AUSTRALIAN POSTAL CORPORATION ACT 1989 - SECT 52 Australia Post's capital

AUSTRALIAN POSTAL CORPORATION ACT 1989 - SECT 52

  (1)   Australia Post's capital is equal to the sum of:

  (a)   the amount of Australia Post's initial capital under this Act (as determined by the Minister under subsection   51(1));

  (b)   any part of Australia Post's liabilities to the Commonwealth at the commencement of this Act that is subsequently converted into capital at the direction of the Minister;

  (c)   any amounts paid to Australia Post after the commencement of this Act out of money appropriated by the Parliament for the purpose of providing capital; and

  (d)   any part of Australia Post's reserves that, after the commencement of this Act, is converted into capital at the direction of the Minister after consultation with the Board;

less any amounts of capital repaid under subsection   (2).

  (2)   Interest is not payable to the Commonwealth on Australia Post's capital, but the capital is repayable to the Commonwealth at such times, and in such amounts, as the Minister directs after consultation with the Board.

  (3)   In giving such a direction, the Minister shall have regard to any advice that the Board has given to the Minister in relation to Australia Post's financial affairs.

  (4)   A direction under this section shall be given in writing.