Document ID: chunk:federal_register_of_legislation:C2004A01463:body:0:p44
Version: federal_register_of_legislation:C2004A01463
Segment Type: other
Provision Reference: 
Character Range: 101521–104136

85 of this Act had not been enacted '';

    (b) by adding at the end of sub-section (2) the words "or, where the benefits are payable on or after 1 July 1976—out of the Consolidated Revenue Fund, which is appropriated accordingly.";

    (c) by inserting in sub-paragraph (ii) of paragraph (b) of sub-section (6), after the word "Fund" the words "(or, on or after 1 July 1976, to the Consolidated Revenue Fund)"; and

    (d) by inserting in sub-section (7), after the word "contributed" the words ", before 1 July 1976,".

Circumstances in which person entitled to deferred benefits.
74. Section 119w of the Principal Act is amended by adding at the end of sub-section (8) the words "and, on and after 1 July 1976, the prescribed rate of interest referred to in section 85 is the rate at which interest is from time to time calculated in accordance with regulations made for the purposes of paragraph (a) of the definition of 'accumulated basic contributions' in sub-section (1) of section 3 of the Superannuation Act 1976.".

75. After section 119zb of the Principal Act the following section is inserted in Division 3 of Part Xa:—

Application of Division on and after 1 July 1976.
"119zba. This Division does not have effect in relation to a person who ceases to be a contributor on or after 1 July 1976".

Repeal of section 119zc.
76. (1) Section 119zc of the Principal Act is repealed.

(2) Upon the commencement of the Superannuation Act 1976, a life policy that has been assigned to the Board under the section repealed by sub-section (1), being a policy that has not been assigned by the Board, or has not been surrendered or has not matured, shall, by force of this sub-section, be transferred to the Commissioner for Superannuation.

Payments out of Consolidated Revenue Funds.
77. Section 119ze of the Principal Act is amended by adding at the end thereof the following sub-section:—

"(7) This section does not have effect on and after 1 July 1976".

78. After section 119ze of the Principal Act the following section is inserted in Division 4 of Part Xa:—

Application of Part on and after 1 July 1976.
"119zea. On and after 1 July 1976—

    (a) a reference in this Part to the Board shall be read as including a reference to the Commissioner for Superannuation;

    (b) the first reference in paragraph (a) of sub-section (3) of section 119j and the last reference in sub-section (2) of section 119v of this Act to the Fund shall be read as a reference to the new Superannuation Fund;

    (c) the reference in paragraph (a), and the first reference in paragraph (b), of sub-section (7) of section