Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1991 No. 130, 1991 - SECT 13

13. Section 27C of the Principal Act is amended:

   (a)  by omitting subsection (1) and substituting the following subsection:

"(1) The functions of the Board are:

   (a)  to manage and invest the Fund so as to maximise the return earned on
        the Fund, having regard to:

   (i)  the need to make provision for payments out of the Fund under this
        Act; and

   (ii) the need for equity among eligible employees; and

   (iii) the need to exercise reasonable care and prudence in order to
        maintain the integrity of the Fund; and

   (b)  to give directions under subsection 7 (2); and

   (c)  to give directions for the purposes of subsection 51 (1); and

   (d)  to give certificates for the purposes of section 54C; and

   (e)  to make decisions relating to the retirement of eligible employees as
        provided by Part IVA including decisions relating to the making of
        pre-assessment payments; and

   (f)  to make determinations in respect of income tax as provided by
        subsection 110Q (1A); and

   (g)  to make declarations under subsection 133 (1); and

   (h)  to make declarations under subsection 134 (1); and

   (i)  to give directions under subsection 139A (1A); and

   (j)  to make declarations under subsection 145 (11); and

   (k)  to reconsider decisions in accordance with Part XA; and

   (l)  to make determinations in respect of interest as provided by section
        154A.";

   (b)  by omitting from subsection (2) "paragraph (1) (aa)" (wherever
        occurring) and substituting "paragraph (1) (a)".