Superannuation (Axiom Funds Management Corporation) Act 1996 (NSW)

Superannuation (Axiom Funds Management Corporation) Act 1996 No 40

An Act to establish the Axiom Funds Management Corporation and to provide for its functions; to convert the Corporation to a public company to be known as Axiom Funds Management Limited, and to provide for the future sale of that company; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the Superannuation (Axiom Funds Management Corporation) Act 1996.

2 Commencement This Act commences on a day or days to be appointed by proclamation.

3 Objects of Act The objects of this Act are as follows— (a) to establish the Axiom Funds Management Corporation to provide superannuation investment management services and related services for State public sector superannuation schemes and other superannuation schemes, (b) to convert the Axiom Funds Management Corporation to a company limited by shares to be known as Axiom Funds Management Limited, (c) to enable the sale of that company and the payment of any proceeds to appropriate State public sector superannuation funds.

Note— The Superannuation Administration Act 1996 establishes the administrative framework for State public sector superannuation schemes and confers functions on AFMC.

4 Definitions In this Act— AFMC means the Axiom Funds Management Corporation established by this Act. AFML means the company known as Axiom Funds Management Limited established by this Act. approved buyer has the meaning set out in section 58. assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes securities, choses in action and documents. business undertaking of a body means all the assets, rights and liabilities of the body. conversion means the conversion of AFMC into a public company on the commencement of Division 3 of Part 3. exercise a function includes perform a duty. FTC means the FSS Trustee Corporation established by the Superannuation Administration Act 1996. FTC fund or FTC scheme means a superannuation fund or superannuation scheme established or constituted under any of the following Acts— (a) Aware Super Act 1992, (b) Public Sector Executives Superannuation Act 1989, (c) any other Act declared under section 5 of the Superannuation Administration Act 1996 to be an Act for the purposes of the definition of FTC fund or FTC scheme in section 4 of that Act. function includes a power, authority or duty. instrument means an instrument (other than this Act) which creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed, registered or stamped in accordance with any law), and includes any judgment, order or process of a court. liabilities includes all liabilities, debts and obligations (whether present or future and whether vested or contingent). share means a share in the share capital of a body corporate. STC means the SAS Trustee Corporation continued by the Superannuation Administration Act 1996. STC fund or STC scheme means a superannuation fund or superannuation scheme established or constituted under any of the following Acts— (a) Police Regulation (Superannuation) Act 1906, (b) Superannuation Act 1916, (c) Local Government and Other Authorities (Superannuation) Act 1927, (d) Transport Employees Retirement Benefits Act 1967, (e) New South Wales Retirement Benefits Act 1972, (f) Public Authorities Superannuation Act 1985, (g) State Public Service Superannuation Act 1985, (h) State Authorities Superannuation Act 1987, (i) State Authorities Non-contributory Superannuation Act 1987. superannuation fund means a fund established under a superannuation scheme. superannuation scheme means a scheme, fund or arrangement (whether or not established by an Act) under which any benefits are provided. the State of New South Wales includes the Crown in right of New South Wales and the Government of New South Wales.