53A. Transfer of credit of a member of the Fund in accordance with the division of matrimonial assets order

Notwithstanding section 51, when an order is issued by a court that part of the sums of money standing to the credit of a member of the Fund is matrimonial asset, the Board may, after being served with the sealed order, transfer the sum of money as ordered by the court from the account of a member of the Fund into the account of the receiver named in the order subject to any terms and conditions as prescribed by the Board.

The Board shall postpone such transfer under subsection (1) if an order, appeal or any process of court proceedings which prevents the execution of the order under subsection (1) is served on the Board.

Notwithstanding subsections (1) and (2), the transfer of credit from the account of a member of the Fund into the account of the receiver named in the order is subject to the amount standing to the credit of such member of the Fund at the date of the transfer is made.

For the purpose of subsection (3), “the date of the transfer”