Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) In this Division, unless the contrary intention appears:
"assets" means property of any kind and, without limiting the generality of the foregoing, includes:
(a) choses in action; and
(b) rights, interests and claims of every kind in or to property, whether arising under or by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.
"authorized person" means the Chair of the Trust or a person authorized in writing by the Chair of the Trust to give certificates under section 173.
"Eligible pensioner" means a person to whom, or in respect to whom, at the commencement of this Act, pension, other than a non - contributory pension, was payable or would, but for the pension having been suspended, have been payable under:
(a) the superseded Act; or
(b) section 10 of the Superannuation (Pension Increases) Act 1971 .
"Instrument" means an instrument of any kind and, without limiting the generality of the foregoing, includes a contract, guarantee or agreement (whether express or implied and whether made or given orally or in writing), bond, authority, order, power of attorney, mortgage, transfer, conveyance or other assurance, charge, lien, bill of exchange, letter of credit and security.
"instrument to which this Division applies" means an instrument arising out of, or otherwise connected with, the exercise or proposed exercise by the former Board of its investment power, being an instrument:
(a) to which the former Board is a party;
(b) which was given to or in favour of the former Board;
(c) in which a reference is made to the former Board; or
(d) under which any money is or may become payable, or any other property is to be, or may become liable to be, transferred, conveyed or assigned to or by the former Board;
being an instrument subsisting immediately before the commencing day.
"investment assets of the existing Fund" means the assets of the existing Fund or of the former Board arising out of, or otherwise connected with, the exercise or proposed exercise by the former Board of its investment power, being assets subsisting immediately before the commencing day.
"investment liabilities of the existing Fund" means liabilities of the existing Fund or of the former Board arising out of, or otherwise connected with, the exercise or proposed exercise by the former Board of its investment power, being liabilities subsisting immediately before the commencing day.
"investment power" , in relation to the former Board, means the power of the former Board under section 12 of the superseded Act to invest moneys of the existing Fund.
"liabilities" means liabilities of every kind and, without limiting the generality of the foregoing, includes obligations of every kind, whether arising under or by virtue of an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing.
"non-contributory pension" means:
(a) a pension that became payable under section 57 of the Superannuation Act 1922 or of that Act as amended, not being a pension for which contributions were made to a State Fund as defined by section 101 of the superseded Act;
(b) a pension that became payable under section 58 of the Superannuation Act 1922 or of that Act as amended; or
(c) a pension to which subsection 9(2), or subsection 14(2), of the Superannuation Act (No. 2) 1956 applies.
"uninvested moneys of the existing Fund" means moneys of the existing Fund that, immediately before the commencing day, are held uninvested by the former Board, including any moneys lodged on call or on fixed deposit under section 13 of the superseded Act.
"unreceived amounts in respect of life assurance policies" means:
(a) amounts paid by the former Board under section 74 of the superseded Act in respect of life assurance policies (not being policies that matured, or were re - transferred under subsection 74(3) of that Act, before the commencing day) together with compound interest thereon, from the respective dates of payment until the commencing day, as provided for under that section; and
(b) amounts that, but for subsection 119ZC(2) of the superseded Act, would have been paid by the former Board to the existing Fund under paragraph 119J(3)(a) of that Act, or to the Provident Account established by that Act under paragraph 119J(7)(a) of that Act, in respect of persons (not being persons whose life policy or life policies assigned to the former Board in accordance with subsection 119ZC(3) of that Act, or issued in relation to them in accordance with subsection 119ZC(4) of that Act, became payable, or were surrendered or assigned by the former Board, before the commencing day) together with compound interest thereon as would be provided for under subparagraph 119ZC(8)(a)(i) of that Act if the relevant policies became payable on the day immediately preceding the commencing day.
"unreceived moneys of the existing Fund" means moneys that a person (including the Commonwealth) has become liable to pay (whether or not payment has been deferred under the superseded Act or otherwise), or would, if a demand had been made, have become liable to pay, whether under the superseded Act or otherwise, to the existing Fund or the former Board (not being moneys that a person has become liable to pay, or would, if a demand had been made, have become liable to pay, to the Fund or the former Board by reason of, or for a reason connected with, the exercise by the former Board of its investment power), but which have not been paid before the commencing day.
(2) Where deferred benefits were applicable in respect of a person under section 119W of the superseded Act on the day immediately preceding the commencing day but had not become payable to or in respect of the person on or before that day, the person shall be deemed to be an eligible pensioner for the purposes of this Division.
(3) A reference in this Division to the value of the net assets of the existing Fund shall be read as a reference to the amount by which the value, as determined by the Minister, of the investment assets of the existing Fund subsisting immediately before the commencing day, the uninvested moneys of the existing Fund, the unreceived moneys of the existing Fund and the unreceived amounts in respect of life assurance policies exceeds the amount, as determined by the Minister, of the investment liabilities of the existing Fund subsisting immediately before the commencing day and moneys that persons paid, but were not liable to pay, under the superseded Act before the commencing day.