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Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017

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8319

2016-2017

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

 

Superannuation Laws Amendment (Strengthening Trustee Arrangements) Bill 2017

 

 

( 1 )     Page 17 (after line 15) , at the end of the Bill, add:

Schedule 3 Payments and benefits to directors

Part 1 Amendments

Superannuation Industry (Supervision) Act 1993

1  Before subsection 29E(5)

Insert:

Licences held by bodies corporate—payments and benefits to directors

          (4B)  The following additional conditions are imposed on each RSE licence held by a body corporate:

                     (a)  any money or consideration to which a director of the body corporate becomes entitled in that capacity must be given to the director directly, subject to any requirement by or under:

                              (i)  a law of the Commonwealth or of a State or Territory; or

                             (ii)  an order, direction or other instrument made by a court or tribunal;

                     (b)  any benefit (other than money or consideration) to which a director of the body corporate becomes entitled in that capacity in a financial year, must be disclosed in the body corporate’s financial statement s that are prepared:

                              (i)  for the financial year; and

                             (ii)  if section 292 of the Corporations Act 2001 applies to the body corporate for the financial year—in accordance with Division 1 of Part 2M.3 of that Act.

Part 2 Application and transitional provisions

2  The transition period

In this Part:

transition period means the period:

                     (a)  starting on the day after this Act receives the Royal Assent ; and

                     (b)  ending on the second anniversary of that day.

3  Application of amendment

(1)       The amendment made by this Schedule does not apply during the transition period in relation to an individual’s position as a director of an RSE licensee, if the individual has continuously held that position since immediately before the transition period.

(2)       Subject to subitem (1), subsection 29E(4B) of the Superannuation Industry (Supervision) Act 1993 (as inserted by this Schedule) applies at and after the commencement of this Schedule in relation to director appointments happening before, at or after that commencement.

[ RSE licence conditions]