Document ID: chunk:federal_register_of_legislation:C2025C00134:section:117:p2
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 117 (pt 2/3)
Character Range: 596192–598827

was made:
 (i) an actuary had given a written certificate to the trustee, or the trustees, of the fund stating that, if the amount were paid, the fund would remain in a satisfactory financial position; and
 (ii) the trustee, or the trustees, were satisfied that the payment of the amount and the making of the changes (if any) to the governing rules were reasonable having regard to the interests of the employer‑sponsor and of the beneficiaries in the fund;
 (d) a trustee of the fund gave notice in accordance with the governing rules to all members of the fund:
 (i) stating the intention to pay the amount to the employer‑sponsor; and
 (ii) stating that an actuary has given a certificate to the trustee, or the trustees, of the fund as required by subparagraph (c)(i); and
 (iii) setting out particulars of any changes to the governing rules that were proposed to be made if the amount were paid to the employer‑sponsor;
 (e) at the end of 3 months after the notice mentioned in paragraph (d) was given to members, the provisions of whichever of the following subparagraphs is applicable were complied with:
 (i) if the fund has a single corporate trustee—the directors of the corporate trustee passed a resolution agreeing to pay the amount out of the fund to the employer‑sponsor;
 (ii) if the fund has a group of individual trustees—the trustees passed a resolution agreeing to pay the amount out of the fund to the employer‑sponsor;
 (iii) in any other case—the trustee decided to make the payment;
 (f) any other requirements made by the regulations.
 (5A) The requirement in paragraph (5)(d) is taken not to have been fulfilled unless the notice is given in a way that enables each trustee of the fund to be reasonably satisfied that the notice came to the attention of all the members of the fund other than members who are lost members within the meaning of the regulations.

APRA may waive requirements
 (6) APRA may waive any or all of the requirements specified in subsection (5) in relation to a matter occurring on or after the date of commencement of this section.

Civil penalty provision
 (7) Subsection (3) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection.

This section does not apply to loans to, or investments in, a standard employer‑sponsor
 (8) A reference in this section to the payment of an amount out of a standard employer‑sponsored fund to a standard employer‑sponsor does not include a reference to the payment of an amount by way of the making of a