New South Wales Consolidated Acts

COAL AND OIL SHALE MINE WORKERS (SUPERANNUATION) ACT 1941 - SECT 19D

19D Owners to pay contributions to Subsidy Fund when required

(1) The Corporate Trustee must:

(a) for the period of 12 months beginning on 1 July on or after which Schedule 3 to the Coal and Oil Shale Mine Workers (Superannuation) Further Amendment Act 1994 commences, and

(b) for each subsequent period of 12 months beginning on 1 July,

make an estimate of the amount required by the Subsidy Fund for the payment of subsidies and other amounts payable from the Subsidy Fund and for the provision of a reserve in connection with that Fund.

(2) The amount to be set aside for the reserve is to be determined by the Corporate Trustee at the end of each period of 12 months referred to in subsection (1).

(3) An estimate for the purposes of this section must be made not later than 31 March preceding the period to which the estimate relates.

(4) The Corporate Trustee may, as and when necessary:

(a) determine the basis on which the amount estimated is to be distributed among the owners, and

(b) assess, on the basis of that determination, the amount that each owner must pay, and

(c) serve on each owner a notice specifying the amount assessed in respect of the owner.

The Corporate Trustee must publish its determination in a publication accessible to owners. The Corporate Trustee can determine different amounts and different criteria for assessing the contributions of different owners.

(5) An owner must pay to the Corporate Trustee the amount specified in a notice served on the owner in accordance with subsection (4). The amount must be paid by such date as is specified in the notice. The date must not be less than 14 days after service of the notice.

(6) If, in a period of 12 months beginning on 1 July, the amount of subsidy per week payable to mine workers is increased, the estimate made by the Corporate Trustee in accordance with this section is taken to be varied to the extent necessary to include the amount required for payment of the increased subsidies. The estimate as varied is, for the purposes of this Act, taken to be the estimate of the amount required by the Subsidy Fund for that period:

(a) for the payment of subsidies and other amounts payable from that Fund, and

(b) for the provision of a reserve in relation to that Fund.

(7) If an amount payable by an owner under this section is overdue for more than 14 days, the Corporate Trustee may charge interest on the amount at the rate of interest that, at the time when the interest first becomes payable, is advertised as the overdraft reference rate of the Commonwealth Bank for amounts in excess of $100,000.

(8) The Corporate Trustee may recover interest charged under subsection (7) in the same way as it can recover contributions.

(9) The Corporate Trustee must pay any interest that it receives under this section to the Subsidy Fund.

(10) In this section, "owner" does not include:

(a) a manufacturer of coke, or

(b) the South Maitland Railways Proprietary Limited, or

(c) the New Redhead Estate and Coal Company Limited.