; or

   (c)  an executive officer of the body;

"reviewable decision" means:

   (a)  a decision of the Commissioner under subsection 18(5) or (6) to make a
        declaration; or

   (b)  a decision of the Commissioner under subsection 18(9) to revoke a
        declaration; or

   (c)  a decision of the Commissioner under subsection 26(2) refusing an
        application for approval; or

   (d)  a decision of the Commissioner under subsection 26(3) to specify
        conditions in an instrument of approval; or

   (e)  a decision of the Commissioner to give a notice under section 40; or

   (f)  a decision of the Commissioner refusing to give a notice under
        section  40 ; or

   (g)  a decision of the Commissioner to give a direction under section 63;
        or

   (h)  a decision of the Commissioner refusing to revoke a direction under
        section 63; or

   (i)  a decision of the Commissioner refusing to make a determination under
        paragraph 71(1)(e); or

   (j)  a decision of the Commissioner to revoke a determination under
        paragraph 71(1)(e); or

   (k)  a decision of the Commissioner to make a determination under
        subsection  71(4) ; or

   (l)  a decision of the Commissioner refusing to revoke a determination
        under subsection 71(4); or

   (m)  a decision of the Commissioner under section 92 refusing to grant an
        approval; or

   (n)  a decision of the Commissioner refusing to revoke an approval under
        section 92; or

   (o)  a decision of the Commissioner under subsection 95(2) refusing to
        approve a borrowing; or

   (p)  a decision of the Commissioner under subsection 117(6) refusing to
        waive a requirement; or

   (q)  a decision of the Commissioner under subparagraph 123(2)(b)(ii) or
        (3)(c)(ii); or

   (r)  a decision of the Commissioner under subparagraph 126(2)(b)(ii) or
        (4)(c)(ii); or

   (s)  a decision of the Commissioner to make a disqualification order under
        section 131; or

   (t)  a decision of the Commissioner refusing to revoke a disqualification
        order under section 131; or

   (u)  a decision of the Commissioner under section 141; or

   (v)  a decision of the Commissioner under section 164 to make a stop order;
        or

   (w)  a decision of the Commissioner under section 166 to revoke a
        stop order; or

   (x)  a decision of the Commissioner to bring an action under section 187;
        or

   (y)  a decision of the Commissioner refusing to make a declaration under
        section 243; or

   (z)  a decision of the Commissioner under section 328 to make an exemption;
        or

   (za) a decision of the Commissioner under section 329 to make an exemption;
        or

   (zb) a decision of the Commissioner under section 332 to make a
        declaration; or

   (zc) a decision of the Commissioner under section 333 to make a
        declaration; or

   (zd) a decision of the Commissioner under section 335 to revoke an
        exemption or declaration; or

   (ze) a decision of the Commissioner refusing to give a notice under
        subsection 342(2) in relation to a fund; or

   (zf) a decision of the Commissioner to give a notice under
        subsection 342(6) in relation to a fund;

"spouse", in relation to a person, includes another person who, although not
legally married to the person, lives with the person on a genuine domestic
basis as the husband or wife of the person;

"standard employer-sponsor" has the meaning given by subsection 16(2);

"standard employer-sponsored fund" has the meaning given by subsection  16(4)
;

"standard employer-sponsored member" has the meaning given by subsection 
16(5) ;

"statement", in Parts 18 and 19, includes a promise, estimate or forecast;

"stop order" means an order under section 164;

"Superannuation Complaints Tribunal" means the Superannuation Complaints
Tribunal established by the Superannuation (Resolution of Complaints) Act 
1993 ;

"superannuation entity" means:

   (a)  a regulated superannuation fund; or

   (b)  an approved deposit fund; or

   (c)  a pooled superannuation trust;

"superannuation entity affected by a reviewable decision", in relation to a
reviewable decision, means the superannuation entity in relation to which the
decision was made;

"superannuation fund" means:

   (a)  a fund that:

        (i)    is an indefinitely continuing fund; and

        (ii)   is a provident, benefit, superannuation or retirement fund; or

   (b)  a public sector superannuation scheme;

"superannuation interest" means a beneficial interest in a superannuation
entity;

"superannuation standards officer" means a person who is or has been appointed
or employed by the Commonwealth and who, because of that appointment or
employment, or in the course of that employment:

   (a)  may acquire, or has acquired, protected information; or

   (b)  may have, or has had, access to protected documents; and includes a
        person who is or has been an inspector;

"taxation officer" means a person who is an officer for the purposes of
section 16 of the Income Tax Assessment Act;

"trustee", in relation to a fund, scheme or trust, means:

   (a)  if there is a trustee (within the ordinary meaning of that expression)
        of the fund, scheme or trust-the trustee; or

   (b)  in any other case-the person who manages the fund, scheme or trust;

"unclaimed money" has the meaning given by subsection 225(1);

"unit trust" has the same meaning as in Part IX of the Income Tax Assessment 
Act ;

"value" means market value, and includes amount;

"year of income", in relation to a fund, scheme or trust, means a period that
is, for the purposes of the Income Tax Assessment Act, a year of income of the
fund scheme, or trust (subsection 6(2A) of that Act applies accordingly).