New South Wales Consolidated Acts

LOCAL GOVERNMENT AND OTHER AUTHORITIES (SUPERANNUATION) ACT 1927 - SECT 7A

7A Election to insure under sec 4

(1) Where a permanent servant is, in accordance with the provisions of subparagraph (i) or (ii) of paragraph (c) of subsection (1) of section 7, exempted from the obligation to effect insurance under section 4 and is subsequently informed by an insurance company that such insurance company will accept the risk and that the premium charged in respect of the policy will not exceed the rate charged by such insurance company for an age six years greater than his actual age, such servant may elect, in the manner prescribed, to discontinue his contributions to the Provident Fund.

(2) Where a permanent servant so elects to discontinue his contributions to the Provident Fund, he shall, within such time as may be prescribed, effect insurance under section 4.

(3) Upon such insurance being effected by the permanent servant:

(a) the provisions of subsections (1) and (2) of section 13 shall cease to apply to or in respect of such permanent servant, and

(b) there shall be refunded to the council which has made the contribution to the Provident Fund required by subsection (1) of section 13 in respect of such permanent servant for the year current at the date upon which such insurance is effected such proportion of that contribution as shall be attributable to the portion of that year which is unexpired at such date.

(4) Notwithstanding the provisions of section 15, the board may, with the consent of a permanent servant who has elected under this section to effect insurance under section 4, apply moneys standing to the credit of such permanent servant in the Provident Fund in payment of his proportion of any premiums on insurance effected by him under Part 2.