Superannuation Administration Act 1996
89STC Board must report events affecting functions
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89 STC Board must report events affecting functions
89 STC Board must report events affecting functions
(1) If the STC Board becomes aware of the occurrence of an event, or of a change in circumstances, having a significant adverse effect on the exercise of the functions of STC, the Board must give written notice to the Minister setting out particulars of the event or change in circumstances.
(2) The STC Board must give the notice no later than the third business day after becoming aware of the event or change in circumstances.
(3) Without limiting subsection (1), the STC Board must give written notice of an event if, as a result of the event, STC will not, or may not, be able to make payments to beneficiaries as and when the obligation to make those payments arises.