Document ID: chunk:federal_register_of_legislation:C1965A00097:body:0:p28
Version: federal_register_of_legislation:C1965A00097
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Character Range: 66489–69211

to in the last preceding sub-section, and in respect of contributions that became or become payable after the thirtieth day of June, One thousand nine hundred and fifty-seven, the rate is, in respect of any period that commenced or commences after that date, being a period that is a financial year or a part of a financial year, the rate of interest prescribed by the regulations in respect of that financial year or, if a rate of interest is not prescribed by the regulations in respect of that financial year, the rate of interest that is prescribed by the regulations in respect of the last preceding financial year in respect of which a rate of interest is prescribed by the regulations.
"(4.) In making a regulation prescribing a rate of interest in respect of a financial year for the purposes of the last preceding sub-section, the Governor-General is not required to act on the recommendation of the Board but he shall not make a regulation prescribing a rate of interest in respect of a financial year unless the Board has furnished a report to the Treasurer specifying—
       (a) the average rate of interest that is determined by the Board to have been earned by the Fund in that financial year; and
       (b) the rate of interest that, in the opinion of the Board, should, having regard to that average rate of interest and to such other matters as the Board thinks relevant, be prescribed in respect of that financial year.".

Superannuation rights and obligations of former employees of Williamstown Dockyard.
43. Section 95 of the Principal Act is amended by inserting in sub-section (5.), after the word "Act,", the words "as reduced in accordance with Table I. or Table II. in the Sixth Schedule to this Act, as the case may be,".

Increased contributions by Commonwealth.
44. Section 99 of the Principal Act is amended by omitting the words "the actuarial member of the Board certifies" and inserting in their stead the words "the Board determines".

Superannuation rights and obligations of persons formerly employed by States.
45. Section 102 of the Principal Act is amended by omitting from sub-section (1.) the words "the actuarial member of the Board certifies" and inserting in their stead the words "the Board determines".

Increased contributions by Commonwealth.
46. Section 106 of the Principal Act is amended by omitting the words "the actuarial member of the Board certifies" and inserting in their stead the words "the Board determines".

Provisions relating to former contributors to Public Service Superannuation Funds.
47. Section 109 of the Principal Act is amended by omitting from sub-section (3.) the words "the Commonwealth Actuary shall certify" and inserting in their stead the