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Superannuation (No. 2)

No. 154 of 1965

An Act to amend the law relating to Superannuation in connexion with Decimal Currency.

[Assented to 18 December, 1965]

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 end citation.
1.—(1.) This Act may be cited as the Superannuation Act (No. 2) 1965.

(2.) The Superannuation Act 1922–1963, as amended by the Superannuation Act 1965, is in this Act referred to as the Principal Act.
(3.) Section 1 of the Superannuation Act 1965 is amended by omitting sub-section (3.)
(4.) The Principal Act, as amended by this Act, may be cited as the Superannuation Act 1922–1965.

Commencement.
2. This Act shall come into operation on the fourteenth day of February, One thousand nine hundred and sixty-six.

Parts.
3. This Act is divided into Parts, as follows:—
    Part I.—Preliminary (Sections 1–3).
    Part II.—Amendments of the Principal Act (Sections 4–5).
    Part III.—Miscellaneous (Sections 6–11).
    Part II.—Amendments of the Principal Act.

Schedules to Principal Act.
4. The Third, Fourth, Fifth and Sixth Schedules to the Principal Act are repealed and the Schedules set out in the First Schedule to this Act are inserted in their stead.

Additional amendments of the Principal Act.
5. The Principal Act, as amended by the last preceding section, is amended as set out in the Second Schedule to this Act.
Part III.—Miscellaneous.

Definitions.
6. In this Part—
       "decimal currency" means the currency provided for by the Currency Act 1965;
       "the commencing date" means the date of commencement of this Act;
       "the Fund" means the Superannuation Fund;
       "the previous currency" means the currency provided for by the Coinage Act 1909–1947.

Calculations of currency equivalents.
7.—(1.) For the purposes of this Part, the amount of money in decimal currency that corresponds to an amount of money in the previous currency shall, subject to the next succeeding sub-section, be calculated on the basis of the equivalents specified in sub-section (4.) of section 8 of the Currency Act 1965.
(2.) Where an amount of money in the previous currency is an amount of pounds, shillings and pence, pounds and pence, shillings and pence or pence, the corresponding amount in decimal currency shall be calculated on the basis that an amount of pence specified in the first column of the table set out in sub-section (3.) of section 11 of the Currency Act 1965 corresponds to the amount of cents specified in the second column of that table opposite to that amount of pence.

Conversion of certain contributions to decimal currency.
8. Where—
       (a) a person was, immediately before the commencing date, required—
           (i) to make contributions to