Commonwealth Consolidated Acts

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RESERVE BANK ACT 1959 - SECT 30

Profits

             (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.

   



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