Commonwealth Numbered Acts

SUPERANNUATION LEGISLATION AMENDMENT ACT 1994 No. 86, 1994 - SECT 35

35.(1) Section 145 of the Principal Act is amended by omitting subsection (3)
and substituting the following subsection:

(3) An election under subsection (2) does not have effect unless the person
who made the election, within the period referred to in that subsection,
causes the life policy or life policies referred to in paragraph (1)(b) to be
assigned to the Board, free from any mortgages, charges or other
encumbrances.".

(2) A life policy assigned to the Commissioner under subsection 145(3), or
issued to the Commissioner under subsection 145(4), of the Principal Act
before the commencement of this section is, by this subsection, assigned to
the Board.