Commonwealth Consolidated Acts

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AIR SERVICES ACT 1995 - SECT 44

AA's capital

             (1)  The initial capital of AA is the capital of the previous Authority immediately before the commencement of this Act less any amount determined under subsection (2).

             (2)  The Minister and the Finance Minister may make a written determination that an amount representing the net value of assets transferred to CASA under section 9 of the Civil Aviation Legislation Amendment Act 1995 is not to form part of the initial capital of AA.

             (3)  Interest is not payable to the Commonwealth on the capital of AA, but the capital of AA is repayable to the Commonwealth at such times, and in such amounts, as the Minister determines in writing. In making a determination, the Minister must have regard to any advice that the Board has given to the Minister in relation to AA's financial affairs.

             (4)  In this section:

"previous Authority " means the Civil Aviation Authority established under the Civil Aviation Act 1988 and in existence immediately before the commencement of this section.



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