Right of Access – Section 1017C

Persons who have a beneficial interest in a Government Regulated Superannuation Fund, not only have a right of access to the Deeds of the fund under the general law, they also have a right of access pursuant to Section 1017C of the Corporations Act 2001 and related Regulations, Regulation 7.9.45 and Schedule 10A part 11.1.

It is an indictable offence pursuant to Items 296C and 297B  of Schedule 3 of the Corporations Act 2001 for a “Responsible Person” of a Trustee to contravene subsection 1017C(2) or subsection 1017C(5) of the Corporations Act 2001.

Prescribed documents include the “governing rules” of the fund pursuant to Regulation 7.9.45(2)(a):

(2)  For paragraph 1017C(5)(a) of the Act, the following are prescribed documents:                     (a)  the governing rules of the fund or pooled superannuation trust;

The “governing rules” of a fund is a “set of documents”, that includes the original Trust Deed and all subsequent instruments that purport to amend the terms of the original Trust Deed.

More information on the definition of the “governing rules” can be found here.

The original Trust Deed is the most important legal document in any trust, since this document determines who has a legal entitlement to receive a benefit from the trust and who has been provided with the power to amend the terms of the trust.

For the last 5 years ASIC has prevented persons with a “beneficial interest” in the occupational pension trust established on the 23 December 1913 in the State of South Australia from gaining access to the original Trust Deed and all genuine Deeds of Variation executed before 26 August 1986.

Instead Officers of ASIC have misrepresented a purported “Deed” dated 26 August 1986 as the “Trust Deed” of this fund.

More details of the attempted cover-up of this major fraud byASIC can be found here.