Small Superannuation Accounts Act 1995

SECTION 8 ESTABLISHMENT OF SUPERANNUATION HOLDING ACCOUNTS RESERVE  
8(1) Establishment.  

This subsection establishes a Reserve called the Superannuation Holding Accounts Reserve.

8(2) Component of the Reserved Money Fund.  

After the commencement of the Financial Management and Accountability Act 1997 , the Reserve is a component of the Reserved Money Fund.

Note 1: Money in the Reserve may be invested under section 39 of the Financial Management and Accountability Act 1997 .

Note 2: Under section 81 of the Constitution, income from investments must be paid into the Consolidated Revenue Fund.

Note 3: Before the commencement of the Financial Management and Accountability Act 1997 , the Reserve was a trust account for the purposes of section 62A of the Audit Act 1901 .

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History

S 8(2) amended by No 152 of 1997.

8(3) Transitional - appropriation.  

The Trust Fund established by the Audit Act 1901 is appropriated to the extent necessary to achieve the transition of the Reserve from the scheme of the Audit Act 1901 to the scheme of the Financial Management and Accountability Act 1997 .