RESERVE BANK ACT 1959 - SECT 30 Profits

RESERVE BANK ACT 1959 - SECT 30

  (1)   Subject to subsection   ( 2), the net profits of the Bank in each year shall be dealt with as follows:

  (aa)   such amount as the Treasurer, after consultation with the Reserve Bank Board, determines is to be set aside for contingencies; and

  (a)   such amount as the Treasurer, after consultation with the Reserve Bank Board, determines shall be placed to the credit of the Reserve Bank Reserve Fund; and

  (b)   the remainder shall be paid to the Commonwealth.

  (2)   If the net profit of the Bank for a year is calculated on a basis that requires the inclusion of unrealised gains on assets during the year, the amount to which subsection   ( 1) applies is to be worked out as follows:

  (a)   deduct from the net profit an amount equal to the total of all amounts of unrealised gains included in the net profit; and

  (b)   if an asset in respect of which unrealised gains were included in the net profit for a previous year or years is realised during the year--add to the amount remaining after applying paragraph   ( a) the total amount of those unrealised gains.