Document ID: chunk:federal_register_of_legislation:C2025C00134:section:142
Version: federal_register_of_legislation:C2025C00134
Segment Type: section
Provision Reference: s 142
Character Range: 785773–787383

142  The Regulator may formulate a scheme for the winding‑up or dissolution, or both, of a superannuation entity

Schemes
 (1) If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may, by legislative instrument, formulate a scheme for the winding‑up or dissolution, or both, of the entity.

Vacancies
 (2) Without limiting subsection (1), a scheme may make provision for and in relation to prohibiting the appointment of a person to fill a vacancy in the position of trustee.

Contravention of scheme
 (3) A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section.
Penalty: 100 penalty units.
Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Notification
 (4) The Regulator must give a copy of an instrument under subsection (1) to the acting trustee.

Beneficiaries to be told
 (5) Without limiting section 141, the Regulator may give a direction under that section to the acting trustee requiring the acting trustee to tell beneficiaries in the entity about an instrument under subsection (1).

Copies to be supplied
 (6) A person whose interests are affected by an instrument under subsection (1) may request the Regulator to give the person a copy of the instrument. The Regulator must comply with the request.

Publishing notice
 (7) The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.

Part 18—Amalgamation of funds