Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1A) APRA may give a written notice under subsection (1) if APRA has reason to believe that the provision for liabilities in the accounts of a designated security trust fund is insufficient.
(1) APRA may, by written notice given to the trustee of the designated security trust fund, direct that the trustee must, within such period after the giving of the notice as is specified in the notice, make provision, or further provision, in the accounts of the fund:
(a) of a specified amount; or
(b) of an amount determined in a specified manner;
in respect of any or all of the liabilities secured by the fund.
(2) The period specified in the direction must be at least 14 days.
(3) The powers of APRA under this section are in addition to, and do not limit, the powers of APRA under Division 4.
(4) The trustee of a designated security trust fund must comply with a direction given to the trustee under subsection (1).
(5) If:
(a) a direction under subsection (1) is in force in relation to a fund; and
(b) the fund commences to be under judicial trusteeship in accordance with Division 5;
the direction ceases to have effect on that commencement.
(6) A direction given to the trustee of a designated security trust fund under subsection (1) does not require the trustee to incur any financial liability by way of funding the security trust fund.