Commonwealth Numbered Acts

AUSTRALIAN HORTICULTURAL CORPORATION ACT 1987 No. 164 of 1987 - SECT 49

49. (1) The Corporation shall:

   (a)  cause to be kept proper accounts and records of its transactions and
        affairs in accordance with the accounting principles generally applied
        in commercial practice; and

   (b)  do all things necessary to ensure:

        (i)    that all payments by it are correctly made and properly
               authorised; and

        (ii)   that adequate control is maintained over:

                (A)  the assets of, or in the custody of, the Corporation; and

                (B)  the incurring of liabilities by the Corporation.

(2) The regulations may require the Corporation to keep separate accounts in
relation to specified classes of horticultural products, and may specify the
amounts to be credited and debited to such an account and the manner in which
such amounts are to be calculated.

(3) Where the regulations require the Corporation to keep a separate account
in relation to a class of horticultural products, the regulations may make
provision in relation to the expenditure of money standing to the credit of
the account, including the application of money standing to the credit of the
account if, and when, the account ceases to exist.