Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 60

60.(1) The governing rules of a superannuation entity other than an excluded
fund must not permit those rules to be amended unless:

   (a)  the trustee has consented to the amendment; or

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

        (i)    the amendment relates to the contributions that an
               employer-sponsor will, after the amendment, be required or
               permitted to pay to the fund; or

        (ii)   the amendment relates solely to the termination of the fund; or

        (iii)  the circumstances in which the amendment was made are covered
               by regulations made for the purposes of this subparagraph; or

   (c)  the amendment is made solely for the purpose of conferring on the
        trustee the power to consent to amendments of those rules.

(2) The governing rules of a regulated superannuation fund must not permit
those rules to be amended in such a way that:

   (a)  an individual would be eligible to be appointed as trustee unless the
        rules provide, and will continue to provide after the amendment is
        made, that the fund has, as its sole or primary purpose, the provision
        of old-age pensions; or

   (b)  the sole or primary purpose of the fund would be a purpose other than
        the provision of old-age pensions unless the rules provide, and will
        continue to provide after the amendment is made, that the trustee must
        be a constitutional corporation.

(3) If the governing rules of the superannuation entity are inconsistent with
subsection (1) or (2), the subsection concerned prevails, and the
governing rules are, to the extent of the inconsistency, invalid.