Commonwealth Numbered Acts

SUPERANNUATION ACT 1976 No. 31, 1976 - SECT 170

Division 2-Existing Superannuation Fund
170. (1) In this Division, unless the contrary intention appears-

''assets'' means property of any kind and, without limiting the generality of
the foregoing, includes-

   (a)  choses in action; and

   (b)  rights, interests and claims of every kind in or to property, whether
        arising under or by virtue of an instrument or otherwise, and whether
        liquidated or unliquidated, certain or contingent, accrued or
        accruing;

''authorized person'' means the Chairman of the Trust or a person authorized
in writing by the Chairman of the Trust to give certificates under section 
173 ;

''eligible pensioner'' means a person to whom, or in respect to whom, at the
commencement of this Act, pension, other than a non-contributory pension, was
payable or would, but for the pension having been suspended, have been payable
under-

   (a)  the superseded Act; or

   (b)  section 10 of the Superannuation (Pension Increases) Act 1971;

''instrument'' means an instrument of any kind and, without limiting the
generality of the foregoing, includes a contract, guarantee or agreement
(whether express or implied and whether made or given orally or in writing),
bond, authority, order, power of attorney, mortgage, transfer, conveyance or
other assurance, charge, lien, bill of exchange, letter of credit and
security;

''instrument to which this Division applies'' means an instrument arising out
of, or otherwise connected with, the exercise or proposed exercise by the
Board of its investment power, being an instrument-

   (a)  to which the Board is a party;

   (b)  which was given to or in favour of the Board;

   (c)  in which a reference is made to the Board; or

   (d)  under which any money is or may become payable, or any other property
        is to be, or may become liable to be, transferred, conveyed or
        assigned to or by the Board,

being an instrument subsisting immediately before the commencing day;

''investment assets of the existing Fund'' means the assets of the existing
Fund or of the Board arising out of, or otherwise connected with, the exercise
or proposed exercise by the Board of its investment power, being assets
subsisting immediately before the commencing day;

''investment liabilities of the existing Fund'' means liabilities of the
existing Fund or of the Board arising out of, or otherwise connected with, the
exercise or proposed exercise by the Board of its investment power, being
liabilities subsisting immediately before the commencing day;

''investment power'', in relation to the Board, means the power of the Board
under section 12 of the superseded Act to invest moneys of the existing Fund;

''liabilities'' means liabilities of every kind and, without limiting the
generality of the foregoing, includes obligations of every kind, whether
arising under or by virtue of an instrument or otherwise, and whether
liquidated or unliquidated, certain or contingent, accrued or accruing;

''non-contributory pension'' means-

   (a)  a pension that became payable under section 57 of the Superannuation 
        Act 1922 or of that Act as amended, not being a pension for which
        contributions were made to a State Fund as defined by section 101 of
        the superseded Act;

   (b)  a pension that became payable under section 58 of the Superannuation 
        Act 1922 or of that Act as amended; or

   (c)  a pension to which sub-section 9 (2), or sub-section 14 (2), of the
        Superannuation Act (No. 2) 1956 applies;

''uninvested moneys of the existing Fund'' means moneys of the existing Fund
that, immediately before the commencing day, are held uninvested by the Board,
including any moneys lodged on call or on fixed deposit under section 13 of
the superseded Act.

(2) Where deferred benefits were applicable in respect of a person under
section 119W of the superseded Act on the day immediately preceding the
commencing day but had not become payable to or in respect of the person on or
before that day, the person shall be deemed to be an eligible pensioner for
the purposes of this Division.

(3) A reference in this Division to the net assets of the existing Fund shall
be read as a reference to the assets of the existing Fund subsisting
immediately before the commencing day less the liabilities of the existing
Fund subsisting immediately before that day, and, for the purposes of this
Division, the value of those net assets shall be such amount as is determined
by the Treasurer.