Document ID: chunk:federal_register_of_legislation:C1971A00046:body:0:p58
Version: federal_register_of_legislation:C1971A00046
Segment Type: other
Provision Reference: 
Character Range: 134603–137137

(a) of sub-section (7.), of section one hundred and nineteen j of this Act together with compound interest on that amount, in respect of the period that commenced on the date on which the person made an election in accordance with paragraph (b) of sub-section (1.) of section one hundred and nineteen j of this Act and ended on the date as at which the surrender value or surrender values of the life policy or life policies was or were calculated, at the

            rate or rates applicable under sub-section (3.) of section ninety of this Act;
          (ii) in the case of a policy or policies assigned by the person to the Board in accordance with sub-section (3.) of this section—pay to the person an amount equal to so much of any premiums paid by the person in respect of the policy or policies as related to, or to any part of, the period that commenced on the date on which the transfer value referred to in paragraph (b) of sub-section (1.) of this section is to be deemed for the purposes of Division 2 of this Part to have become payable in respect of him and ended on the date on which he became an employee; and
          (iii) pay the balance to the Commonwealth; and
     (b) the Commonwealth shall pay to the person an amount equal to the sum of any amounts paid by him to the Commonwealth under sub-section (6.) of this section.
"(10.) A person who has made an election under sub-section (2.) of this section may, if—
     (a) he has not attained the age of sixty years;
     (b) he has not ceased to be a contributor to the Fund or to the Provident Account; and
     (c) the life policy or life policies assigned by him to the Board in accordance with sub-section (3.) of this section or issued in relation to him in accordance with sub-section (4.) of this section has not or have not become payable,
by notice in writing to the Board revoke the election and, in that case, paragraphs (a) and (b) of the last preceding sub-section have effect in relation to him.
"(11.) The Treasurer may, by instrument under his hand published in the Gazette, declare a superannuation scheme, being a scheme under which benefits are provided for by means of life policies, to be an approved superannuation scheme for the purposes of this section.
"(12.) A declaration under the last preceding sub-section shall come into force on the day on which the instrument of declaration is published in the Gazette or, if an earlier day (not being earlier than the first day of January, One thousand nine hundred and seventy) is specified