Commonwealth Numbered Acts

FINANCIAL MANAGEMENT LEGISLATION AMENDMENT ACT 1999 No. 20, 1999 - SECT 5

(a) was in existence immediately before the commencing time; or

(b) is established by a provision of an Act that comes into operation after the commencing time.

Note: Schedule 1 repeals the Loan Consolidation and Investment Reserve Act 1955 .

(a) the commencing time, if the component was in existence immediately before the commencing time; or

(b) otherwise, the time when the component is established.

(a) a new account is established in respect of the old component; and

(b) any balance of the old component is to be credited to the new account.

(5) The name of the new account is:

(a) if the name of the old component ends with "Reserve"--a name that is the same as the name of the old component, but ends with "Account" instead of "Reserve"; or

(b) if the name of the old component ends with "Fund"--a name that is the same as the name of the old component, but ends with "Account" instead of "Fund"; or

(c) if the name of the old component ends with "Account"--a name that is the same as the name of the old component; or

(d) in any other case--the name determined in writing by the Finance Minister for the purposes of this subsection.

(a) a reference to:

(i) transferring or paying an amount from the Consolidated Revenue Fund to the old component; or

(ii) debiting an amount from the Consolidated Revenue Fund and crediting the amount to the old component;

is to be read as a reference to crediting the amount to the new account; and

(b) a reference to:

(i) transferring or paying an amount to the Consolidated Revenue Fund from the old component; or

(ii) debiting an amount from the old component and crediting the amount to the Consolidated Revenue Fund;

is to be read as a reference to debiting the amount from the new account; and

(c) a reference to paying an amount out of the old component is to be read as a reference to paying the amount out of the Consolidated Revenue Fund and debiting the amount from the new account.

(a) the new account is taken to have been established by a determination under section 20 of that Act (as amended by this Act); and

(b) that determination may be revoked or varied under that section; and

(c) the new account may be abolished under that section.