Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 No. 78, 1993 - SECT 93

93.(1) This section applies to a standard employer-sponsored fund with more
than 49 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 the basic equal representation rules. Transitional

(5) If, at a particular time, the number of members of a fund increases from a
number greater than 4, but less than 50, to 50 or more:

   (a)  the trustee of the fund must make such arrangements (if any) as are
        necessary to enable the fund to comply with this section; and

   (b)  the fund does not have to comply with this section during the period:

        (i)    beginning at that time; and

        (ii)   ending at whichever is the earlier of the following times:

                (A)  the time at which such arrangements are made;

                (B)  the end of 90 days; and

   (c)  despite subsection 92(1), the fund must comply with subsection 92(3)
        or (4) during that 90-day period.