Document ID: chunk:federal_register_of_legislation:C2004A01816:body:0:p35
Version: federal_register_of_legislation:C2004A01816
Segment Type: other
Provision Reference: 
Character Range: 84048–86834

to have taken effect from and including a day not earlier than 12 months before the making of the regulations.".

Interpretation
71. Section 170 of the Principal Act is amended—
     (a) by inserting after the definition of "uninvested moneys of the existing Fund" in sub-section (1) the following definitions:
     "'unreceived amounts in respect of life assurance policies' means—
             (a) amounts paid by the Board under section 74 of the superseded Act in respect of life assurance policies (not being policies that matured, or were re-transferred under sub-section 74(3) of that Act, before the commencing day) together with compound interest thereon, from the respective dates of payment until the commencing day, as provided for under that section; and
             (b) amounts that, but for sub-section 119zc(2) of the superseded Act, would have been paid by the Board to the existing Fund under paragraph 119j(3)(a) of that Act, or to the Provident Account established by that Act under paragraph 119j(7) (a) of that Act, in respect of persons (not being persons whose life policy or life policies assigned to the Board in accordance with sub-section 119zc(3) of that Act, or issued in relation to them in accordance with sub-section 119zc(4) of that Act, became payable, or were surrendered or assigned by the Board, before the commencing day) together with compound interest thereon as would be provided for under sub-paragraph 119zc(8)(a)(i) of that Act if the relevant policies became payable on the day immediately preceding the commencing day;
         'unreceived moneys of the existing Fund' means moneys that a person (including the Commonwealth) has become liable to pay (whether or not payment has been deferred under the superseded Act or otherwise), or would, if a demand had been made, have become liable to pay, whether under the superseded Act or otherwise, to the existing Fund or the Board (not being moneys that a person has become liable to pay, or would, if a demand had been made, have become liable to pay, to the Fund or the Board by reason of, or for a reason connected with, the exercise by the Board of its investment power), but which have not been paid before the commencing day.";
     and
     (b) by omitting sub-section (3) and substituting the following sub-section:

      "(3) A reference in this Division to the value of the net assets of the existing Fund shall be read as a reference to the amount by which the value, as determined by the Minister, of the investment assets of the existing Fund subsisting immediately before the commencing day, the uninvested moneys of the existing Fund, the unreceived moneys of the existing Fund and the unreceived amounts in respect of life assurance policies exceeds the amount, as determined