New South Wales Consolidated Acts

BUILDING AND CONSTRUCTION INDUSTRY LONG SERVICE PAYMENTS ACT 1986 - SECT 14

14 Actuarial investigation of Fund

(1) The Corporation shall cause investigations to determine the sufficiency of the Fund and the adequacy of the rate of any long service levy to be made:

(a) as at a date (not later than 6 months after the commencement of this Act) to be determined by the Minister, and

(b) as at a date (later than 6 months, but not later than 18 months, after the commencement of this Act) to be determined by the Minister.

(2) The Corporation shall cause further such investigations to be made as at such dates as may be determined by the Corporation but so that the interval between the dates as at which successive investigations are made does not exceed 3 years.

(3) An investigation under subsection (1) or (2) shall be made by an actuary appointed by the Corporation.

(4) An actuary who makes an investigation under subsection (1) or (2) shall report to the Corporation the result of the investigation and shall state whether or not in his or her opinion any reduction or increase should be made in the rate of any long service levy.

(5) The actuary appointed to make an investigation referred to in this section shall complete the investigation and report the result of the investigation to the Corporation as referred to in subsection (4) as soon as practicable after the date as at which the investigation was made.

(6) The Corporation shall, as soon as practicable after it receives a report under subsection (4), forward the report to the Minister together with such comments thereon as it deems appropriate.