Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 162

162.(1) The trustee of a public offer entity must not issue, or authorise the
issue of, a regulated document in relation to the entity:

   (a)  in which there is a material statement that is false or misleading; or

   (b)  from which there is a material omission.

(2) If:

   (a)  the trustee of a public offer entity contravenes subsection (1); and

   (b)  a person suffers loss or damage because of the contravention; the
        person may recover the amount of the loss or damage by action against
        the trustee.

(3) The action may be begun even if the trustee has been convicted of an
offence in respect of the conduct constituting the contravention.

(4) The action must be begun within 6 years after the day on which the cause
of action arose.

(5) It is a defence to the action if the trustee proves that, before the
person suffered the loss or damage, the person:

   (a)  if the contravention relates to a false or misleading statement-knew
        that the statement was false or misleading; or

   (b)  if the contravention relates to an omission-was aware of the omitted
        matter.

(6) This section does not affect any liability under any other provision of
this Act or under any other law.