102Duty to seek information from investment manager

#### 102 Duty to seek information from investment manager (1) If the trustee of a superannuation entity, or if a superannuation entity has a group of individual trustees, the trustees of the entity, enter into an agreement with an investment manager under which money of the entity will be placed under the control of the investment manager, the trustee, or the trustees, must: (a) ensure that the agreement contains adequate provision to enable the trustee, or the trustees, of the entity to require the investment manager from time to time: (i) to provide appropriate information as to the making of, and return on, the investments; and (ii) to provide such information as is necessary to enable the trustee, or the trustees, of the entity to assess the capability of the investment manager to manage the investments of the entity; and (b) whenever it is necessary or desirable to do so, require the investment manager to provide the information. (2) If: (a) the trustee of a superannuation entity, or if a superannuation entity has a group of individual trustees, the trustees of the entity, entered into an agreement before the commencement of this section with an investment manager under which money of the entity would be placed under the control of the investment manager; and (b) the agreement does not contain a provision of a kind mentioned in paragraph (1)(a); the trustee, or the trustees, of the entity must as soon as practicable ensure that: (c) the agreement is amended so as to contain such a provision; or (d) if the investment manager refuses to agree to such an amendment—the agreement is terminated. (3) The trustee of a superannuation entity, or if a superannuation entity has a group of individual trustees, the trustees of the superannuation entity: (a) may terminate an agreement under paragraph (2)(d) despite anything in the agreement; and (b) are not under any liability to the investment manager because of the termination. (4) A person who intentionally or recklessly contravenes subsection (1) or (2) commits an offence punishable on conviction by a fine not exceeding 100 penalty units. > Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.