15TApplication of Benefits Fund

15T Application of Benefits Fund

15T Application of Benefits Fund

(1) The Benefits Fund shall be applied by the board to the following purposes, that is to say—

(a) (Repealed)

(b) the transfer to the Management Account of such amounts as the board thinks fit towards the management expenses of the board,

(c) the payment of any amounts payable by the board pursuant to this Part,

(d) the transfer to the Contingent Account of such amounts as the board may determine,

(e) all amounts payable by the board pursuant to any agreement or policy entered into by the board under section 15AC before the commencement of the Local Government and Other Authorities (Superannuation) Amendment Act 1975.

(2) Moneys in the Benefits Fund held uninvested by the board may be lodged either at call or on fixed deposit, or partly at call and partly on fixed deposit with the Treasurer, or with any bank, building society or credit union, and while so lodged in a bank, building society or credit union shall be deemed to be moneys of the Crown.

s 15T: Ins 1968 No 6, sec 2 (d). Am 1975 No 101, Sch 1 (5); 1977 No 46, Schs 2 (2), 6 (2); 1982 No 27, Sch 1 (3); 1996 No 24, Sch 1.58 [2].