Document ID: chunk:federal_register_of_legislation:C2015C00151:clause:7_242b
Version: federal_register_of_legislation:C2015C00151
Segment Type: clause
Provision Reference: sch 7 cl 242B
Character Range: 123565–124341

242B  Election to transfer amounts held in eligible rollover fund if authorisation cancelled
  An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if:
 (a) the RSE licensee elects:
 (i) to take the action required under the prudential standards in relation to amounts held in the eligible rollover fund, if the authority to operate the fund as an eligible rollover fund is cancelled under subsection 242J(1); and
 (ii) to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 242J(3); and
 (b) the election is in writing; and
 (c) the election is in the approved form.