Commonwealth Consolidated Acts

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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 169

Joint and several liability of directors of corporate trustee liable to administrative penalty under section 166

  (1)   This section applies if a trustee of a self managed superannuation fund:

  (a)   is liable to an administrative penalty imposed by section   166; and

  (b)   is a body corporate.

  (2)   The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the penalty.

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