Australian Capital Territory Repealed Acts

This legislation has been repealed.

AUDIT ORDINANCE 1989 - SECT 83

Application of provisions to Trust Fund

84. (1) The provisions of this Ordinance relating to the issue and expenditure of public moneys and the authority for such issue and expenditure apply to the issue and expenditure of moneys standing to the credit of the Trust Fund, and the Executive has the same authority with respect to such moneys and the expenditure of such moneys as it has with respect to moneys standing to the credit of the Consolidated Fund.

(2) Subsection (1) has effect subject to section 38.

(3) The provisions of this Ordinance relating to—

        (a)     the collection and receipt of moneys and the audit of the public accounts;

        (b)     the powers and duties of the Auditor-General with respect to the expenditure of public moneys; and

        (c)     the duties and liabilities of accounting officers and other persons;

apply in like manner to moneys collected, received or expended on account of the Trust Fund.

Trust Accounts

85. (1) There is established by this Ordinance a Trust Account the purpose of which is to make provision for the general administration of the Territory.

(2) The Minister may establish other Trust Accounts and define the purposes for which they are established.

(3) All moneys standing to the credit of an account that is a Trust Account established under this section or established under any other Ordinance as a Trust Account for the purposes, or within the meaning, of this section, shall be deemed to be moneys standing to the credit of the Trust Fund.

(4) The Minister may direct that any Trust Account shall be closed and, after all liabilities of the Account have been met, the Account shall be closed accordingly.

(5) The Minister may direct that any moneys standing to the credit of any Trust Account that are not required for the purposes of that Account and the balance of moneys standing to the credit of a Trust Account closed under subsection (4) shall be paid to the Consolidated Fund.

(6) The following moneys may be paid to the credit of the Trust Account to which they relate:

        (a)     moneys appropriated by law for the purposes of any Trust Account;

        (b)     moneys received from the sale to any person or administrative unit of any articles purchased or produced, or for work or services paid for, with moneys standing to the credit of a Trust Account;

        (c)     moneys paid by any person for the purpose of any Trust Account.

(7) Upon the payment of an amount into the Consolidated Fund pursuant to subsection 17 (2) or (3) of the A.C.T. Self-Government (Consequential Provisions) Act 1988 of the Commonwealth, that amount shall, by force of this subsection, be taken to be transferred to the Trust Account referred to in subsection (1), and the Consolidated Fund is appropriated accordingly.

(8) Where an amount is paid to the Territory—

        (a)     under the authority of a law of the Territory; or

        (b)     under an agreement entered into or an understanding reached by the Territory or by a Territory authority;

that amount shall, so long as the Trust Account referred to in subsection (1) continues to be maintained, be paid into that Trust Account.

(9) Nothing in this Ordinance shall be taken to imply—

        (a)     that the purpose of the Trust Account referred to in subsection (1) shall not include the payment, from time to time, of money to another Trust Account established under this section for purposes connected with the making of provision for the general administration of the Territory; or

        (b)     that that other Trust Account shall not receive money from the first-mentioned Trust Account.

(10) Moneys standing to the credit of a Trust Account may be expended for the purposes of the Account.

(11) Where—

        (a)     an amount has been paid to the credit of the Trust Fund; and

        (b)     the repayment of that amount, or of a part of that amount, to any person is required or permitted by or under any Ordinance or otherwise by law;

the repayment may be made from moneys standing to the credit of the Trust Fund.

Investment of moneys standing to credit of Trust Fund

86. (1) Moneys standing to the credit of the Trust Fund may be invested by the Chief Minister—

        (a)     in any securities of, or guaranteed by, the Territory or the Government of the Commonwealth or of a State;

        (b)     in any securities of a government authority;

        (c)     on loan to an authorised dealer;

        (d)     on deposit in a bank;

        (e)     in certificates of deposit issued by a savings bank or a trading bank;

        (f)     in clean bills of exchange; or

        (g)     in any other form of investment approved by the Chief Minister for the purposes of this subsection.

(2) A deposit receipt for moneys deposited under this section for a fixed period with a bank shall, for the purposes of this Ordinance, be deemed to be a security.

(3) Interest received from the investment of any moneys standing to the credit of the Trust Fund shall be dealt with—

        (a)     in accordance with any Ordinance making provision with respect to that interest; or

        (b)     if paragraph (a) is not applicable—

              (i)     in a case where the Chief Minister has directed the manner in which that interest is to be dealt with—in accordance with that direction; or

              (ii)     in any other case—by payment to the Consolidated Fund.

(4) In this section—