96Provisions relating to certain water authorities

96 Provisions relating to certain water authorities ***transfer date*** means 17 June 1996 or such earlier date as is specified in the agreement; ***water authority*** means— (a) the Melbourne Water Corporation; (b) City West Water Ltd; (c) South East Water Ltd; (d) Yarra Valley Water Ltd. (2) On the transfer date an employee of a water authority who immediately before the transfer date is a member of the Fund is transferred to the Water Industry Superannuation Fund. (3) Despite the transfer of a member under this section to the Water Industry Superannuation Fund— (a) the member is entitled to receive the same benefits that he or she would have been entitled to receive had he or she not been so transferred; and (b) the member is entitled to have his or her rights and obligations determined in accordance with this Act (other than sections 83 and 85) as in force immediately before that transfer. (4) For the purposes of subsection (3) the trustees of the Water Industry Superannuation Fund have in respect of a member the duties and powers conferred on the Board by or under this Act (other than sections 83 and 85) as in force immediately before the transfer. S. 96(4A) inserted by No. 70/2003 s. 31. (4A) Subsection (3) is subject to the provisions of Part 7A. S. 96(4B) inserted by No. 70/2003 s. 31. (4B) For the purposes of subsection (4A), the provisions of Part 7A with such modifications as are necessary to make those provisions consistent with the governing instrument of the Water Industry Superannuation Fund are deemed to form part of the governing instrument of the Water Industry Superannuation Fund. (5) With the approval of the Minister, the Board must enter into an agreement with the trustees of the Water Industry Superannuation Fund which specifies— (a) the liability of the Fund up to the date of transfer in respect of the entitlements of transferred members as determined by an actuary appointed by the Board; and (b) the value of assets of the Fund equal to the liability of the Fund under paragraph (a) that are to be transferred to the Water Industry Superannuation Fund; and (c) the terms and conditions which apply to the transfer of these assets to the Water Industry Superannuation Fund. (6) If agreement cannot be reached before 1 June 1996, the Minister may determine the matters specified in subsection (5) or which are in dispute and the Board and the trustees of the Water Industry Superannuation Fund are deemed by virtue of this subsection to have entered into an agreement containing the matters determined by the Minister. (7) The Board must transfer the assets specified in the agreement to the Water Industry Superannuation Fund. (8) As soon as the assets specified in the agreement have been transferred the assets form part of the Water Industry Superannuation Fund. (9) The Board is released from any liability in respect of the entitlements of transferred members as soon as the assets specified in the agreement have been transferred. S. 97