FINANCIAL MANAGEMENT AND AUDIT - SECT 7 7. Section 7 of the Financial Management Act has effect in relation to the financial year commencing on 1 July 1996 as if the reference in paragraph (c) of that section to Appropriation Acts were a reference to Acts providing for the appropriation of money for the ordinary annual services of the government, or for capital works of the government, or both.

Australian Capital Territory Numbered Acts

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FINANCIAL MANAGEMENT AND AUDIT - SECT 7

7. Section 7 of the Financial Management Act has effect in relation to the financial year commencing on 1 July 1996 as if the reference in paragraph (c) of that section to Appropriation Acts were a reference to Acts providing for the appropriation of money for the ordinary annual services of the government, or for capital works of the government, or both.

Treasurer's directions relating to accounts

8. (1) The Treasurer may, by instrument, give directions—

(a) requiring that a bank account conducted by the Territory or a Territory authority that has not been opened and maintained in accordance with the Financial Management Act be closed and that the balance of the account be transferred to—

(i) a bank account established in accordance with the Financial Management Act ; or

(ii) 2 or more bank accounts established in accordance with that Act in such proportions as the Treasurer specifies in the direction; or

(b) requiring the closure of a ledger account that relates to a bank account that is required to be closed under paragraph (a) and the transfer of the balance of the ledger account to—

(i) a ledger account specified by the Treasurer; or

(ii) 2 or more ledger accounts specified by the Treasurer in such proportions as the Treasurer directs.

(2) A reference in subsection (1) to a bank account conducted by the Territory shall be read as including a reference to a bank account conducted by a department.

Transfer of certain trust funds to new accounts

9. (1) For the purposes of this section each of the following accounts is a designated trust account:

(a) the Energy Research and Development Trust Account established under subsection 85 (2) of the Audit Act;

(b) the Australian Capital Territory Racecourse Development Fund established by subsection 41 (1) of the Betting (Totalizator Administration) Act 1964 ;

(d) the ledger account relating to bond money paid into the Trust Fund under subsection 62AK (1) of the Landlord and Tenant Act 1949 ;

(e) the ledger account relating to compensation paid into the Trust Fund under subsection 75 (2) of the Lands Acquisition Act 1994 ;

(f) the ledger account relating to compensation paid into the Trust Fund under subsection 95 (2) of the Lands Acquisition Act 1994 .

(2) Each designated trust account shall be closed and the money standing to the credit of the account transferred to a trust bank account opened under subsection 51 (1) of the Financial Management Act to replace the designated trust account.

(3) In this section, unless the contrary intention appears—

“Trust Fund” means the account established under section 82 of the Audit Act.

Transfer of certain housing funds to new accounts

10. (1) For the purposes of this section each of the following accounts established under subsection 85 (2) of the Audit Act is a designated housing account:

(a) the Home Purchase Assistance Account;

(b) the Housing Rental Trust Account;

(2) Each designated housing account shall be closed and the money standing to the credit of the account transferred to—

(a) a bank account opened under section 34 of the Financial Management Act to replace the designated housing account; or

(b) another bank account maintained under that section for the purposes of the department that is constituted by, or includes, the administrative unit with responsibility for administering the Housing Assistance Act 1987 .

(3) If the money standing to the credit of a designated housing account is paid into a bank account referred to in paragraph (2) (b), a ledger account having the same title as the designated housing account shall be established in relation to that bank account.

Regulations

11. (1) The Executive may make regulations for the purposes of this Act.

(2) Without limiting the generality of subsection (1), the regulations may make provision for transitional matters arising out of—

(a) the repeal of the Audit Act;

(b) the enactment of the Financial Management Act, the Auditor- General Act 1996 and the Public Sector Management (Amendment) Act 1996 ; or

Amendment of Acts

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