Superannuation Administration Act 1996

STC must not, from the assets of the funds under administration or in obtaining borrowings within the meaning of the Government Sector Finance Act 2018—

lend money to a contributor to, or to a person entitled to or receiving a benefit under, an STC scheme, either by lending the money directly or by lending it under arrangements entered into in the exercise of a general power of investment of the assets of the scheme, or

borrow money or maintain an existing borrowing of money, whether by way of a secured or unsecured loan, otherwise than to obtain temporary finance, or

invest any of the assets of an STC fund otherwise than on an arms-length basis, unless it is an in-house asset within the meaning of Part 8 of the Superannuation Industry (Supervision) Act 1993 of the Commonwealth.

Subsection (1) does not prohibit the lending of money of an STC fund established before 25 May 1988 to a contributor if the trustee of the fund, on or before that date—

had express power to lend money to contributors, or

lent money to contributors and that lending was not expressly prohibited by the legislation establishing the fund.