Statutory Rules
1976 No. 125
REGULATIONS UNDER THE SUPERANNUATION ACT 1976.*
I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Superannuation Act 1976.
Dated this eleventh day of June, 1976.
JOHN R. KERR
Governor-General.
By His Excellency’s Command,
ERIC ROBINSON
Minister of State for Post and Telecommunications
for and on behalf of the Treasurer.
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SUPERANNUATION (INVESTMENT) REGULATIONS
Citation.
1. These Regulations may be cited as the Superannuation (Investment) Regulations.
Commencement.
2. These Regulations shall come into operation on 1 July 1976.
Interpretation.
3. (1) In these Regulations—
“ bank ” means a bank as denned by sub-section 5 (1) of the Banking Act 1959-1974;
“ the Act ” means the Superannuation Act 1976.
(2) A reference in these Regulations to a dealer in the short-term money market shall be read as a reference to such a dealer approved by the Reserve Bank as an authorized dealer in the short-term money market.
Investment with a view to sub-division and resale prohibited.
4. In the exercise of its powers under sub-section 42 (2) of the Act in relation to the purchase by the Trust of an estate or interest in land, the Trust shall not have regard to—
(a) the present or future suitability of the estate or interest for sub-division and resale by the Trust or by a subsequent purchaser from the Trust; or
(b) the estimated value of the estate or interest on sub-division and resale.
Report by qualified valuer to be obtained.
5. The Trust shall not invest in an estate or interest in land without first obtaining, and having regard to, a report on the value of the estate or interest prepared by a qualified valuer.
* Notified in the Australian Government Gazette on 22 June 1976.
Investment of moneys.
6. Moneys that, by virtue of sub-section 42 (1) of the Act, are required to be invested by the Trust may be invested—
(a) in a deposit with a dealer in the short-term money market;
(b) in a buy-back transaction, being a transaction whereby, in pursuance of an agreement between a person (including a body corporate) and the Trust, the Trust—
(i) purchases certain public securities from the person at an agreed price; and
(ii) subsequently sells those securities (including, where the agreement so provides, securities substituted for any of those securities) to that person at the end of an agreed period, at an agreed price and at an agreed rate of interest;
(c) in a bill of exchange that has been accepted or endorsed by—
(i) a bank; or
(ii) a dealer in the short-term money market;
(d) in a loan to a body corporate for the purpose of enabling that body corporate to make available, for housing loans to eligible employees, an amount equal to the amount of that loan; or
(e) in a negotiable certificate of deposit issued by a bank.