Document ID: chunk:federal_register_of_legislation:C1963A00102:body:0:p2
Version: federal_register_of_legislation:C1963A00102
Segment Type: other
Provision Reference: 
Character Range: 2599–5299

company incorporated in Australia; or
        (e) in any manner for the time being allowed by an Act or State Act, or by an Ordinance of a Territory of the Commonwealth, for the investment of trust

        moneys in Australia, other than in stock or shares issued by a company,
but shall not be invested in any other manner.

"(3.) Except with the approval of the Treasurer, the Board shall not invest any moneys of the Fund at a rate of interest that is less than Three pounds fifteen shillings per centum per annum.

"(4.) Moneys of the Fund shall not be invested in debentures unless—
        (a) the investment is permitted by, and is in accordance with, the regulations; and
        (b) the amount of the moneys to be invested, together with the value of any debentures in which moneys of the Fund are already invested, is less than one quarter of the value of the assets of the Fund.
"(5.) In this section, 'debenture', in relation to a company, includes debenture stock, bonds, notes and any other securities of the company, whether constituting a charge on the assets of the company or not.".

(2.) Any investment of the moneys of the Fund made before the commencement of this section in a loan of a kind referred to in paragraph (c) of sub-section (2.) of section twelve of the Principal Act as amended by this Act, being a loan that was not authorized by section twelve of the Principal Act, shall be deemed to have been lawfully made.

Moneys uninvested may be lodged with Treasurer or in a bank.
6. Section thirteen of the Principal Act is amended by omitting the words "Commonwealth Bank" and inserting in their stead the words "Reserve Bank of Australia".

Commencement and cessation of contributions.
7.—(1.) Section nineteen of the Principal Act is amended—
        (a) by omitting from paragraph (c) of sub-section (1a.) the words "or section nine of the High Commissioner Act 1909–1952"; and
        (b) by omitting sub-section (3.) and inserting in its stead the following sub-section:—
       "(3.) Where—
             (a) after, but as from a date before, the attainment by an employee of the maximum age for retirement; or
             (b) after, but as from a date before, the attainment by a pensioner of the maximum age for retirement, being a pensioner who retired on or after attaining that age,

     his salary is increased and the number of units of pension ascertained in accordance with sub-section (2.)

        of section twenty of this Act as it applied immediately after the increase having regard to his salary immediately after the increase is greater than the number of units of pension ascertained in accordance with that sub-section as it applied immediately