New South Wales Consolidated Acts

NEW SOUTH WALES RETIREMENT BENEFITS ACT 1972 - SECT 67

67 Amendment of Act No 96, 1967

(2) A person who, immediately before the appointed day, was a member of the Transport Retirement Board constituted under the Transport Employees Retirement Benefits Act 1967 is not entitled to any compensation by reason of his ceasing to hold office as such a member.

(3) On and from the day appointed pursuant to section 2 (3):

(a) all real and personal property, including all investments, cash on deposit or in hand and all books, accounts, records, certificates and deeds and all right and interest therein and all management and control thereof that, immediately before that day, were vested in the Transport Retirement Board constituted under the Transport Employees Retirement Benefits Act 1967 , are vested in the Board,

(b) all moneys and liquidated and unliquidated claims that, immediately before that day were payable to, or recoverable by, the Transport Retirement Board so constituted are payable to, and recoverable by, the Board,

(c) all suits, actions and proceedings pending immediately before that day at the suit of or against the Transport Retirement Board so constituted are suits, actions and proceedings pending at the suit of or, as the case may be, against the Board,

(d) all contracts, agreements and undertakings entered into with, and all securities given to or by, the Transport Retirement Board so constituted and in force immediately before that day shall be deemed to be contracts, agreements and undertakings, entered into with, and securities given to or by, the Board,

(e) the Board may pursue the same remedies for the recovery of moneys and the enforcement of claims, and may prosecute and defend the same actions, suits and proceedings as might, but for this section, have been pursued, prosecuted or defended by the Transport Retirement Board so constituted,

(f) the Board may enforce and realise any security or charge in favour of the Transport Retirement Board so constituted that was in force immediately before that day as if it were a security or charge in favour of the Board, and

(g) all debts and moneys that, immediately before that day, were due or payable to, and all liquidated and unliquidated claims that, immediately before that day, were recoverable against the Transport Retirement Board so constituted are debts due by, moneys payable by, and claims recoverable against the Board.

(4) On and from the appointed day:

(a) a person who, immediately before that day, was employed by the Transport Retirement Board constituted under the Transport Employees Retirement Benefits Act 1967 , becomes an employee of the New South Wales Retirement Board and his service with the Transport Retirement Board shall be reckoned as service with the New South Wales Retirement Board,

(b) a person referred to in paragraph (a) shall be paid salary or wages at a rate not less than the rate that was payable to him immediately before that day, subject to any adjustment necessary to give effect to any fluctuation in the basic wage for adult males or females, as the case may require, for the time being in force pursuant to Part 5 of the Industrial Arbitration Act 1940 , and

(c) where a condition of employment of a person referred to in paragraph (a) was, immediately before that day, regulated by an award or industrial agreement, the condition shall continue so to be regulated until an award or industrial agreement that is binding on the Board is made to regulate the condition.

(5) The Minister shall appoint a Review Committee consisting of:

(a) a member of the Board, who shall be chairman of, and convene meetings of, the Review Committee,

(b) a nominee of the Auditor-General, and

(c) the Government Actuary.

(6) The Board shall, as between the Transport Retirement Fund and the New South Wales Retirement Fund make such adjustments of the assets and liabilities of those Funds as the Review Committee considers to be a necessary consequence of the operation of this Act.