Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 102

102.(1) If the trustee of a superannuation entity enters into an agreement
with an investment manager under which money of the entity will be placed
under the control of the investment manager, the trustee must:

   (a)  ensure that the agreement contains adequate provision to enable the
        trustee to require the investment manager from time to time:

        (i)    to provide appropriate information as to the making of, and
               return on, the investments; and

        (ii)   to provide such information as is necessary to enable the
               trustee to assess the capability of the investment manager to
               manage the investments of the entity; and

   (b)  whenever it is necessary or desirable to do so, require the investment
        manager to provide the information.

(2) If:

   (a)  the trustee of a superannuation entity entered into an agreement
        before the commencement of this section with an investment manager
        under which money of the entity would be placed under the control of
        the investment manager; and

   (b)  the agreement does not contain a provision of a kind mentioned in
        paragraph (1)(a); the trustee must as soon as practicable:

   (c)  seek to have the agreement amended so as to contain such a provision;
        or

   (d)  if the investment manager refuses to agree to such an
        amendment-terminate the agreement.

(3) The trustee of a superannuation entity:

   (a)  may terminate an agreement under paragraph (2)(d) despite anything in
        the agreement; and

   (b)  is not under any liability to the investment manager because of the
        termination.

(4) A person who intentionally or recklessly contravenes subsection (1) or (2)
is guilty of an offence punishable on conviction by a fine not exceeding 100
penalty units.