New South Wales Consolidated Acts

GREATER NEWCASTLE (AMENDMENT) ACT 1940 - SECT 4

4 Council to pay moneys to fund

(1) In the event of the assets of the superannuation fund established under the agreement being at any time insufficient to enable the Council to pay to any contributor to the scheme the benefits to which he is entitled under the scheme the Council shall pay to that fund such sum or sums of money as may be necessary for that purpose. Such sum or sums of money shall be paid from the trading fund of the abattoir trading undertaking of the Council.

(2) When all benefits payable pursuant to the scheme have been paid by the Council any moneys remaining in the superannuation fund established under the agreement shall vest in the Council freed and discharged from any trusts of the scheme arising out of the agreement or out of the agreement as altered by any instrument lawfully made after the commencement of this Act and shall be transferred by the Council to the trading fund of the abattoir trading undertaking.