Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999
16MLodging of benefit fund rules with ASIC after approval by APRA
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16M Lodging of benefit fund rules with ASIC after approval by APRA
(1) This section applies if, under section 16L, APRA approves benefit fund rules pursuant to an application made by a company. (2) The company must lodge a copy of the rules with ASIC in accordance with any requirements determined by ASIC. (3) The company is guilty of an offence if it does not comply with subsection (2) within 14 days after the day on which APRA approved the rules.
Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above.