Document ID: chunk:federal_register_of_legislation:C1959A00102:front:0:p19
Version: federal_register_of_legislation:C1959A00102
Segment Type: other
Provision Reference: 
Character Range: 44455–47275

without dependants.
"60aa. Where a contributor to the Provident Account who is—
       (a) an unmarried male person (including such a person whose marriage has been dissolved or annulled but not including a widower with children under the age of sixteen years);
       (b) a widower without children under the age of sixteen years; or
       (c) a female,
  dies before retirement, there shall be paid to the personal representatives of the contributor, or, failing them, to such persons (if any) as the Board determines, an amount equal

to the amount of the contributions paid by the contributor into the Provident Account together with compound interest on the amount of those contributions at the prescribed rate.".

Payments on resignation or dismissal.
46. Section sixty ab of the Principal Act is amended by omitting the words "rate of Three pounds per centum per annum" and inserting in their stead the words "prescribed rate".

Certain contributors who change the nature of their employment to continue as contributors.
47. Section sixty aba of the Principal Act is amended by omitting paragraph (a) of sub-section (2.) and inserting in its stead the following paragraph:—
      "(a) the employment of a contributor to the Provident Account, being a person who is deemed to be an employee by virtue of section four of this Act, subsection (6.) of section nine of the High Commissioner Act 1909-1952, paragraph (c) of sub-section (1.) of section sixteen of the Statistics (Arrangements with States) Act 1956-1958 or sub-section (2.) of section thirteen of the Australian Security Intelligence Organization Act 1956, terminates or is terminated; and".

Retrenchment or discharge.
48. Section sixty ac of the Principal Act is amended by omitting paragraphs (a) and (b) and inserting in their stead the following paragraphs:—
      "(a) shall, if he has had not less than ten years' continuous service immediately before the compulsory termination of his service, be deemed to be retrenchment; and
      "(b) shall, in any other case, be deemed to be discharge.".
49. After section sixty ad of the Principal Act the following sections are inserted:—

Rate of interest.
"60ada.—(1.) For the purposes of this Part, the prescribed rate of compound interest is a rate determined in accordance with this section.
"(2.) In respect of contributions that became or become payable not later than the thirtieth day of June, One thousand nine hundred and sixty, the rate is, in respect of any period ending on or before that date, Three pounds per centum per annum.
"(3.) In respect of contributions referred to in the last preceding sub-section, and in respect of contributions that become payable after the thirtieth day of June, One thousand

nine hundred and sixty, the rate is, subject to the next succeeding sub-section,