Commonwealth Numbered Acts

PAPUA NEW GUINEA (STAFFING ASSISTANCE) ACT 1973 No. 70, 1973 - SECT 55

55. (1) An employee whose life is assured may, with the consent of the
Superannuation Board, transfer the policy, if the policy is unencumbered, to
the Board or to a person approved by the Board and request the Board to
continue the payment of the premiums under the policy.

(2) Where a transfer is made under sub-section (1), the Board shall duly pay
the premiums and, on the maturity of the policy, shall pay to the employee or
to his personal representative, to be administered as part of his estate, any
sums received on the policy, less the amounts of the premiums paid by the
Board with compound interest on those amounts at the specified rate from the
respective dates of payment.

(3) Where an employee desires that his policy be re-transferred to him before
it matures or he resigns or retires or his employment is otherwise terminated,
the Board may, on receipt of a request for re-transfer, or upon his
resignation or retirement or the other termination of his employment, as the
case may be, re-transfer the policy to the employee upon payment to the Board
of the amounts of the premiums paid by the Board with compound interest on
those amounts at the specified rate from the respective dates of payment.

(4) In this section-

''employee'' means a person employed under Part II;

''specified rate'' means, in relation to a period, the rate determined by the
Board in respect of that period.