Document ID: chunk:federal_register_of_legislation:F2005L00415:body:0:p1
Version: federal_register_of_legislation:F2005L00415
Segment Type: other
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Character Range: 0–2891

Determination of requirements for an approved guarantee

Superannuation Industry (Supervision) Act 1993

I, Tom Karp, a delegate of APRA, under subsection 11E(1) of the Superannuation Industry (Supervision) Act 1993 (the Act) and under subsection 33(3) of the Acts Interpretation Act 1901, REVOKE the Determination of requirements for an approved guarantee made on 15 July 2004 and under paragraph 11E(1)(a) of the Act and for the purposes of subsections 29DA(3) and 29DA(4) of the Act, DETERMINE that the requirements relating to an approved guarantee given by an ADI are:

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

Dated:  25 February 2005

[signed]
Tom Karp
Executive General Manager
Supervisory Support 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 11E of the Act.

Note 1         Under subsection 11E(2) of the Act, this Determination is a disallowable instrument.

Schedule- approved guarantee

DEED OF GUARANTEE

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

THE COVENANTS IN THIS DEED are given for the benefit jointly and severally of [NAME OF TRUSTEE] ABN [ABN of Trustee], which has its registered office at [address] (the Trustee) in respect of all superannuation entities of which the Trustee is or becomes the trustee during the term of this Guarantee, and any acting trustee or other trustee appointed in place of the Trustee.

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. The Trustee is a constitutional corporation and has made application to the Australian Prudential Regulation Authority (APRA) for an RSE licence of a class that enables a trustee that holds a licence of that class to be a trustee of a public offer entity subject to any condition under subsection 29EA(1) of the Act on the basis that the Trustee meets the capital requirements under subsection <<29DA(3)>><<29DA(4)>> of the Act.

   C. This Deed is in the form of the approved guarantee in accordance with section 11E of the Act.

    D. The Guarantor accordingly undertakes the obligations specified in this Deed.

NOW THIS DEED WITNESSES:

     Interpretation

    1. In this Deed:

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

       (b) default means

           (i) any failure by the Trustee to perform any duty or obligation imposed on the Trustee under Superannuation Law which results in any financial loss to any superannuation entity of which the Trustee is trustee, or
           (ii) the breach by the Trustee of