Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 108

108.(1) This section applies if a standard employer-sponsored fund (other than
an excluded superannuation fund) relies on subsection 89(2) in order to comply
with the basic equal representation rules. (That subsection deals with an
additional independent trustee or an additional independent director of a
corporate trustee.)

(2) The trustee must:

   (a)  establish (whether by inclusion in the governing rules or otherwise)
        rules ensuring that the additional independent trustee or additional
        independent director, as the case may be, can only be removed by the
        same procedure as that by which the additional independent trustee or
        additional independent director was appointed, except in the event of:

        (i)    death; or

        (ii)   mental or physical incapacity; or

        (iii)  the additional independent trustee or additional
               independent director, as the case may be, becoming a
               disqualified person within the meaning of Part 15; or

        (iv)   the suspension or removal of the trustee under Part 17; or

        (v)    other prescribed circumstances; and

   (b)  publish those rules in such a way as will make members of the fund
        aware of the procedure for removal of the additional
        independent trustee or additional independent director, as the case
        may be.

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