Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 59

59.(1) The governing rules of a superannuation entity other than an excluded
fund must not permit a discretion under those rules that is exercisable by a
person other than the trustee to be exercised unless:

   (a)  those rules require the consent of the trustee to the exercise of that
        discretion; or

   (b)  if the entity is an employer-sponsored fund:

        (i)    the exercise of the discretion relates to the contributions
               that an employer-sponsor will, after the discretion is
               exercised, be required or permitted to pay to the fund; or

        (ii)   the exercise of the discretion relates solely to a decision to
               terminate the fund; or

        (iii)  the circumstances in which the discretion was exercised are
               covered by regulations made for the purposes of this
               subparagraph.

(2) A provision included in the governing rules of a superannuation entity in
contravention of subsection (1) is void.