107EPrescribed amount paid to Board

107E Prescribed amount paid to Board

Upon the payment by a prescribed employee to the Board under subsection (2) of section 107C of an amount equal to the prescribed amount: (a) an amount equal to so much of the prescribed amount as was based upon the contributions made by him to the State Fund or on interest payable in respect of those contributions shall be paid by the Board to the Fund, or, on or after 1 July 1976, to the new Superannuation Fund, and, when so paid, shall be deemed, for the purposes of this Act, to be contributions made to the Fund by the prescribed employee; and (b) an amount equal to so much (if any) of the prescribed amount as was not based upon contributions made by him to the State Fund shall be paid by the Board to the Commonwealth.