HONEY LEGISLATION (REPEAL AND AMENDMENT) ACT 1992 No. 122 of 1992 - SECT 10 Treatment of assets transferred from Board to Corporation

HONEY LEGISLATION (REPEAL AND AMENDMENT) ACT 1992 No. 122 of 1992 - SECT 10

10.(1) This section applies to assets that, by force of section 5, have been
transferred to the Corporation.

(2) In the case of assets consisting of money, the following requirements
apply:

   (a)  the money is to be used by the Corporation only in the performance of
        its functions so far as they relate to honey or in the discharge of
        expenses or liabilities referred to in subsection 11(3);

   (b)  accounts and records kept under section 49 of the Australian 
        Horticultural Corporation Act 1987 must identify the amount of the
        money transferred to the Corporation and record expenditure of the
        money separately from expenditure of other money of the Corporation.

(3) In the case of assets that do not consist of money, the records of the
Corporation must identify the assets separately from other assets of the
Corporation.

(4) Money of the Corporation, other than money to which subsection (2) applies
or money paid to the Corporation under subsection 47(2A) of the
Australian Horticultural Corporation Act 1987, as amended by this Act, is not
to be used for the discharge of a liability transferred to the Corporation by
section 5.