Superannuation Trust Funds (Protection of Employee Entitlements) Act Amendment Act 1986 (Qld)

144 (Jueenstanb ANNO TRICESIMO QUINTO ELIZABETHAE SECUNDAE REGINAE No. 15 of 1986 An Act to amend the SuperannuationTrust Funds (Protectionof Employee Entitlements) Act 1984 in certain particulars [ASSENTED TO 26TH MARCH, 1986]

Superannuation Trust Funds ( Protection of Employee Entitlements ) Act Amendment Act 1986, No. 15 145 BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the.authority of the same, as follows:- 1. Short title . This Act may be cited as the Superannuation Trust Funds (Protection of Employee Entitlements) Act Amendment Act 1986. 2. Commencement . (1) Section 1 and this section shall commence on the day this Act is assented to for and on behalf of Her Majesty. (2) Except as provided by subsection (1), the provisions of this Act or such of those provisions as are specified in the Proclamation shall commence on a date or dates to be appointed by Proclamation. 3. Citation . (1) In this Act the Superannuation Trust Funds(Protection of Employee Entitlements) Act 1984 is referred to as the Principal Act. (2) The Principal Act as amended by this Act may be cited as the Superannuation Trust Funds (Protection of Employee Entitlements) Act1984-1986. 4. Amendment of s. 4 . Interpretation . Section 4 of the Principal Act is amended by omitting the definition "registrar" and substituting the following definition:- "registrar" means the Registrar of Superannuation Trust Deeds appointed under this Act and includes a person who at the relevant time is acting as registrar pursuant to this Act;". 5. Amendment of s. 5 . Registrar . Section 5 of the Principal Act is amended by omitting subsections (3), (4) and (5). 6. New ss. 6 and 7. The Principal Act is amended by inserting after section 5 the following sections:- "6. Deputy Registrar . (1) The Governor in Council may from time to time appoint such number of Deputy Registrars of Superannuation Trust Deeds as he considers necessary for the proper administration of this Act. (2) Whenever by reason of the absence or incapacity of a deputy registrar or of a vacancy in the office of deputy registrar it is expedient so to do the Governor in Council may appoint a person to act as deputy registrar. (3) Whenever by reason of absence or incapacity the Registrar of Superannuation Trust Deeds is unable to discharge the functions of his office or there is a vacancy in that office a deputy registrar shall act in that office, unless another person is appointed under section 5 (2) to act as registrar on the occasion in question. (4) It is competent to a deputy registrar to discharge the functions and exercise the powers of the registrar under this Act save that the registrar may give such directions and exercise such supervision in respect thereof as he thinks fit, and such

146 Superannuation Trust Funds (Protection of Employee Entitlements) Act Amendment Act 1986, No. 15 functions or powers when so discharged or exercised shall be as valid and effectual as if discharged or exercised by the registrar. 7. Appointments and judicial notice thereof . (1) Every appointment to the office of registrar or deputy registrar or of a person to act in the office of either of them shall be made under the Public Service Act 1922-1978 and the appointee shall hold the appointment under and subject to that Act. (2) A person appointed to the office of registrar or deputy registrar or to act in either of those offices may hold the appointment in conjunction with any other office he may hold in the Public Service of Queensland. (3) All courts and persons acting judicially shall take judicial notice of the appointment of the registrar or a deputy registrar or of a person to act in the office of either of them and shall take judicial notice of their respective signatures affixed to any writing and, until the contrary is proved, shall presume that the signature was duly affixed to the writing.". 7. Repeal of s. 6 and new section . The Principal Act is amended by repealing section 6 and substituting the following section:- "8. Functions and powers of registrar etc. (1) The registrar shall have such functions and may exercise such powers as are conferred on him by or under this Act. (2) A deputy registrar shall act in aid of the registrar, shall have such other functions and may exercise such powers as are conferred on him by or under this Act. (3) For as long as a person acts in accordance with this Act in the office of registrar or deputy registrar he shall have such functions and may exercise such powers as are attached to that office by or under this Act.". 8. New s. 9. The Principal Act is amended by inserting before section 7 the following section:- "9. Protection in respect of administering Act. No act or thing done or omitted by any person for the purposes of this Act or done or omitted in good faith and without negligence by any person purporting to act for the purposes of this Act shall subject the Crown, the Minister, registrar or deputy registrar or any person acting in aid of any of them to liability in respect thereof.". 9. Amendment of s. 8. Registrar ' s approval prohibited unless Act satisfied . Section 8 of the Principal Act is amended by- (a) omitting the note appearing in and at the beginning of the section and substituting the note "Regulation of registrar's approval of trust deeds etc."; (b) numbering the provisions thereof as subsection (1);

