49Assignment or charging of interest

49 Assignment or charging of interest

S. 49(1) amended by No. 37/2007 s. 53(1).

(1) Subject to subsection (2) and subsection (3), an interest of a member or beneficiary in a benefit under this Act—

(a) must not be in any way assigned, charged, attached or passed by operation of law to any other person; and

(b) is not an asset for the payment of any debt or liability.

(2) Subsection (1) does not apply to or in respect of any assignment, charge, payment or transfer permitted expressly or by necessary implication by this Act.

S. 49(3) inserted by No. 37/2007 s. 53(2).

(3) If on the death of a member or former member the Board is satisfied that there is no personal representative, the Board may pay any money payable to the member or former member or to his or her estate to a person the Board considers appropriate in the circumstances.

S. 49(4) inserted by No. 37/2007 s. 53(2).

(4) For the purposes of subsection (3), personal representative has the same meaning as it has in section 5(1) of the Administration and Probate Act 1958.

S. 49A inserted by No. 40/2004 s. 46.