122
CurrentInvestment manager must not appoint or engage custodian without the trustee’s consent
Volume 1Parts 1 to 15 (sections 1 to 127)
Part 15Standards for trustees, custodians and investment managers of superannuation entities
Division 2Requirements for custodians and investment managers
122 Investment manager must not appoint or engage custodian without the trustee’s consent
(1)
An investment manager of a superannuation entity must not appoint or engage a custodian of the entity without the written consent of the trustee, or the trustees, of the entity.
(2)
The investment manager commits an offence if the investment manager contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
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.
This Act’s bill:Second reading speech
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