Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 103

103.(1) If a superannuation entity has a group of 2 or more individual
trustees, the trustees must keep, and retain for at least 10 years, minutes of
all meetings of the trustees at which matters affecting the entity were
considered.

(2) If there is only one trustee of a superannuation entity:

   (a)  if the trustee is a corporate trustee-the directors of the trustee
        must keep, and retain for at least 10 years, minutes of all meetings
        of the directors at which matters affecting the entity were
        considered; or

   (b)  if the trustee is an individual-the trustee must keep, and retain for
        at least 10 years, a record of all decisions made by the trustee in
        respect of matters affecting the entity.

(3) A person who intentionally or recklessly contravenes subsection (1) or (2)
is guilty of an offence punishable on conviction by a fine not exceeding 50
penalty units.