8Adjustment of reserves and accounts for interest etc

8 Adjustment of reserves and accounts for interest etc

8 Adjustment of reserves and accounts for interest etc

(1) Whenever appropriate, STC must fix a rate of interest for the purposes of subsection (2) after having regard to—

(a) the income of the Fund, and

(b) the amount of tax (if any) that has to be paid under a Commonwealth taxation law in respect of the investment income of the Fund, and

(c) such other matters as it considers relevant.

(2) Whenever appropriate, STC must adjust each of the reserves and accounts established under this Part by applying the rate of interest that is currently fixed under subsection (1).

(3) STC may fix a rate of interest for the purpose only of enabling specific reserves or accounts to be adjusted.

s 8: Subst 1967 No 93, sec 2 (1) (c). Am 1975 No 98, Sch 13 (6). Subst 1983 No 153, Sch 2. Rep 1987 No 214, Sch 1 (5). Ins 1988 No 133, Sch 1 (2). Am 1996 No 39, Sch 4.