Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 53

53.(1) If the governing rules of an approved deposit fund (other than an
excluded approved deposit fund) do not contain covenants to the effect of
those set out in subsection (2), they are taken to contain covenants to that
effect. Content of the covenants

(2) The covenants are:

   (a)  that, if a beneficiary, by written notice given to the trustee,
        requests the trustee to pay to the beneficiary an amount equal to the
        beneficiary's interest in the fund, the trustee will pay that amount
        within a period (not being more than 12 months) determined by the
        trustee; and

   (b)  that each director of the trustee will ensure that the trustee gives
        effect to the covenant in paragraph (a). Directors taken to be parties
        to governing rules

(3) The covenant in paragraph (2)(b) has effect as if each director were a
party to the governing rules. Period for payments to beneficiaries

(4) The trustee is to determine the period within which amounts are to be paid
to beneficiaries under the covenant referred to in paragraph (2)(a). Variation
of payment period

(5) When the trustee has determined the period under subsection (4), the
trustee may make a further determination varying that period if, and only if:

   (a)  the Commissioner has consented in writing to the variation; or

   (b)  the requirements of section 54 have been complied with.