Document ID: chunk:federal_register_of_legislation:C2019A00040:clause:3_54b
Version: federal_register_of_legislation:C2019A00040
Segment Type: clause
Provision Reference: sch 3 cl 54B
Character Range: 14077–15183

54B  Civil and criminal consequences for contravening sections 52 and 52A covenants

Section 52 covenants
 (1) A person must not contravene a covenant that:
 (a) is to the effect of a covenant set out in section 52; and
 (b) is contained, or taken to be contained, in the governing rules of a superannuation entity.

Section 52A covenants
 (2) A person must not contravene a covenant that:
 (a) is to the effect of a covenant set out in section 52A; and
 (b) is contained, or taken to be contained, in the governing rules of a superannuation entity.

Contravention has civil and criminal consequences
 (3) Subsections (1) and (2) are civil penalty provisions as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, those subsections.
 (4) A contravention of subsection (1) or (2) does not result in the invalidity of a transaction.
 (5) This section does not limit the operation of section 55.
Note: A contravention of subsection (1) or (2) may result in an action to recover loss or damage under section 55.