Superannuation Funds Management Corporation of South Australia Act 1995 (SA)

South Australia Superannuation Funds Management Corporation of South Australia Act 1995 An Act relating to the Superannuation Funds Management Corporation of South Australia; and for other purposes.

Contents Part 1—Preliminary 1 Short title 3 Interpretation Part 2—Superannuation Funds Management Corporation of South Australia 4 Continuation in existence of Corporation 5 Functions of the Corporation 5A Investment and management of public funds 6 Powers of the Corporation 7 Object of the Corporation in performing its functions 8 Common seal and execution of documents Part 3—The board of directors 9 Establishment of the board 10 Conditions of membership 11 Vacancies or defects in appointment of directors 12 Remuneration 13 Board proceedings Part 4—Chief executive officer 19 Chief executive officer Part 5—Performance by the Corporation of its functions 20 Performance plan 20A Performance plan in relation to approved authority 20B Other performance plans 21 Direction of Minister 22 Provision of information and records to Minister 23 Notification of disclosure to Minister of matter subject to duty of confidence 24 No breach of duty to report matter to Minister 25 Administration of section 3(3) funds Part 6—Accounting records and audit 26 Accounts 27 Internal audits and audit committee 28 External audit Part 7—Reports 29 Progress reports in relation to performance plan 30 Annual reports Part 8—Miscellaneous 31 Staff of Corporation 33 Delegation 35 Validity of transactions of Corporation 36 Power to investigate Corporation's operations 37 Tax and other liabilities of Corporation 38 Proceedings for offences 39 Regulations Schedule 1—Transitional provision Legislative history Appendix—Divisional penalties and expiation fees

The Parliament of South Australia enacts as follows: Part 1—Preliminary 1—Short title This Act may be cited as the Superannuation Funds Management Corporation of South Australia Act 1995. 3—Interpretation (1) In this Act, unless the contrary intention appears— approved authority means a public authority to which an approval has been granted by the Minister under section 5A(3); associate—see subsection (2); beneficiary includes a person who is an object of a discretionary trust; the board means the board of directors of the Corporation; chief executive officer means the person for the time being appointed to, or acting in, the office of chief executive officer under Part 4; contributor means a person who is— (a) a contributor within the meaning of the Superannuation Act 1988 or the Police Superannuation Act 1990; or (b) a member or spouse member of the Southern State Superannuation Scheme; or (c) a person provided with investment services or other products or services pursuant to regulations under section 30(2)(g) of the Southern State Superannuation Act 2009; the Corporation means the Superannuation Funds Management Corporation of South Australia continued in existence by this Act; director means a person appointed as a member of the board of the Corporation; domestic partner means a person who is a domestic partner within the meaning of the Family Relationships Act 1975, whether declared as such under that Act or not; eligible superannuation fund means a superannuation fund that is not a public sector superannuation fund but consists of money contributed by the Crown to provide a group of its employees with superannuation benefits; executive means the chief executive officer or any other employee of the Corporation who is concerned or takes part in the management of the Corporation; the funds means— (a) the public sector superannuation funds; and (b) the nominated funds of each approved authority; and (c) the funds (if any) established by the Corporation for the purposes of Schedule 3 of the Superannuation Act 1988; liability includes a contingent liability; nominated funds means funds of an approved authority nominated by the Minister and transferred to the Corporation in accordance with an approval under section 5A(3); prescribed interest has the same meaning as in the Corporations Law; prescribed public authority means a public authority that has been declared by regulation to be a prescribed public authority for the purposes of this definition; Note— A regulation made for the purposes of this definition cannot come into operation until the time for disallowance of the regulation has passed—see subsection (6). public authority means— (a) a government department; (b) a Minister; (c) a statutory authority— (i) that is an agency or instrumentality of the Crown; or (ii) the accounts of which the Auditor-General is required by law to audit, and includes any body or person responsible for the management of an eligible superannuation fund and any other body or person brought within the ambit of this definition by the regulations; public sector superannuation funds means— (a) the Police Superannuation Fund; and (b) the South Australian Superannuation Fund; and (c) the Southern State Superannuation Fund; and (ca) the Parliamentary Superannuation Fund; and (d) contributions to be made by an employer pursuant to an arrangement under section 5 of the Superannuation Act 1988 where the arrangement requires that the contributions be invested and managed by the Corporation; and (e) a fund in relation to which a determination by the Minister under subsection (3) is in force; and (f) money received or held by the South Australian Superannuation Board in the provision of investment or other services that is to be invested by the Corporation in accordance with regulations made under the Southern State Superannuation Act 2009; record includes— (a) information stored or recorded by a computer or any other means; and (b) a computer tape or disk or any other device on or by which information is stored or recorded; relative in relation to a person, means— (a) the spouse, domestic partner, a parent or remoter linear ancestor; or (b) a son, daughter or remoter issue; or (c) a brother or sister, of the person; relevant interest has the same meaning as in the Corporations Law; remuneration in relation to an office or employment, includes any benefit of pecuniary value attaching to the office or employment; spouse—a person is the spouse of another if they are legally married; the superannuation boards means— (a) the Police Superannuation Board; and (b) the South Australian Superannuation Board. (2) For the purposes of this Act, a person is an associate of another person if— (a) the other person is a relative of the person or of the person's spouse or domestic partner; or (b) the other person— (i) is a body corporate; and (ii) the person or a relative of the person or of the person's spouse or domestic partner has, or two or more such persons together have, a relevant interest or relevant interests in shares in the body corporate the nominal value of which is not less than 10 per cent of the nominal value of the issued share capital of the body corporate; or (c) the other person is a trustee of a trust of which the person, a relative of the person or of the person's spouse or domestic partner or a body corporate referred to in paragraph (b) is a beneficiary; or (d) the person is declared by the regulations to be an associate of the other person. (3) The Minister may determine a superannuation fund held by the Minister or, where the Minister is not the Treasurer, by the Treasurer to be a public sector superannuation fund for the purposes of this Act. (4) A fund referred to in subsection (3) must consist of money contributed by the Crown to provide a group of its employees with superannuation benefits. (5) The Minister may revoke a determination under subsection (3) at any time. (6) A regulation made under this Act declaring a public authority to be a prescribed public authority for the purposes of the definition of that term cannot come into operation until the time for disallowance of the regulation has passed. Note— For definition of divisional penalties (and divisional expiation fees) see Appendix.