Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 26

26.(1) The Commissioner must, in writing, approve an applicant as a trustee
for the purposes of this Act if, and only if:

   (a)  the Commissioner is satisfied that the applicant can be relied on to
        perform, in a proper manner, the duties of trustee of any relevant
        entity of which the applicant is or becomes the trustee; and

   (b)  at least one of the following subparagraphs applies:

        (i)    the Commissioner is satisfied that the value of the net
               tangible assets of the applicant is not less than the amount
               prescribed by the regulations;

        (ii)   the Commissioner is satisfied that the applicant is entitled to
               the benefit of an approved guarantee of an amount not less than
               the amount prescribed by the regulations, being a guarantee in
               respect of the applicant's duties as trustee of each relevant
               entity of which the applicant is, or is proposing to become,
               the trustee;

        (iii)  the applicant has agreed to comply with the written
               requirements given to the applicant by the Commissioner before
               the granting of the approval, being requirements relating to
               the custody of the assets of a relevant entity or relevant
               entities of which the applicant is or becomes the trustee.

(2) Otherwise, the Commissioner must, in writing, refuse the application.

(3) The approval is subject to any conditions specified in the instrument of
approval.

(4) If the Commissioner refuses the application, the Commissioner must set out
the reasons for the refusal in the instrument of refusal.

(5) The Commissioner must cause the applicant to be given a copy of the
instrument of approval or refusal.