Commonwealth Consolidated Acts

SEA INSTALLATIONS ACT 1987 - SECT 38

             (1)  There is continued in existence the Sea Installations Account.

Note:          The Account was established by subsection 5(3) of the Financial Management Legislation Amendment Act 1999 .

             (2)  The Account is a Special Account for the purposes of the Financial Management and Accountability Act 1997 .

             (3)  There must be credited to the Account amounts equal to money paid as a security under section 37 by way of a cash deposit.

             (4)  If the Minister determines in writing that the amount standing to the credit of the Account that represents the sum of the money paid by a person as a security under section 37, and of interest on that money, exceeds the amount required for the purposes of the security, the amount of the excess must be paid to that person by the Commonwealth and the Account must be debited accordingly.