New South Wales Consolidated Acts New South Wales Consolidated ActsThe board may set aside from time to time a portion not exceeding twenty per
centum of any moneys received by it by way of commission or otherwise for the
effecting of insurance on the lives of permanent servants as elsewhere
provided in this Act and place such portion to a reserve account.
Interest derived from the investment of the reserve account shall form part
thereof.
The board may use the income and capital of such reserve account in making
payments of premiums on the policy of a permanent servant who may be
temporarily out of a council’s employment, or to secure the surrender value
of a policy and making payments to councils and permanent servants pursuant to
paragraph (f) of subsection (4) of section 4. Any payments so made together
with interest at the prescribed rate shall be a charge on any policy moneys
coming to the hands of the board on such surrender.
The board may at any time in its discretion pay from such reserve account any
amount which it deems to be in excess of its requirements for the above
purposes to its management account.