Superannuation Trust Funds (Protection of Employee Entitlements) Act Amendment Act 1986, No. 15 147 (c) adding at the.: end of the section the following subsection:- "(2) The registrar may refuse to approve a trust deed or a proposed variation of a trust deed, being a variation directed to authorizing the trustees of a superannuation scheme to invest moneys committed to the scheme, if any investment in which the trustees of the superannuation scheme provided for by the trust deed or to which the variation relates would be authorized to invest moneys (being other than an investment of a class in which a trustee is authorized by an Act to invest trust funds in his hands) does not meet with the registrar's approval.". 10. New ss. 12 and 13. The Principal Act is amended by inserting before section 9 the following sections:- "12. Withdrawal of registrar's approval . (1) The registrar may at any time withdraw an approval by reason whereof a trust deed is an approved trust deed by notice in writing given to the trustees of the superannuation scheme provided for by the trust deed, or to any of those trustees, if- (a) in his opinion the superannuation scheme is being managed otherwise than in accordance with the trust deed, imprudently or improperly; (b) in respect of the superannuation scheme or the trust deed that provides for it any provision of this Act is not satisfied; (c) the trustees of the superannuation scheme or any of them or any person concerned in the management of the superannuation scheme has wilfully failed to comply with a requisition issued under this Act; or (d) the trustees of the superannuation scheme, or any of them, or any person concerned in the conduct of the superannuation scheme has obstructed or hindered the proper discharge of any function or the proper exercise of any power by any person for the purposes of this Act. (2) In a notice given under subsection (1) the registrar may postpone the taking effect of his withdrawal of an approval for such period as he specifies therein whereupon the withdrawal shall not take effect until the expiration of the period so specified. (3) The registrar may revoke a notice given under subsection (1) by further notice in writing given to the trustees of the superannuation scheme in question or to any of them whereupon the notice of withdrawal shall cease to be of force or effect. (4) Where an approval has been duly withdrawn in respect of a trust deed, the deed shall thereupon cease to be an approved trust deed and where a notice of withdrawal of approval has been duly revoked after the withdrawal has taken effect, the trust deed shall thereupon become and be an approved trust deed.

148 Superannuation Trust Funds ( Protection of Employee Entitlements ) Act Amendment Act 1986, No. 15 13. Authority of registrar to examine trust deeds . (1) Where there is lodged with the registrar- a trust deed made in respect of a superannuation scheme that is or is to be a superannuation scheme to which this Act is limited by section 4 (2); and a request that the registrar examine the trust deed with a view to establishing whether its provisions comply with the requirements of this Act, it is competent to the registrar to so examine the trust deed and to furnish his opinion whether the provisions of the trust deed comply with the requirements of this Act. (2) The authority conferred by subsection (1) may be exercised whether or not the superannuation scheme provided for by the trust deed in question is or is to be one to which Part III is expressed by section 20 to apply. (3) An opinion furnished pursuant to subsection (1) that the provisions of a trust deed comply with the requirements of this Act shall not constitute an approval of the trust deed or fetter the exercise of the registrar's discretion under section 10 if the trust deed is subsequently submitted to him for approval nor shall the trust deed be taken to be, by reason of the opinion furnished, an approved trust deed.". 11. Amendment of s. 15. Application of Part. Section 15 of the Principal Act is amended by- (a) omitting all words from and including the words "that is proposed" to the end of the section and substituting the following words:- "bei.ng a superannuation scheme or a proposed superannuation scheme that is- (a) maintained or proposed for employees engaged in any occupation or business undertaking declared by Order in Council to be a prescribed occupation or business undertaking for the purposes of this Act; (b) of a class or description of superannuation scheme declared by Order in Council to be a prescribed class or description of superannuation scheme for the purposes of this Act; or (c) declared by Order in Council to be a prescribed superannuation scheme for the purposes of this Act."; (b) numbering the provisions thereof as subsection (1) and adding the following subsection:- "(2) Where a superannuation scheme or a proposed superannuation scheme is or would be one to which this Part

