New South Wales Consolidated Acts

STATE AUTHORITIES NON-CONTRIBUTORY SUPERANNUATION ACT 1987 - SECT 9

9 Funds etc

(1) STC may establish and maintain such funds, accounts and reserves as, in the opinion of STC, are necessary or convenient for the administration of this Act.

(2) STC shall cause to be paid to any such fund:

(a) contributions made by employers, and

(b) income derived from investment of the fund, and any profit made from realisation of any investment of the fund, and

(b1) Commonwealth co-contributions paid to STC, and

(c) money borrowed for the purposes of the fund, and

(d) any fees paid to STC arising under the family law superannuation legislation or Part 4D.

(3) STC shall cause to be paid from any such fund:

(a) by transfer from the fund to the STC Administration Account maintained under the Superannuation Administration Act 1996 administration costs incurred by STC, including administration costs arising under the family law superannuation legislation or Part 4D, and

(b) such amounts as are necessary to satisfy any liability of the fund with respect to tax payable under any Commonwealth taxation law, and

(c) the benefits payable under this Act, and

(c1) other amounts payable by STC and arising under the family law superannuation legislation or Part 4D, and

(d) any other amount payable from any such Fund under this or any other Act, and

(e) any amount payable as a debt due to the Commonwealth under the Superannuation (Government Co-contribution for Low Income Earners) Act 2003 of the Commonwealth in respect of a Commonwealth co-contribution paid to STC.

(4) If a loss is incurred in realising any investment forming part of the assets of a fund maintained under subsection (1), the fund is accordingly reduced by the amount of that loss.