Document ID: chunk:federal_register_of_legislation:C1954A00011:section:975:p6
Version: federal_register_of_legislation:C1954A00011
Segment Type: section
Provision Reference: s 975 (pt 6/12)
Character Range: 20941–23564

the Board decides to allow a contributor to the Provident Account to contribute to the Fund under Part III. of this Act—
       (a) he shall, as from the date of the decision of the Board, make no further contributions to the Provident Account, and he ceases to be entitled to any benefit (not being a refund of contributions) that would otherwise be payable from the Provident Account;
       (b) he is entitled to a refund of the contributions paid to the Provident Account, together with compound interest on those contributions at the rate of Three pounds per centum per annum; and
       (c) he shall contribute to the Fund under Part III. of this Act as from the date of the decision of the Board or, if that date is not a pay-day, the next succeeding pay-day.
"(4.) A person who becomes entitled to a refund of contributions, together with interest, under paragraph (b) of the last preceding subsection may, within three months after the decision of the Board by reason of which he becomes so entitled, elect to repay to the Board the amount of the refund (including the interest) in return for fully paid units in accordance with the next succeeding sub-section.

"(5.) Where a person repays an amount to the Board in pursuance of an election under the last preceding sub-section, the Commonwealth Actuary shall certify the number of fully paid units (including, where necessary, a fraction of a unit) which should be credited to that person, and that person shall be deemed to be a contributor for that number of units, but is not required to make contributions in respect of those units.
"(6.) An amount paid by a person to the Board in pursuance of an election under sub-section (4.) of this section—
       (a) shall be paid into and form part of the Fund; and
       (b) shall, for the purposes of this Act, be deemed to be contributions made by that person to the Fund.".
(2.) Notwithstanding the last preceding sub-section, a person who was a contributor to the Provident Account immediately before the commencement of this section continues to be such a contributor, but may cease to be such a contributor under the provisions of the Principal Act as amended by this Act.

Contributions to Provident Account.
18. Section sixty w of the Principal Act is amended by omitting sub-section (5.) and inserting in its stead the following sub-section:—
"(5.) Where a contributor to the Provident Account is on leave of absence without pay otherwise than on the ground of illness—
       (a) if the leave is not required, under the conditions of his employment, to be treated as not forming part of the period of his