34Payments by employer to reserve

34 Payments by employer to reserve

34 Payments by employer to reserve

(1) Where, on the appointed day, any amount stands to the credit of an employer under section 31 of the Transport Employees Retirement Benefits Act 1967, the Board shall, without any further authority than this Act, transfer that amount to the Fund and shall credit the same amount to the employer in the books of the Board.

(2) The Board shall pay to the Fund, and shall credit to an employer in the books of the Board, such proportion of any amount (including interest) repaid to the Board pursuant to section 23 (2) (b) as the Board determines to be that employer’s proportion of that amount.

(3) An employer may, with the approval of the Governor given on the recommendation of the Treasurer and the Board, pay to the Fund as part of his operating expenses for the financial year in which the payment is made, such amounts as the employer may determine.

(3A) The Board shall credit to an employer, in the books of the Board—

(a) any money paid into the Fund by the employer in accordance with a direction under section 12 (6) (or section 12 (6) as applied by section 66 (3)),

(b) any money recovered by the Board from the employer under section 12 (6A) (or section 12 (6A) as applied by section 66 (3)), and

(c) any money paid into the Fund by or in relation to a contributor on behalf of the employer as may be required by terms and conditions referred to in section 12 (1) (c) or in accordance with a determination of the Board under section 12A (4).

(4) Where an employer is required to make a payment under this Act or under section 29 of the Transport Employees Retirement Benefits Act 1967, the payment may be made from the amount credited to the employer under this section.

(5) An amount standing to the credit of an employer pursuant to this section shall bear interest as provided by section 53.

(6) Where an amount is paid into the Fund on behalf of a person other than an employer as required by terms and conditions referred to in section 12 (1) (c) or in accordance with a determination of the Board under section 12A (4), the provisions of subsections (3A), (4) and (5) apply to and in respect of that person in the same way as those provisions apply to and in respect of an employer.