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SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 140

Acting trustee to notify appointment to beneficiaries

  (1)   If a person is appointed under this Part to act as trustee of a superannuation entity, the person must, as soon as practicable, give each beneficiary a notice about the appointment.

  (2)   The notice is to be in the approved form.

  (3)   A person who, without reasonable excuse, contravenes this section commits an offence punishable on conviction by a fine not exceeding 50 penalty units.

  (3A)   Subsection   (3) is an offence of strict liability.

Note 1:   Chapter   2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:   For strict liability , see section   6.1 of the Criminal Code .

  (4)   A contravention of subsection   (1) does not affect the validity of the appointment.



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