Section 61 of the Principal Act is amended by omitting subsections (2) , (3) , (4) , (5) , (6) , (7) , (8) and (9) and substituting the following subsections:

(2)  On the day on which this section is amended by the amending Act, the amount standing to the credit of the TGIO Reserve Account becomes the property of the Crown.

(3)  As soon as practicable after the day on which this section is amended by the amending Act, the Commission must withdraw from the TGIO Reserve Account the amount standing to the credit of that account and transfer that amount to the Public Account.

(4)  As soon as practicable after the amount referred to in subsection (2) is transferred to the Public Account under subsection (3) , the Commission is to close the TGIO Reserve Account.

(5)  If a benefit is, after the commencement of this subsection, paid by the Fund to a former TGIO employee, the Treasurer is, within the prescribed period, to pay to the Fund the proportion of the amount so paid as is prescribed in, or determined in accordance with, regulations for the purposes of this subsection.