Clause 40

by deleting subsection (1) and substituting the following subsections:“(1) Notwithstanding sections 20(1)(b) and (1A) and 25 but subject to this section and such terms and conditions as the Board may impose, where the Board is satisfied that the amount of contributions paid for any year on additional wages exceeds the amount of contributions payable on such additional wages after recomputation in accordance with the First Schedule, the Board may, in such manner as the Minister may prescribe by regulations made under section 77(1) —

refund the amount of the excess contributions, together with the whole or such part, as the Board may determine, of any interest paid on the excess contributions, to the person who paid the excess contributions; or

pay the whole or any part of the amount of the excess contributions, together with the whole or such part, as the Board may determine, of any interest paid on the excess contributions, to any person whom the Board is satisfied is entitled to that payment.(1A) Notwithstanding sections 20(1)(b) and (1A) and 25 but subject to subsection (1B) and such terms and conditions as the Board may impose, if any excess contributions referred to in subsection (1) are credited to any account of a member in the Fund at the time the excess contributions are paid to the Fund, but the amount standing to the credit of the member in that account, at the time a claim for a refund or payment of the whole or any part of the excess contributions and interest thereon is approved by the Board, is less than the amount claimed, the Board may refund or pay to the claimant, or pay to any other person whom the Board is satisfied is entitled to that payment, an amount not exceeding the amount standing to the credit of the member in that account at the time the claim is approved by the Board.(1B) Notwithstanding sections 20(1)(b) and (1A) and 25 but subject to such terms and conditions as the Board may impose, if any excess contributions referred to in subsection (1) are credited to any account of a member in the Fund, the member has died and, at the time a claim for a refund or payment of the whole or any part of the excess contributions and interest thereon is approved by the Board, the Board has made any payment or transfer under section 20(1)(b) or (1A), or any payment to the Public Trustee under section 25(2), from the amount standing to the credit of the member in that account —

the Board may refund or pay to the claimant, or pay to any other person whom the Board is satisfied is entitled to that payment, the whole or such part, as the Board may determine, of the amount claimed, having regard to —

the amount standing to the credit of the member in that account at the time the claim is approved by the Board; and

the portion of the amount payable on the member’s death out of the Fund that remains in that account at the time the claim is approved by the Board; and

every payment or transfer made by the Board under section 20(1)(b) or (1A) or 25(2) before the time the claim is approved by the Board shall be deemed to have been properly made under the provisions of this Act.”;

by deleting subsection (2) and substituting the following subsection:“(2) If any sum is due to the Fund from any person to whom a refund or payment of any amount of any excess contributions and interest thereon would otherwise be made, the Board may retain the whole or any part of that amount and set it off against the sum due to the Fund.”;

by inserting, immediately after the word “refund” in subsection (3), the words “or payment”; and

by inserting, immediately after the word “Refund” in the section heading, the words “or payment”.