(1) On the date of transfer, the Registrar may pay to the Commonwealth an amount equal to the amount of unclaimed superannuation benefits that are recorded in the register of unclaimed superannuation benefits on the date of the transfer.
(2) As from the date of the transfer, the Registrar is discharged from all obligations and liabilities the Registrar would otherwise have in respect of unclaimed superannuation benefits for which an equivalent amount has been paid to the Commonwealth under subsection (1).
(3) In this section "date of transfer" means the date specified by the Minister to be the date of transfer in a notice published in the Government Gazette.
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