(1) Each director of a corporate trustee of an eligible rollover fund must exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the obligations referred to in section 242K.
(2) The reference in subsection (1) to a reasonable
degree of care and diligence is a reference to the degree of care and
diligence that a superannuation entity director would exercise in the
corporate trustee's circumstances.