Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) CSC must keep proper accounts and records of the transactions and affairs of each superannuation fund administered by CSC, in accordance with the accounting principles generally applied in commercial practice.
(2) CSC must take reasonable steps to ensure that:
(a) all payments out of each superannuation fund administered by CSC are correctly made and properly authorised; and
(b) adequate control is maintained over:
(i) the assets of each superannuation fund administered by CSC; and
(ii) the incurring of liabilities by CSC in respect of each superannuation fund administered by CSC.
(3) A director commits an offence if:
(a) the director causes a requirement of this section to be breached; or
(b) the director fails to take reasonable steps to comply with the requirement, or secure compliance with the requirement.
Penalty: Imprisonment for 6 months or 30 penalty units, or both.