Commonwealth Consolidated Acts

NORFOLK ISLAND ACT 1979 - SECT 47

             (1)  All public moneys of the Territory shall form a fund to be called the Public Account of Norfolk Island and shall, subject to this Part, be available for the purposes of the government of the Territory.

             (2)  The receipt, expenditure and control of public moneys of the Territory shall be regulated by enactment.

             (3)  Where an enactment, other than an enactment to which subsection (4) or (5) applies, provides for the raising of revenues, revenues raised by virtue of that enactment shall, subject to subsection (2) and section 48, be available for the purposes of the government of the Territory.

             (4)  Where an enactment providing for the raising of revenues provides that the revenues raised by virtue of the enactment are to be used for the general purpose of matters specified in Schedule 2, a separate account shall be kept in the Public Account of all revenues raised by virtue of that enactment and any other enactment to which this subsection applies, and, subject to subsection 27(3), moneys standing to the credit of that account (including income derived from the investment of those moneys) shall not be issued or expended (otherwise than by way of investment) for any purposes other than purposes of any matter or matters specified in Schedule 2.

             (5)  Where an enactment providing for the raising of revenues provides that revenues raised by virtue of the enactment are to be used for a purpose (other than the general purpose referred to in subsection (4)) specified in the enactment, a separate account shall be kept in the Public Account of all revenues to be used for that purpose by virtue of that enactment and any other enactment to which this subsection applies, and, subject to subsection 27(3), moneys standing to the credit of that account (including income derived from the investment of those moneys) shall not be issued or expended (otherwise than by way of investment) except for that purpose.