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Amendment of section 18 (establishment of National Pensions Reserve Fund) of Principal Act.
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6.— Section 18 of the Principal Act is amended—
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(a) in subsection (2) by deleting “, in equal quarterly instalments,”,
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(b) by inserting after subsection (2)—
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“(2A) The Minister may pay the sum referred to in subsection (2) in one lump sum or in two or more instalments, as the Minister thinks fit. If that sum is paid in instalments the instalments need not be equal.”,
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(c) by inserting after subsection (5)—
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“(5A) The Minister may contribute to the Fund by transferring into the Fund a shareholding or other interest held by the Minister or a nominee of the Minister.
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(5B) The value of a contribution referred to in subsection (5A), as determined by the Minister on the date of transfer, shall be taken to be in satisfaction or part-satisfaction, as the case may be, of the Minister’s obligation under subsection (2) to make payments into the Fund in the current year.
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(5C) The Minister may contribute to the Fund by paying into the Fund, from the Central Fund or the growing produce of it, a sum for the purpose of an investment about which the Minister has given, or proposes to give, a direction under section 19A.
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(5D) A contribution referred to in subsection (5C) shall be taken to be in satisfaction or part-satisfaction, as the case may be, of the Minister’s obligation under subsection (2) to make payments into the Fund in the current year.
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(5E) If the value of a contribution referred to in subsection (5A) (as determined under subsection (5B)), or the amount of a contribution referred to in subsection (5C), added to any contribution made in the same year under subsection (2), is greater than the amount required to be paid into the Fund in the year under subsection (2), the excess amount shall be taken to be in satisfaction or part-satisfaction, as the case requires, of the amount required under subsection (2) to be paid into the Fund in any subsequent year.
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(5F) Stamp duty is not chargeable on an instrument giving effect to a transfer referred to in subsection (5A).”,
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and
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(d) in subsection (7) by inserting “, and of any Commission investment vehicle,” after “Fund”.
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