Commonwealth Consolidated Acts

SUPERANNUATION INDUSTRY (SUPERVISION) ACT 1993 - SECT 29PA

  (1)   If:

  (a)   the RSE licensee of a registrable superannuation entity is a body corporate; and

  (b)   any of the following persons is given notice of an annual members' meeting for the entity in accordance with subsections   29P(2) and (3):

  (i)   the Chair of the board of directors of the RSE licensee;

  (ii)   a director of the RSE licensee;

  (iii)   an executive officer of the RSE licensee;

the person must attend the meeting.

Penalty:   50 penalty units.

  (2)   A member of a group of individual trustees that is an RSE licensee of a registrable superannuation entity must attend an annual members' meeting for the entity.

Penalty:   50 penalty units.

  (3)   If:

  (a)   a person (the relevant person ) has been an individual RSE auditor of a registrable superannuation entity for a year of income of the entity; and

  (b)   the relevant person is given notice of an annual members' meeting for the entity for the year in accordance with subsections   29P(2) and (3);

then:

  (c)   if the relevant person is a practising auditor--the relevant person must attend the meeting; and

  (d)   if:

  (i)   the relevant person is not a practising auditor; and

  (ii)   another person is the individual RSE auditor of the entity;

    the individual RSE auditor must attend the meeting; and

  (e)   if:

  (i)   the relevant person is not a practising auditor; and

  (ii)   a firm or company is the RSE auditor of the entity; and

  (iii)   the firm or company is conducting an audit of the entity;

    the lead auditor of the audit must attend the meeting.

Penalty:   50 penalty units.

  (3A)   If:

  (a)   a firm or company has been an RSE auditor of a registrable superannuation entity for a year of income of the entity; and

  (b)   the firm or company is given notice of an annual members' meeting for the entity for the year in accordance with subsections   29P(2) and (3); and

  (c)   a person (the relevant lead auditor ) was the lead auditor of the audit of the entity that was conducted by the firm or company for the year;

then:

  (d)   if:

  (i)   the firm or company conducts audits; and

  (ii)   the relevant lead auditor is a member or employee of the firm or a director or employee of the company;

    the relevant lead auditor must attend the meeting; and

  (e)   if:

  (i)   the firm or company conducts audits; and

  (ii)   paragraph   (d) does not apply; and

  (iii)   a person (the relevant audit team member ) was a member of the audit team that was involved in the audit of the entity that was conducted by the firm or company for the year; and

  (iv)   the relevant audit team member is a member or employee of the firm or a director or employee of the company; and

  (v)   the relevant audit team member is not the lead auditor of the audit of the entity;

    the relevant audit team member must attend the meeting; and

  (f)   if:

  (i)   the firm or company does not conduct audits; and

  (ii)   another person is the individual RSE auditor of the entity;

    the individual RSE auditor must attend the meeting; and

  (g)   if:

  (i)   the firm or company does not conduct audits; and

  (ii)   another firm or company is the RSE auditor of the entity; and

  (iii)   the other firm or company is conducting an audit of the entity;

    the lead auditor of the audit must attend the meeting.

Penalty:   50 penalty units.

  (3B)   If:

  (a)   2 or more persons are required by paragraph   (3A)(e) to attend a meeting; and

  (b)   one of those persons attends the meeting;

the remaining persons are not required to attend the meeting.

  (4)   A person who has been an actuary of a registrable superannuation entity during a year of income of the entity must attend an annual members' meeting for the entity relating to that year if the person is given notice of the meeting in accordance with subsections   29P(2) and (3).

Penalty:   50 penalty units.

  (5)   Subsections   (1), (2), (3), (3A) and (4) do not apply to a person if the person has a reasonable excuse for not attending.

  (6)   Subsection   (1) does not apply to a director of an RSE licensee of a registrable superannuation entity, if:

  (a)   other directors of the entity have attended the meeting; and

  (b)   the number of directors of the entity who attended the meeting is no less than the number of directors that would constitute a quorum for a meeting of the board of directors of the entity.