Commonwealth Numbered Acts

SUPERANNUATION INDUSTRY (SUPERVISION) CONSEQUENTIAL AMENDMENTS ACT 1993 No. 82, 1993 - SECT 9

9. Section 249 of the Principal Act is amended:

   (a)  by omitting subparagraph (6)(a)(ii) and substituting the following
        subparagraph:

"(ii) so much of:

                (A)  the proceeds of a policy of life assurance or endowment
                     assurance; or

                (B)  a payment from a regulated superannuation fund (within
                     the meaning of the
                     Superannuation Industry (Supervision) Act 1993) or an
                     approved deposit fund (within the meaning of that Act);
                     as would not have been divisible among the creditors of
                     the deceased person under Part VI if:

                (C)  the deceased person had not died; and

                (D)  a sequestration order had been made against the deceased
                     person immediately before his or her death; and

                (E)  the amount concerned had been paid immediately before his
                     or her death;";

   (b)  by omitting subparagraph (7)(a)(ii) and substituting the following
        subparagraph:

"(ii) so much of:

                (A)  the proceeds of a policy of life assurance or endowment
                     assurance; or

                (B)  a payment from a regulated superannuation fund (within
                     the meaning of the
                     Superannuation Industry (Supervision) Act 1993) or an
                     approved deposit fund (within the meaning of that Act);
                     as would not have been divisible among the creditors of
                     the deceased person under Part VI if:

                (C)  the deceased person had not died; and

                (D)  a sequestration order had been made against the deceased
                     person immediately before his or her death; and

                (E)  the amount concerned had been paid immediately before his
                     or her death;";

   (c)  by omitting subparagraph (8)(a)(ii) and substituting the following
        subparagraph:

"(ii) so much of:

                (A)  the proceeds of a policy of life assurance or endowment
                     assurance; or

                (B)  a payment from a regulated superannuation fund (within
                     the meaning of the
                     Superannuation Industry (Supervision) Act 1993) or an
                     approved deposit fund (within the meaning of that Act);
                     as would not have been divisible among the creditors of
                     the deceased person under Part VI if:

                (C)  the deceased person had not died; and

                (D)  a sequestration order had been made against the deceased
                     person at that time; and

                (E)  the amount concerned had been paid at that time;".