Commonwealth Numbered Regulations

1994 No. 189 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS (AMENDMENT) - REG 34

34.1 After Subdivision 13.1.2, insert in Division 13.1:



"13.05. For the purposes of paragraphs 358 (5) (b) and 367 (5) (b) of the Act:

"Subdivision 13.1.3-Part 31 of the Act (transition to scheme provided
for in the Act); : retirement provisions Amendment by trustee of governing
rules;

   (a)  the persons whom the trustee of the Part 31 entity must notify of
        amendments under paragraph 358 (2) (c) or 367 (2) (c) of the Act are
        the members of the entity; and

   (b)  the trustee must give the notification within 28 days after the making
        of the amendments.



"Subdivision 13.1.4-Part 31 of the Act (transition to scheme provided
for in the Act); : modifications Application

   (a)  are made for the purposes of section 376 of the Act; and

   (b)  apply during the transitional period.

Modifications of the Act and these Regulations;

"13.07 (1) The following provisions, namely:

   (a)  Part 6, and sections 102, 116, 122, 123, 124, 125 and 126, of the Act;
        and

   (b)  provisions of these Regulations made under, or for the purposes of,
        any provision of the Act mentioned in paragraph (a); do not apply in
        relation to a Part 31 entity. (NOTE: The term 'prescribed provisions',
        as used in this regulation, is defined in subregulation (6).)



"(2) Subject to subregulations (3) and (4), the following prescribed
provisions, namely:

   (a)  section 10 so far as it relates to the definition of 'relevant
        person', sections 100 and 101, subsections 103 (2) and (3) and 106 (1)
        and (3), sections 119, 121, 132 133, 147, 150, 154, 155, 156, 264,
        275, 310 and 312 of the Act; and

   (b)  regulation 3.10; apply in relation to a Part 31 entity as though
        references in those provisions to the 'trustee', 'corporate trustee'
        or 'trustees' of a fund or trust (however described), to the extent
        that the fund or trust is a Part 31 entity, were references to the
        existing management company of the Part 31 entity. (NOTE: The other
        prescribed provisions apply to the existing management company in
        their ordinary application.)



"(3) For the purposes of subregulation (2), if a provision has a reference to
'corporate trustee' and a reference or references to another trustee or other
trustees, the reference:

   (a)  applies in relation to the reference to 'corporate trustee'; and

   (b)  does not apply in relation to the other reference or references.



"(4) For the purposes of subregulation (2), section 103 of the Act is modified
by omitting subsection 103 (2) and substituting the following subsection:
'(2) The directors of the existing management company of a Part 31 entity
(within the meaning of Division 2 of Part 31) must keep, and retain for at
least 10 years, the relevant minutes of all meetings of the directors at which
matters affecting the entity were considered.'.



"(5) Paragraph 346 (3) (a) of the Act is modified in relation to a Part 31
entity:

   (a)  by omitting from subparagraph 346 (3) (a) (iii) '24; and' and
        substituting '24; or'; and

   (b)  by inserting after subparagraph 346 (3) (a) (iii) the following
        subparagraph:
'(iv) superannuation entities that, for the purposes of Division 2 of Part 31,
are Part 31 entities within the meaning of that Division; and'.



"(6) In this regulation:
'prescribed provisions' means:

   (a)  the provisions of the Act (other than Part 31); and

   (b)  the provisions of these Regulations made under a provision (other than
        a provision in Part 31) of the Act.

Modification of the A.C.T. Corporations Law and Regulations

"13.08. (1) For the purposes of subsection 376 (3) of the Act, during the
transitional period (within the meaning of section 373 of the Act), the
following provisions, namely:

   (a)  Division 5 of Part 7.12 of the Corporations Law of the Australian
        Capital Territory as in force on 30 November 1993 (the 'A.C.T.
        Corporations Law'); and

   (b)  Part 7.12 of the Corporations Regulations of the Australian Capital
        Territory as in force on 30 November 1993 (the 'A.C.T. Corporations
        Regulations'); as modified in accordance with this regulation and
        regulation 13.09, apply in relation to a Part 31 entity.



