Amounts payable to and from old fund before commencement date
742 Amounts payable to and from old fund before commencement date
(1) This section applies to an amount that was payable into, or was payable from, the old fund immediately before the commencement date.
(2) If the amount is payable into the old fund and is received after the commencement date, the amount must be paid into the new fund.
(3) If the amount was payable from the old fund before the commencement date but was not paid before that date, it may be paid from the new fund.
(4) If an amount becomes payable in relation to a default happening before the commencement date, the amount may be paid from the new fund after that date.
In this section:
default has the meaning applicable at the time the act or omission constituting the default happened.
This Act’s bill:Explanatory statementSecond reading speech
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