Financial Framework Legislation Amendment Act 2005 (8 of 2005)

Schedule 1   Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts

Part 2   Special Accounts and references to paid to the Consolidated Revenue Fund

Superannuation Industry (Supervision) Act 1993

419   Section 234

Repeal the section, substitute:

234 Superannuation Protection Account

(1) There is continued in existence the Superannuation Protection Account.

Note: The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999.

(2) The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997.

(3) So far as practicable, an amount standing to the credit of the Account that is not required for the purposes of making payments of financial assistance consequential on debits from the Account must be debited from the Account and invested under section 39 of the Financial Management and Accountability Act 1997.

(4) If income is received by the Commonwealth from the investment of an amount standing to the credit of the Account, an amount equal to the income must be credited to the Account.