Superannuation Administration Corporation (Pillar) (Authorised Transaction) Act 2016 (NSW)

Superannuation Administration Corporation (Pillar) (Authorised Transaction) Act 2016 No 19

An Act to provide for the transfer of the business of the Superannuation Administration Corporation; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the Superannuation Administration Corporation (Pillar) (Authorised Transaction) Act 2016.

2 Commencement (1) This Act commences on the date of assent to this Act, except as provided by subsection (2). (2) Schedule 5 (Ownership restrictions in floated transaction companies) commences on a day to be appointed by proclamation.

3 Interpretation—key definitions

Note— Schedule 1 contains other interpretative provisions. In this Act— authorised transaction means a transfer of Pillar assets authorised by Part 2. Pillar means the Superannuation Administration Corporation constituted by the Superannuation Administration Authority Corporatisation Act 1999.

Note— The Superannuation Administration Corporation operates under the trading name of Pillar Administration. Pillar assets means the assets, rights and liabilities of Pillar.

Part 2 The authorised transaction

4 Authorisation for transfer of Pillar assets This Act authorises the transfer of Pillar assets to the private sector or to any public sector agency.

5 Payment and application of proceeds of transaction (1) The proceeds of the transfer of Pillar assets to the private sector pursuant to the authorised transaction (the transaction proceeds) belong to and are payable directly to the State. (2) The transaction proceeds paid to the State are to be paid into the Restart NSW Fund (the Restart Fund) established under the Restart NSW Fund Act 2011. (3) The following deductions are authorised to be made from the transaction proceeds— (a) deduction of such amounts as the Treasurer approves to repay debt and satisfy other liabilities of a public sector agency in respect of Pillar assets transferred for the purposes of the authorised transaction, (b) deduction of such amounts as the Treasurer approves to reimburse public sector agencies for payments made by them in respect of any tax, duty, fee or charge imposed by any Act or law of the State or any other jurisdiction in connection with a transaction arrangement, (c) deduction of such amounts as the Treasurer approves to satisfy any liability of a public sector agency arising under or in connection with a transaction arrangement, (d) deduction of such amounts as the Treasurer approves to meet expenses reasonably incurred by public sector agencies for the purposes of the authorised transaction. (4) The transaction proceeds do not include any amount certified by the Treasurer as paid or payable to a public sector agency as a tax, duty, fee or charge imposed by any Act or law of the State in connection with a transaction arrangement. (5) The deductions authorised to be made from the transaction proceeds may be made before payment of the transaction proceeds into the Restart Fund, or may be made by payment from the Restart Fund. (6) The requirements of this section do not affect the validity of a transaction arrangement.