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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 126K

Disqualified persons not to be trustees, investment managers or custodians of superannuation entities

  (1)   A person commits an offence if:

  (a)   the person is a disqualified person; and

  (b)   the person knows he or she is a disqualified person; and

  (c)   the person is or acts as a trustee, investment manager or custodian of a superannuation entity; and

  (d)   for a person who is an individual and who is a disqualified person only because he or she was disqualified under section   126H--the person is disqualified from being or acting as a trustee of that superannuation entity.

Penalty:   Imprisonment for 2 years.

  (2)   A person commits an offence if:

  (a)   the person is a disqualified person; and

  (b)   the person knows he or she is a disqualified person; and

  (c)   the person is or acts as a trustee, investment manager or custodian of a superannuation entity; and

  (d)   for a person who is an individual and who is a disqualified person only because he or she was disqualified under section   126H--the person is disqualified from being or acting as a trustee of that superannuation entity.

Penalty:   60 penalty units.

  (3)   Subsection   (2) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .

  (4)   A person commits an offence if:

  (a)   the person is a disqualified person; and

  (b)   the person knows he or she is a disqualified person; and

  (c)   the person is or acts as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity; and

  (d)   for a person who is an individual and who is a disqualified person only because he or she was disqualified under section   126H--the person is disqualified from being or acting as that responsible officer.

Penalty:   Imprisonment for 2 years.

  (5)   A person commits an offence if:

  (a)   the person is a disqualified person; and

  (b)   the person knows he or she is a disqualified person; and

  (c)   the person is or acts as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity; and

  (d)   for a person who is an individual and who is a disqualified person only because he or she was disqualified under section   126H--the person is disqualified from being or acting as that responsible officer.

Penalty:   60 penalty units.

  (6)   Subsection   (5) is an offence of strict liability.

Note:   For strict liability , see section   6.1 of the Criminal Code .

  (7)   A person commits an offence if:

  (a)   the person is a trustee of a superannuation entity; and

  (b)   the person is or becomes a disqualified person; and

  (c)   the person does not tell the Regulator in writing immediately.

Penalty:   50 penalty units.

  (8)   Subsection   (7) is an offence of strict liability.

Note 1:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:   For strict liability , see section   6.1 of the Criminal Code .


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