Document ID: chunk:federal_register_of_legislation:C1959A00102:front:0:p18
Version: federal_register_of_legislation:C1959A00102
Segment Type: other
Provision Reference: 
Character Range: 41936–44708

be made at end of financial year.
"60uc. Payments by the Commonwealth into the Provident Account shall be made on the last day of each financial year and on that day there shall be paid from the Provident Account to the Commonwealth an amount equal to the sum of the payments made by the Commonwealth under sub-section (2.) of the last preceding section during that financial year.".

Contributors to Provident Account.
41. Section sixty v of the Principal Act is amended—
       (a) by omitting from paragraph (b) of sub-section (3.) the words "rate of Three pounds per centum per annum" and inserting in their stead the words "prescribed rate"; and
       (b) by inserting in sub-section (5.), after the word "but the words", except as provided by section seventeen aa of this Act,".

Contributions to Provident Account.
42. Section sixty w of the Principal Act is amended—
       (a) by omitting from paragraph (a) of sub-section (1.) the words "salary payable to him" and inserting in their stead the words "his salary"; and
       (b) by omitting from sub-section (3.) the words "or, if that date is not a pay-day, as from the next succeeding pay-day after that date".

Payments on retirement.
43. Section sixty y of the Principal Act is amended—
       (a) by omitting from sub-section (1.) the words "rate of Three pounds per centum per annum" and inserting in their stead the words "prescribed rate";
       (b) by omitting from sub-section (2.) the words "annual rate of" (wherever occurring); and
       (c) by adding at the end thereof the following sub-section:—
       "(6.) In the case of a contributor to the Provident Account, being a person in receipt of a widow's pension under this Act or under the Defence Forces Retirement Benefits Act 1948-1959 or a married woman whose husband is in receipt of a pension under this Act—
              (a) sub-section (1.) of this section has effect as if the words 'three times' were omitted; and
              (b) sub-section (2.) of this section does not apply.".

Payments on death of contributor with dependants.
44. Section sixty z of the Principal Act is amended—
       (a) by omitting from sub-section (1.) the words "rate of Three pounds per centum per annum" and inserting in their stead the words "prescribed rate"; and
       (b) by omitting from sub-section (3.) the words "annual rate of" (wherever occurring).
45. Section sixty aa of the Principal Act is repealed and the following section inserted in its stead:—

Payment on death of contributor 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