Commonwealth Numbered Regulations

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1997 No. 116 RETIREMENT SAVINGS ACCOUNTS REGULATIONS - REG 6.05

Circumstances in which a person may become RSA holder
6.05. For the purposes of subsection 51 (1) of the Act, a person who was the
holder of an RSA with an RSA provider is taken to have applied in prescribed
circumstances for an RSA with an RSA institution if he or she becomes the
holder of the RSA with the RSA institution, and does so as a direct result of:

   (a)  the takeover of the RSA provider with which the person previously held
        an RSA, by:

        (i)    the RSA institution; or

        (ii)   a corporation that is a related corporation of the RSA
               institution within the meaning of the Corporations Law; or

   (b)  a merger involving the RSA provider with which the person previously
        held an RSA and which results in the creation of the RSA institution;
        or

   (c)  the transfer of any, or all of, the assets and liabilities of the RSA
        provider with which the person previously held an RSA to the RSA
        institution:

        (i)    under a provision of the Banking Act 1959, the Life Insurance 
               Act 1995 or of any other law of the Commonwealth, a State or a
               Territory; or

        (ii)   under a voluntary transfer of engagements; or

        (iii)  on request of a regulatory agency prescribed under
               regulation 6.12. 


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