Retirement Savings Accounts Act 1997
(Repealed by No 9 of 2007)
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View history noteS 50 repealed by No 9 of 2007, s 3 and Sch 7 item 1, applicable on and after 1 July 2007. S 50 formerly read:
An RSA provider must, if requested to do so by the holder of an RSA, transfer the amount of the RSA to:
SECTION 50 DUTY TO TRANSFER BALANCE OF RSA
50(1)
[Request by RSA holder]
(a)
another RSA provided by an RSA institution; or
(b)
a superannuation entity or regulated exempt public sector superannuation scheme; or
(c)
a deferred annuity.
50(2) [Time limit for transfer]
The RSA provider must transfer the amount of the RSA:
(a) if the contract or agreement for the provision of the RSA specifies a period, within the period so specified; or
(b) as soon as practicable;
but in any case within 90 days, after the receipt of the written request.
S 50(2) amended by No 93 of 2004, s 3 and Sch 1 item 4, by substituting ``90 days'' for ``12 months'', applicable to transfer requests made on or after 27 July 2004.
50(3) [Amount of RSA]
The amount of the RSA is worked out in accordance with the regulations.
50(4) [Penalty for contravention]
A person who intentionally or recklessly contravenes subsection (1) is guilty of an offence punishable on conviction by a fine not exceeding 50 penalty units.
Note:
Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
S 50(4) amended by No 31 of 2001, s 3 and Sch 1 item 103, by inserting the note at the end, effective 15 December 2001.
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