Document ID: chunk:federal_register_of_legislation:C2025C00134:section:141a
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 141A
Character Range: 783581–785773

141A  Property vested in acting trustee—former trustee's obligations relating to books, identification of property and transfer of property
 (1) This section applies if:
 (a) after the commencement of this section, the Regulator makes an order under subsection 138(1) or (2) vesting the property of a superannuation entity in an acting trustee; or
 (b) the Regulator made such an order before the commencement of this section and that order is still in force when this section commences.
 (2) In this section, the person in whom the property was vested immediately before the order was made is referred to as the former trustee.
 (3) The former trustee commits an offence:
 (a) if paragraph (1)(a) applies—if the former trustee does not, within 14 days of the order being made, give the acting trustee all books relating to the entity's affairs that are in the former trustee's possession, custody or control; or
 (b) if paragraph (1)(b) applies—if the former trustee does not, within 14 days of the commencement of this section, give the acting trustee all books relating to the entity's affairs that are in the former trustee's possession, custody or control.
Penalty: 50 penalty units.
 (4) The acting trustee may, by notice in writing to the former trustee, require the former trustee, so far as the former trustee can do so:
 (a) to identify property of the entity; and
 (b) to explain how the former trustee has kept account of that property.
 (5) The acting trustee may, by notice in writing to the former trustee, require the former trustee to take specified action that is necessary to bring about a transfer of specified property of the entity to the acting trustee.
 (6) The former trustee commits an offence if:
 (a) the acting trustee gives the former trustee a notice under subsection (4) or (5); and
 (b) the former trustee does not, within 28 days of the notice being given, comply with the requirement in the notice.
Penalty: 50 penalty units.
 (7) Subsections (3) and (6) are offences of strict liability.
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.