"(2) The A.C.T. Corporations Law is modified by omitting subsection 1063 (2),
sections 1064, 1065, 1066, 1067 and 1068, subsections 1069 (8), (9), (9A) and
(10) and 1070 (3) and sections 1071 and 1075.



"(3) The A.C.T. Corporations Law is further modified:

   (a)  by omitting 'an approved deed,' from subsection 1069 (12) and
        substituting 'the deed of the entity,'; and

   (b)  by omitting 'or (9A)' from paragraph 1073 (1A) (b); and

   (c)  by inserting after section 1074 the following section:

Part 31 entities to be constituted by deed
'1074A. A Part 31 entity (within the meaning of Division 2 of Part 31 of the
Superannuation Industry (Supervision) Act 1993) must be constituted by a
deed.'.



"(4) The A.C.T. Corporations Regulations are modified by omitting regulations
7.12.02, 7.12.03 and 7.12.04, regulations 7.12.07 to 7.12.14 (both inclusive),
paragraphs 7.12.15 (1) (a), (b) and (e) and 7.12.15 (2) (c) and (h),
subregulations 7.12.15 (4), (5), (5A) and (5B), paragraphs 7.12.15 (6) (ba),
(c), (h) and (j) and 7.12.15 (8) (e), subregulation 7.12.15 (7), paragraph
7.12.15 (10) (h) and regulations 7.12.15A to 7.12.17 (both inclusive).



"(5) The A.C.T. Corporations Regulations are further modified:

   (a)  by omitting the definitions of 'approved deposit fund' and
        'superannuation fund' from regulation 7.12.01; and

   (b)  by omitting paragraph 7.
12.15 (6) (b) and substituting the following paragraph:
'(b) a covenant that the management company will, on receipt of application
moneys, pay the moneys to the trustee as soon as practicable after receipt and
in any event by the close of business on the next working day after the day of
receipt;'.

A.C.T. Corporations Law and Regulations-interpretation of the applied
provisions

"13.09. (1) Subject to subregulation (2), the applied provisions are to be
interpreted:

   (a)  in the case of the whole of the applied provisions-in accordance with
        the Corporations Law of the Australian Capital Territory as in force
        on 30 November 1993; and

   (b)  in the case of the part of the applied provisions that consists of
        Regulations-in accordance also with the Corporations Regulations of
        the Australian Capital Territory as in force on that date. (NOTE: The
        term 'applied provisions', as used in this regulation, is defined in
        subregulation (3).)



"(2) In the applied provisions:
'approved deposit fund' has the same meaning as in the Act;
'associate' has the same meaning as in the Act;
'Australian bank' means an approved bank (within the meaning of the Act);
'books' has the same meaning as in the Act;
'Commission' means the Commissioner (within the meaning of the Act);
'Court' has the same meaning as in the Act;
'insolvent under administration' has the same meaning as in the Act;
'management company' has the same meaning as in Division 2 of Part 31 of the
Act; (NOTE: For definitions in Division 2 of Part 31, see section 356 of the
Act.)
'prescribed interest' means a superannuation interest (within the meaning of
the Act);
'statement' includes:

   (a)  matter that is not written but conveys a message; and

   (b)  a promise, estimate or forecast;
'superannuation fund' has the same meaning as in the Act;
'this Law' means the Act and these Regulations.



"(3) In this regulation:
'applied provisions' means:

   (a)  Division 5 of Part 7.12 of the Corporations Law of the Australian
        Capital Territory as in force on 30 November 1993; and

   (b)  Part 7.12 of the Corporations Regulations of the Australian Capital
        Territory as in force on 30 November 1993.

Offences-Corporations Law, sections 1070, 1072 and 1074 as modified

"13.10. (1) A person who intentionally or recklessly contravenes section 1070
of the Corporations Law is guilty of an offence. Penalty: $100



"(2) A person who intentionally or recklessly contravenes section 1072 or 1074
of the Corporations Law is guilty of an offence. Penalty: $2,500



"(3) In this regulation:
'Corporations Law' means the Corporations Law of the Australian Capital
Territory, as modified by, and interpreted in accordance with, this
Subdivision.".