Superannuation Trust Funds ( Protection of Employee Entitlements ) Act Amendment Act 1986, No. 15 149 applies by reason of a declaration referred to in paragraph (a) or (b) of subsection (1) the trustees or proposed trustees of that scheme may make application to the Minister for exemption from the application of this Part and, if he is satisfied that the superannuation scheme or proposed superannuation scheme is not or would not be one in relation to which this Part need apply, the Minister may by notice under his hand exempt that scheme from the application of this Part either absolutely or subject to such conditions as he thinks fit and specifies in the notice of exemption. (3) Where the Minister has granted an exemption under subsection (2) in respect of any superannuation scheme or proposed superannuation scheme the provisions of this Part shall not apply in relation to that scheme- (a) unless the notice of exemption is revoked by further notice under the Minister's hand, he being empowered so to do at any time for cause that appears to him sufficient; and (b) in the case of an exemption granted subject to conditions, while the conditions are complied with in all respects.". 12. New s. 21 . The Principal Act is amended by inserting after section 15 the following section:- "21. Temporary relief from Part . (1) Where a superannuation scheme is or a proposed superannuation scheme would be one in relation to which the provisions of this Part apply the Minister may, upon application made to him by the trustees or proposed trustees of the scheme, nominate in respect of the scheme a period of grace with a view to the trustees taking within that period all steps necessary, to obtain the registrar's approval to the trust deed that provides for the superannuation scheme. (2) Where the Minister has nominated a period of grace under subsection (1) in respect of a superannuation scheme the provisions of this Part (other than this section) shall not apply in relation to that superannuation scheme until the expiration of that period or until the trust deed that provides for the superannuation scheme becomes an approved trust deed, whichever is the sooner and, in the case of an established superannuation scheme, shall be deemed not to have so applied at any time before the nomination of the period of grace, notwithstanding the provisions of section 20.". 13. Amendment of s. 16. Requirement as to trust deeds . Section 16 of the Principal Act is amended by- (a) in subsection (3), omitting the words "to a superannuation scheme provided for by an approved trust deed" and substituting the following words:- (a) to a superannuation scheme provided for by an approved trust deed;

150 Superannuation Trust Funds (Protection of Employee Entitlements) Act Amendment Act 1986, No. 15 or (b) to a superannuation scheme approved in writing by the registrar"; (b) adding at the end of the section the following subsections:- "(4) A trust deed, whether or not it has been approved by the registrar at the commencement of section 13 of the Superannuation Trust Funds (Protection ofEmplovee Entitlements) Act Amendment Act 1986, shall contain- (a) a provision that entitles every employer who has agreed to participate in the superannuation scheme to which the trust deed relates to withdraw from the scheme upon the expiration of a period of at least three months after the employer has given notice in writing to the trustees of the scheme or to any of them of his intention to withdraw from the scheme; and (b) a provision that the entitlement referred to in paragraph (a) shall not be able to be denied or defeated by the trustees of the superannuation scheme to which the trust deed relates or by any other person. (5) If it is proposed that trustees of a superannuation scheme be authorized to invest moneys committed to the scheme in investments other than investments of a class in which a trustee is authorized by an Act to invest trust funds in his hands, the trust deed that provides for the scheme shall contain a provision that authorizes the trustees to invest those moneys- (a) in the investments specified or investments of a class specified in the trust deed; or (b) in investments approved or investments of a class approved by the registrar.". 14. Repeal of s. 17 and new section . The Principal Act is amended by repealing section 17 and substituting the following section:- "23. Requirements as to trustees . (1) Unless the Governor in Council, by Order in Council, otherwise approves in a particular case, trustees of a superannuation scheme shall consist of three natural persons of whom- (a) one shall be representative of the employer or employers contributing or to contribute to the fund of the superannuation scheme; (b) one shall be representative of the employees for whom the superannuation scheme is proposed or maintained; and (c) one shall be a person who is neither an employer nor employee referred to in paragraph (a) or (b) and

Superannuation Trust Funds ( Protection of Employee Entitlements) Act Amendment Act 1986, No. 15 151 is not representative of any such employer or such employee. (2) Where the Governor in Council so approves- a body corporate may be sole trustee of a superannuation scheme; or a body corporate may be a trustee of a superannuation scheme with other bodies corporate or with natural persons. The Governor in Council may, by Order in Council, from time to time subject his approval to such conditions as he thinks fit and may, by Order in Council, at any time revoke his approval. Where an approval is subject to conditions the authority conferred by the approval shall subsist only for as long as the conditions are complied with by all persons concerned. (3) Unless the Minister otherwise approves in a particular case- (a) where trustees of a superannuation fund are or include natural persons, each of them shall be a person who ordinarily resides in Queensland: (b) where trustees of a superannuation fund are or include a body corporate that is not a trustee company within the meaning of the Trustee Companies Act 1968- 1984, each director of the body corporate (or person concerned in its management, by whatever name called) shall be a person who ordinarily resides in Queensland. (4) The Minister may approve- (a) that one or more trustees of a superannuation fund, being natural persons. may be persons who ordinarily reside outside Queensland; or (b) that one or more of the directors of a body corporate (or the persons concerned in its management. by whatever name called ) may be persons who ordinarily reside outside Queensland. whereupon persons who are such trustees or directors, to the number so approved may be persons who ordinarily reside outside Queensland in accordance with the approval. (5) An approval under subsection (3)- (a) shall be in writing: (b) shall not be given in respect of more than one-half of the number of natural persons who are trustees or. as the case may be, directors;

