right to refuse to register transfer, page-13

Typically a super fund can not borrow, the exception to the rule alsways used to be warrants, options not allowed.

Howard/Costello changed this so that SMSF could buy property with a loan that is structured through a non recourse loan. (i purchased a commercial property with a bank as a tenant). I guranteed the loan so if the SMSF did not pay the loan out then i had personally had to pay it out. The loophole allowed SMSF to purchase any investment that met their investment strategy using this 'warrant' agreement.

BCSCA as an 'asset' does not meet that criteria(the exception would be if you arranged a warrant agreement absolving the SMSF of any liability). As such even if you had the cash in the fund to meet the obligation you have broken SIS regulations because the fund is obliged to pay (hence a loan) and your fund would become noncompying losing the tax consesional status