Div 1The Board

Division 1—The Board 6—The Board (1) The Board continues in existence. (2) The Board is a body corporate. (3) The Board has full juristic capacity to exercise powers that are by their nature capable of being exercised by a body corporate. (4) If a document appears to bear the common seal of the Board, it will be presumed, in the absence of proof to the contrary, that the document was duly executed by the Board. 7—Functions of the Board (1) The Board is responsible to the Minister for all aspects of the administration of this Act except the management and investment of the Fund. (2) The Board may, with the approval of the Minister and in accordance with any directions of the Minister, administer other public sector superannuation schemes. 8—Board's membership (1) The Board consists of the following members: (a) a presiding member (who must not be an employee) appointed by the Governor; and (b) 2 members elected by— (i) the contributors; and (ii) the members and spouse members of the Triple S scheme; and (iii) persons provided with investment services or other products or services pursuant to regulations under section 30(2)(g) of the Southern State Superannuation Act 2009; and (c) 2 members appointed by the Governor on the Minister's nomination. (2) A person who is employed in duties connected with the administration of this Act or the Southern State Superannuation Act 2009 is not eligible to be elected as a member of the Board. (3) The Governor may appoint a deputy to a member of the Board and the deputy may, in the absence or during a temporary vacancy in the office of that member, act as a member of the Board. (4) Subject to subsection (5), a member of the Board will be appointed or elected for a term not exceeding 3 years. (5) A member appointed or elected to fill a casual vacancy will be appointed or elected for the balance of the term of his or her predecessor. (6) The office of a member of the Board becomes vacant if the member— (a) dies; or (b) completes a term of office and is not reappointed or re-elected; or (c) resigns by written notice to the Minister; or (d) is removed from office by the Governor on the ground of— (i) mental or physical incapacity to carry out official duties satisfactorily; or (ii) neglect of duty; or (iii) misconduct. (7) If the office of an elected member becomes vacant, the Governor may appoint to the vacant office a person nominated by the Public Service Association of South Australia Incorporated and the Australian Education Union (S.A. Branch). 9—Board proceedings (1) A meeting will be chaired by the presiding member or, in his or her absence, by a member chosen by those present. (2) Subject to subsection (3), the Board may act despite vacancies in its membership. (3) 3 members constitute a quorum for a meeting of the Board. (4) A decision in which a majority of the members present at a meeting concur is a decision of the Board. (4a) A conference by telephone or other electronic means between members of the Board will, for the purposes of this section, be taken to be a meeting of the Board at which the participating members are present if— (a) notice of the conference is given to all members in the manner determined by the Board for that purpose; and (b) each participating member is capable of communicating with every other participating member during the conference. (4b) A proposed resolution of the Board becomes a valid decision of the Board despite the fact that it is not voted on at a meeting of the Board if— (a) notice of the proposed resolution is given to all members in accordance with procedures determined by the Board; and (b) a majority of the members express concurrence in the proposed resolution by letter, telegram, telex, fax, email or other written communication setting out the terms of the resolution. (5) Subject to this Act, the Board may determine its own procedures. (6) The Board must keep minutes of its proceedings. 10—Staff of Board (1) The Board may, with the Minister's approval, appoint staff to assist it in carrying out its responsibilities under this or any other Act. (2) A person appointed under subsection (1) is not a Public Service employee. (3) The Board may, with the approval of a Minister responsible for a particular administrative unit of the Public Service, make use of the staff or facilities of that administrative unit. (4) A person appointed under subsection (1) or staff referred to in subsection (3) may assist in the administration of other superannuation schemes or funds established or administered by the Board, or otherwise assist the Board in the performance or exercise of any other functions or powers. (5) Without limiting subsection (4), a person appointed under subsection (1) or staff referred to in subsection (3) may also assist in the administration of other public sector superannuation schemes. (6) The Board is declared not to be a national system employer for the purposes of the Fair Work Act 2009 of the Commonwealth. 10A—Delegation by the Board (1) The Board may delegate any of the Board's powers or functions under this Act (except this power of delegation) to any person or body. (2) A delegation under this section— (a) must be by instrument in writing; and (b) may be conditional or unconditional; and (c) does not derogate from the power of the Board to act in any matter; and (d) is revocable at will by the Board. Division 3—The Fund 17—The Fund (1) The Fund continues in existence. (2) The assets of the Fund belong (both at law and in equity) to the Crown. (3) The Fund is subject to the management and control of the Superannuation Funds Management Corporation of South Australia. (4) The Treasurer must pay into the Fund periodic contributions reflecting— (a) the contributions paid to the Treasurer by contributors; and (b) any co-contribution paid to the Board on behalf of a contributor (but received by the Treasurer on behalf of the Board), with respect to the relevant period. (5) All interest and accretions arising from investment of the Fund must be paid into the Fund. (6) The Fund will be treated as made up of 3 major divisions— (a) 1 proportioned to— (i) the aggregate balance, as at a date determined by the Board, of contribution accounts maintained in the names of old scheme contributors; (ii) the amount, as at the date referred to in subparagraph (i), that represents income of the Fund referable to old scheme contributors that is not reflected in contribution accounts; (iii) the amount, as at the date referred to in subparagraph (i), that is referable to contributions of old scheme contributors whose contribution accounts have been closed; (iv) subsequent contributions and payments referable to old scheme contributors; (v) subsequent income of the Fund attributable to investment of this division of the Fund; (b) 1 proportioned to— (i) the aggregate balance, as at the date referred to in paragraph (a)(i), of contribution accounts maintained in the names of new scheme contributors; and (ii) subsequent contributions and payments referable to new scheme contributors; and (iii) subsequent income of the Fund attributable to investment of this division of the Fund; (c) 1 proportioned to the aggregate balance of co‑contribution accounts to the extent that they hold the amount of any co‑contributions that have been paid to the Board. (7) The following amounts will be paid from the Fund: (a) administrative costs and other expenses related to the management and investment of the Fund; (b) the prescribed percentage of the other costs of administering this Act; (c) any reimbursement of the Consolidated Account or a special deposit account that the Treasurer charges against the Fund under this Act. (8) The Superannuation Funds Management Corporation of South Australia must determine the value of each division of the Fund as at the end of each financial year. 19—Investment of the Fund (1) The Fund will be invested in a manner determined by the Superannuation Funds Management Corporation of South Australia. (2) The Corporation may enter into transactions affecting the Fund— (a) for the purpose of investment; or (b) for purposes incidental, ancillary or otherwise related to investment.