Commonwealth Numbered Regulations

1994 No. 57 SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS - REG 4.08

4.08. (1) For the purposes of subsection 31 (1) of the Act, the standard
stated in subregulation (3) is applicable to the operation of standard
employer-sponsored funds that must comply:

   (a)  under subsection 91 (4) or 93 (4) of the Act-with the basic equal
        representation rules; or

   (b)  under subsection 90 (3) of the Act-with either:

        (i)    the basic equal representation rules; or

        (ii)   the alternative agreed representation rule set out in
               subsection 90 (4) of the Act; or

   (c)  under subsection 92 (4) of the Act-with either:

        (i)    the basic equal representation rules; or

        (ii)   the alternative agreed representation rule set out in
               subsection 92 (5) of the Act.

(2) In spite of subregulation (1), the standard stated in subregulation (3) is
not applicable to the operation of standard employer-sponsored funds that
comply with the alternative agreed representation rule set out in subsection
90 (4) or 92 (5) of the Act.

(3) A decision of:

   (a)  the individual trustees of a fund; or

   (b)  the board of directors of the corporate trustee of a fund; must be
        taken not to have been made, or to be of no effect, if fewer than
        two-thirds of the total number of the trustees or directors, as the
        case requires, voted for it.