Document ID: chunk:federal_register_of_legislation:C2012A00117:clause:1_14
Version: federal_register_of_legislation:C2012A00117
Segment Type: clause
Provision Reference: sch 1 cl 14
Character Range: 27436–28409

14  Subsections 55(5) and (6)
Repeal the subsections, substitute:
 (5) It is a defence to an action for loss or damage suffered by a person as a result of the making of an investment by or on behalf of a trustee of a superannuation entity if the defendant establishes that the defendant has complied with all of the covenants referred to in sections 52 to 53 and prescribed under section 54A, and all of the obligations referred to in sections 29VN and 29VO, that apply to the defendant in relation to the investment.
 (6) It is a defence to an action for loss or damage suffered by a person as a result of the management of any reserves by a trustee of a superannuation entity if the defendant establishes that the defendant has complied with all of the covenants referred to in sections 52 to 53 and prescribed under section 54A, and all of the obligations referred to in sections 29VN and 29VO, that apply to the defendant in relation to the management of the reserve.