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SUPERANNUATION.

No. 102 of 1963.

An Act relating to Superannuation.

[Assented to 1st November, 1963.]

BE it enacted by the Queen's Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Part I.—Preliminary.

Short title and citation.
1.—(1.) This Act may be cited as the Superannuation Act 1963.
(2.) The Superannuation Act 1922–1959 is in this Act referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may be cited as the Superannuation Act 1922–1963.

Commencement.
2.—(1.) Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.
(2.) The amendment made by section nineteen of this Act shall be deemed to have come into operation on the thirteenth day of November, One thousand nine hundred and sixty-one.

Parts
3. This Act is divided into Parts, as follows:—
        Part I.—Preliminary.
        Part II.—Amendments of the Superannuation Act 1922–1959.
        Part III.—Increases in Certain Superannuation Pensions.
        Part IV.—Miscellaneous.

        Part II.—Amendments of the Superannuation Act 1922–1959.

Interpretation.
4. Section four of the Principal Act is amended—
        (a) by omitting from the definition of "Approved authority" in sub-section (1.) the words ", The Australian National University and the Council of the Canberra University College" and inserting in their stead the words "and The Australian National University"; and
        (b) by omitting from sub-section (1a.) the words ", the Science and Industry Research Act 1920–1926 and to the High Commissioner Act 1909" and inserting in their stead the words "and the Science and Industry Research Act 1920–1926".

5.—(1.) Section twelve of the Principal Act is repealed and the following section inserted in its stead:—

Investment of the Fund.
"12.—(1.) The moneys of the Fund shall, so far as is practicable, be invested by the Board.

"(2.) Subject to this section, the moneys of the Fund may be invested by the Board—
        (a) in securities of the Commonwealth or of a State;
        (b) in a loan to a local governing body in Australia;
        (c) in a loan secured by a mortgage of an estate in fee simple, or of a leasehold interest, in land in Australia, being a loan—
              (i) the amount of which does not exceed seventy per centum of the value of the security at the time the loan is made; and
              (ii) which is repayable on demand or is for a term not exceeding thirty years;
        (d) in debentures issued in Australia by a 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