Document ID: chunk:federal_register_of_legislation:C1965A00097:body:0:p6
Version: federal_register_of_legislation:C1965A00097
Segment Type: other
Provision Reference: 
Character Range: 12612–15352

as the Treasurer allows, pay to the Commonwealth or to the approved authority, as the case may be, an amount equal to the sum of the contributions paid by the Commonwealth or the authority under the arrangement and compound interest on those contributions at the rate of Three pounds fifteen shillings per centum per annum, and—
             (i) if the amount is not paid within that period, it is recoverable by the Commonwealth or the authority as a debt due to the Commonwealth or to the authority in any court of competent jurisdiction; and
             (ii) if the amount is not paid within that period and is not recovered in pursuance of the last preceding sub-paragraph (whether or not any action is taken so to recover the amount) and, in pursuance of the arrangement, a life assurance policy has been assigned to the Commonwealth or to the authority—the Commonwealth or the authority, as the case may be, may, notwithstanding any obligation on the Commonwealth or the authority to

             assign the policy to the person, surrender the policy and apply the proceeds of the surrender in reduction of the amount and, if the proceeds exceed the amount, shall pay an amount equal to the excess to the person; and
       (c) if, in pursuance of the arrangement, a life assurance policy has been assigned to the Commonwealth or to the authority and the policy has not been surrendered in accordance with the last preceding paragraph, the Commonwealth or the authority, as the case may be, shall, upon payment or recovery of the amount referred to in that paragraph, assign the policy to the person.".

Payments by Commonwealth to Fund in respect of interest.
9. Section 18 of the Principal Act is amended—
       (a) by omitting sub-section (1.) and inserting in its stead the following sub-section:—
       "(1.) Where, in relation to any financial year, the amount ascertained in accordance with the formula 1.01875 I is less than the amount ascertained in accordance with the formula .01875  the Commonwealth shall pay to the Fund an amount equal to the difference between those amounts.";
       (b) by adding at the end of paragraph (b) of sub-section (3.) the word "and"; and
       (c) by omitting paragraphs (d) and (e) of sub-section (3.).

Commencement and cessation of contributions.
10. Section 19 of the Principal Act is amended—
       (a) by omitting paragraphs (a) and (b) of sub-section (1a.) and inserting in their stead the following paragraphs:—
             "(a) in the case of a person other than a person to whom either of the next two succeeding paragraphs applies—the date on which he becomes an employee or, if that date is not a pay-day, the next succeeding pay-day after that date;
             "(b) in