Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 92

92.(1) This section applies to a standard employer-sponsored fund with more
than 4, but fewer than 50, members. Post-30 June 1995

(2) This section applies on and after 1 July 1995. Public offer funds

(3) If the fund is a public offer superannuation fund:

   (a)  the trustee of the fund must be an independent trustee; and

   (b)  if the regulations provide that the fund is subject to rules about the
existence, number and functions of policy committees ("prescribed policy
committees")-the fund must comply with those rules; and

   (c)  each prescribed policy committee must consist of equal numbers of
        employer representatives and member representatives. Non-public offer
        funds

(4) If the fund is not a public offer superannuation fund, the fund must
comply with:

   (a)  the basic equal representation rules; or

   (b)  the alternative agreed representation rule set out in subsection (5).
        Alternative agreed representation rule

(5) For the purposes of this section, a fund complies with the alternative
agreed representation rule if:

   (a)  there is a single corporate trustee of the fund; and

   (b)  the trustee is appointed following nomination by agreement between:

        (i)    a majority of the members of the fund; and

        (ii)   the employer or employers of those members; and

   (c)  there is in force an approval of the trustee under subsection (6); and

   (d)  the trustee is not an associate of a standard employer-sponsor of the
        fund. Approval of trustee

(6) A body corporate may apply for an approval under this subsection.
Application for approval

(7) The application must be in writing and must be given to the Commissioner.
Information to accompany application

(8) The application must be accompanied by such information as the
Commissioner requires. Further information

(9) The Commissioner may refuse to consider the application unless the
applicant gives the Commissioner such further information about the
application as the Commissioner requires. Decision

(10) After considering the application, the Commissioner must:

   (a)  grant the approval; or

   (b)  refuse to grant the approval. Reasons for refusing approval

(11) If the Commissioner makes a decision refusing an application for the
grant of an approval, the Commissioner must cause to be given to the applicant
a written notice setting out the decision and giving the reasons for that
decision. Revocation of approval

(12) The Commissioner may, by written notice given to the holder of an
approval, revoke the approval.