100Transfer of assets in respect of PMASF

100 Transfer of assets in respect of PMASF (1) In this section and section 101— ***transfer date*** means 27 June 1997 or such earlier date as is specified in the agreement; ***transferred beneficiary*** means a beneficiary in the Port of Melbourne Authority Superannuation Fund who first became entitled to a pension on or before the transfer date or who becomes entitled after the transfer date due to the death of the first beneficiary after the transfer date. (2) On the transfer date, a transferred beneficiary is transferred to the Fund. (3) With the approval of the Minister, Port of Melbourne Authority Superannuation Scheme Pty Ltd must enter into an agreement with the Board which specifies— (a) the liability of the Port of Melbourne Authority Superannuation Fund up to the transfer date in respect of the entitlements of transferred beneficiaries as determined by an actuary appointed by Port of Melbourne Authority Superannuation Scheme Pty Ltd; and (b) the value of assets of the Port of Melbourne Authority Superannuation Fund equal to the liability of the Port of Melbourne Authority Superannuation Fund under paragraph (a) that are to be transferred to the Fund; and (c) the terms and conditions which apply to the transfer of these assets to the Fund. (4) If agreement cannot be reached before 16 June 1997, the Minister may determine the matters specified in subsection (3) or which are in dispute and Port of Melbourne Authority Superannuation Scheme Pty Ltd and the Board are deemed by virtue of this subsection to have entered into an agreement containing the matters determined by the Minister. (5) Port of Melbourne Authority Superannuation Scheme Pty Ltd must transfer the assets specified in the agreement to the Fund. (6) As soon as the assets specified in the agreement have been transferred, the assets form part of the Fund. (7) No stamp duty or other tax is chargeable under any Act in respect of anything done under this section. (8) Port of Melbourne Authority Superannuation Scheme Pty Ltd is released from any liability in respect of the entitlements of transferred beneficiaries as soon as the assets specified in the agreement have been transferred. S. 101 inserted by No. 50/1997 s. 9.