1 52 Superannuation Trust Funds ( Protection of Employee Entitlements ) Act Amendment Act 1986, No. 15 and (c) may be withdrawn at any time by the Minister by notification published in the Gazette.". 15. New s. 24. The Principal Act is amended by inserting before section 18 the following section:- "24. Appointment of trustees by Governor in Council. (1) Where a notice of withdrawal of approval of a trust deed has been given as prescribed by section 12 (1) the Governor in Council may, by Order in Council- (a) remove from office one or more of the trustees of the superannuation scheme provided for by the trust deed; and (b) appoint such number of persons to be trustee or trustees of the superannuation scheme as is necessary to replace the person or persons removed from office. (2) An Order in Council may be made under subsection (1) whether or not the withdrawal of approval of the trust deed in question has taken effect. (3) Where any trustee or trustees are appointed by Order in Council under subsection (1) all property held by the trustees of the superannuation scheme in question for the purposes of the scheme, whether in the fund of the scheme or otherwise, shall divest from the person or persons thereby removed from office as trustee and shall vest in the person or persons so appointed. Where the case requires it, the Registrar of Titles, Registrar of Dealings and every other person charged with keeping registers or accounts that relate to property to which this subsection relates shall give effect to the provisions of the subsection by making all necessary endorsements in the registers or accounts kept by him, upon his being satisfied that the relevant Order in Council has been made and upon the request in writing of the registrar. Any such request shall be exempt from the payment of stamp duty under the Stamp Act 1894-1986 and of fees or charges which but for this provision would be payable in connexion with making such endorsements.". 16. Amendment of s. 22. Trustees to submit annual financial statement . Section 22 of the Principal Act is amended by adding at the end of the section the following subsection:- "(3) Upon application made to him by the trustee of a superannuation scheme the registrar may, for cause that appears to him sufficient, extend the time within which a financial statement shall be furnished to him in respect of that scheme as required by subsection (1). A financial statement furnished to the registrar within the extended time permitted by the registrar in relation to the

Superannuation Trust Funds ( Protection of Employee Entitlements ) Act Amendment Act 1986, No. 15 153 superannuation scheme by whose trustee was made the application for extension of time shall be deemed to have been furnished in accordance with this section if it complies with the requirements of this section in all other respects.". 17. Amendment of s. 26 . Service ' of documents . Section 26 of the Principal Act is amended by- (a) inserting after the word "registrar", where it firstly occurs, the words "or by any other person"; (b) omitting the word "registrar", where it secondly occurs, and substituting the words "person giving the notice". 18. Repeal of s. 30 and new section . The Principal Act is amended by repealing section 30 and substituting the following section:- "37. Procedure on s. 20 Order in Council . Section 28A of the Acts Interpretation Act 1954-1977 (which provides for the laying of regulations before the Legislative Assembly and disallowance thereof by the Assembly) applies in relation to every Order in Council made under section 20 as if it were a regulation made under this Act.". 19. Renumbering certain sections . A section of the Principal Act numbered in the first column of the following Table is renumbered as indicated in the second column of the Table:- TABLE Section as presently numbered Section as renumbered s. 7 8 9 10 I1 12 13 14 15 16 18 19 20 21 22 23 24 25 26 27 s. 10 11 14 15 16 17 18 19 20 22 25 26 27 28 29 30 31 32 33 34

154 Superannuation Trust Funds (Protection of Employee Entitlements ) Act Amendment Act 1986, No. 15 TABLE- continued Section as presently numbered Section as renumbered 28 35 29 36 31 38 20. Amendment of certain expressions . An expression identified in the first column of the following Table as occurring in a section (as renumbered by section 19) of the Principal Act is amended as indicated in the second column of the Table:- TABLE Existing expression Amended expression "11" occurring in s. 14 "9" occurring in s. 15 (1) and (2) "11" occurring in s. 18 (2) "20" occurring in the note in and at the beginning of s. 28 and in s. 28 (1) "22" occurring in the note in and at the beginning of s. 30 and in that section "11" occurring in s. 31 (2) "24" occurring in s. 32 "24" occurring in s. 38 (1) "16" " 14" in each case .. 16" "27" in each case "29" in each case " 1 69' "31" "3 1" 21. Amendment of s. 3 . Arrangement . Section 3 of the Principal Act is amended by- (a) omitting the expression "[ss. 5-14]" and substituting the expression "[ss. 5-19]"; (b) omitting the expression "[ss. 15-23]" and substituting the expression "[ss. 20-30]"; (c) omitting the expression "[ss. 24-31]" and substituting the expression "[ss. 31-38]".