2. This Act shall come into operation on the day on which it receives the Royal Assent.

3. Section 3 of the Principal Act is amended by omitting the words and figures—

“Part VII.—Miscellaneous (Sections 65–70).”

and inserting in their stead the words and figures—

“Part VII.—Miscellaneous (Sections 67–70).”.

4. Section 17 of the Principal Act is amended by omitting from sub-section (7.) the words “if it exceeds the rate of Five thousand dollars per annum” and inserting in their stead the words “if it exceeds the rate of Thirteen thousand seven hundred dollars per annum or, if a higher rate is prescribed, that higher rate”.

5. Section 31 of the Principal Act is amended by omitting sub-section (5.).

6. Section 32 of the Principal Act is amended—

(a) by omitting from paragraph (a) of sub-section (1.) the words “not later than one month”; and

(b) by omitting sub-paragraph (ii) of paragraph (b) of sub-section (2.).

7. Section 37a of the Principal Act is amended—

(a) by omitting from paragraph (b) of sub-section (4.) the word “and”;

(b) by adding at the end of sub-section (4.) the following paragraphs:—

“(d) such amounts as are approved by the Minister in respect of expenses or other liabilities incurred by the Commission in maintaining the prescribed account or otherwise in or in connexion with making provision against risks to which this section applies so far as they are not covered by insurance, including liability for so much of the income tax payable by the Commission as is attributable to income received by the Commission in respect of securities representing money standing to the credit of the prescribed account; and

(e) if, at any time, the Commission is of the opinion that—

(i) the amount standing to the credit of the prescribed account exceeds the amount necessary for the purpose of making adequate provision against risks to which this section applies, so far as they are not covered by insurance; and

(ii) the amount standing to the credit of the prescribed account can properly be reduced,

such amount, not exceeding the amount of the excess, as is determined by the Commission, and approved by the Minister with the concurrence of the Treasurer.”; and

(c) by omitting sub-section (7.) and inserting in its stead the following sub-section:—

“(7.) An amount debited to the prescribed account in pursuance of paragraph (e) of sub-section (4.) of this section shall be credited to such other account maintained by the Commission as the Minister, with the concurrence of the Treasurer, directs.”.

8. Section 65 of the Principal Act is repealed.