Document ID: chunk:federal_register_of_legislation:F2006L03540:body:0:p1
Version: federal_register_of_legislation:F2006L03540
Segment Type: other
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Superannuation Industry (Supervision) (approved guarantee) determination

No 1 of 2006

Superannuation Industry (Supervision) Act 1993

I, Brandon Kong Leong Khoo, a delegate of APRA, under paragraph 11E(1)(a) of the Superannuation Industry (Supervision) Act 1993 and for the purposes of sub-paragraphs 123(1)(b)(ii) and 123(1)(b)(iii) of the Act, DETERMINE that the requirements relating to an approved guarantee given by an ADI are:

(i) an approved guarantee for the purposes must contain solely the terms set out in the Schedule attached to this Determination.

This Determination comes into force upon registration of this instrument on the Federal Register of Legislative Instruments.

Dated 26 October 2006

[Signed]

Brandon Khoo
Executive General Manager
Specialised Institutions Division

Interpretation

In this Determination

APRA means the Australian Prudential Regulation Authority.
ADI has the meaning given in section 10 of the Act
approved guarantee has the meaning given in section 11 E of the Act.
Federal Register of Legislative Instruments means the register established under section 20 of the Legislative Instruments Act 2003.

Note 1         Under subsection 11E(2) of the Act, this Determination is a disallowable instrument and as a consequence, is a legislative instrument for the purposes of the Legislative Instruments Act 2003.

Schedule- approved guarantee

DEED OF GUARANTEE

THIS DEED POLL (this Guarantee) is made by [NAME AND ABN OF THE GUARANTOR], which has its registered office at [address] (the Guarantor).

THE COVENANTS IN THIS Guarantee are given for the joint and several benefit of (1)              all trustees of all superannuation entities in respect of which the Custodian is at any time during this Guarantee, or has been at any time prior to this Guarantee, the custodian (referred to collectively as the Trustees and in the singular, a Trustee); and
(2) the Custodian.

WHEREAS:

   A. The Guarantor is an authorised deposit taking institution as defined in section 10 of the Superannuation Industry (Supervision) Act 1993 (the Act).

   B. <<enter name of body corporate>> (the Custodian) is a body corporate and is desirous of meeting the requirements for eligibility to be a custodian of superannuation entities under subparagraph <<123(1)(b)(ii)>><< 123(1)(b)(iii)>> of the Act.

   C. The Custodian may be the custodian of a superannuation entity pursuant to a custodian agreement.

   D. This Guarantee is in the form of the approved guarantee in accordance with section 11E of the Act.

    E. The Guarantor accordingly undertakes the obligations specified in this Guarantee.

NOW THIS GUARANTEE WITNESSES:

     Interpretation

       1. In this Guarantee:

       (a) agreed amount means <<five million dollars>> Australian currency.<<insert amount where the Custodian is complying with subsection 123(1)(b)(iii) of the Act.>>

    (b)  beneficiary has the meaning given in section 10 of the Act.

    (c) custodian has the meaning given in section 10 of the Act.

        (d) custodian agreement means a