New South Wales Consolidated Acts

PUBLIC AUTHORITIES (FINANCIAL ARRANGEMENTS) ACT 1987 - SCHEDULE 6

SCHEDULE 6 – Savings and transitional provisions

(Section 42)

Part 1 - Savings and transitional regulations consequent on enactment of certain Acts

1 Regulations

(1) The regulations may make provision of a savings or transitional nature consequent on the enactment of the following Acts:

this Act

Public Authorities (Financial Arrangements) Further Amendment Act 1989

Universities Legislation (Investment) Amendment Act 1989

Public Authorities (Financial Arrangements) Amendment Act 1991

Public Authorities (Financial Arrangements) Amendment Act 2000

(2) A provision made under subclause (1) may, if the regulations under this clause so provide, take effect as from the date of assent to the Act concerned or a later day.

(3) To the extent to which a provision referred to in subclause (1) takes effect from a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as:

(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date of its publication, or

(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication.

(4) A provision made under subclause (1) is, if the regulations under this clause so provide, to have effect notwithstanding any other clause of this Schedule.

Part 2 - Provisions consequent on enactment of this Act

2 Definitions

In this Part:
"the 1987 Act" means the Public Authorities (Financial Arrangements) Act 1987 .
"the repealed Act" means the Public Authorities (Financial Accommodation) Act 1981 , as in force immediately before its repeal.

3 Approvals

An approval of the Governor to the obtaining of financial accommodation, given under the repealed Act and in force immediately before the commencement of the 1987 Act is, on that commencement, taken to be an approval of the Treasurer under the 1987 Act.

4 Guarantees

A guarantee in force under the repealed Act immediately before the commencement of the 1987 Act is, on that commencement, taken to be a guarantee under the 1987 Act.

5 Guarantee fees

Section 17 of the 1987 Act applies in respect of a guarantee provided by the Government before the commencement of the 1987 Act if:

(a) the guarantee is of a kind to which that section applies,

(b) the guarantee is in force as at that commencement, and

(c) money is still payable or repayable in relation to the financial accommodation concerned.

6 Priorities

Section 20 of the 1987 Act applies in respect of financial accommodation whether obtained before or after the commencement of the 1987 Act.

7 Regulations

A regulation in force under the repealed Act immediately before the commencement of the 1987 Act is, on that commencement, taken to have been made under the 1987 Act.

Part 3 - Provisions consequent on enactment of Public Authorities (Financial Arrangements) Amendment Act 1991

8 Definitions

In this Part:
"the Act" means the Public Authorities (Financial Arrangements) Act 1987 , as in force immediately after the commencement of the 1991 Act.
"the 1987 Act" means the Public Authorities (Financial Arrangements) Act 1987 , as in force immediately before the commencement of the 1991 Act.
"the 1991 Act" means the Public Authorities (Financial Arrangements) Amendment Act 1991 .

9 Treasurer’s approval to financial adjustment

An approval by the Treasurer under Part 2 of the 1987 Act in respect of the effecting of a financial adjustment and in force immediately before the commencement of Schedule 1 (6) of the 1991 Act is, on that commencement, taken to be an approval of the Treasurer under Part 2A of the Act.

10 Guarantees

A guarantee in force under a provision of the 1987 Act immediately before the commencement of the corresponding provision of the Act is, on that commencement, taken to be a guarantee in force under the corresponding provision of the Act.

11 Statutory charge

A statutory charge imposed by section 16A of the 1987 Act and in force immediately before the commencement of section 22C of the Act is, on that commencement, taken to be a statutory charge in force under section 22C of the Act.

12 Guarantee fee

Any part of a guarantee fee required to be paid under section 17 of the 1987 Act and remaining unpaid at the commencement of section 22D of the Act is, on that commencement, taken to be payable under section 22D of the Act.

13 Other payments by Government

An agreement made by the Government under section 18 of the 1987 Act and in force immediately before the commencement of section 22E of the Act is, on that commencement, taken to be an agreement under section 22E of the Act.

14 Recovery of money paid under guarantee or agreement

Any liability which arose under section 21 of the 1987 Act and remaining outstanding immediately before the commencement of section 22H of the Act is, on that commencement, taken to be a liability under section 22H of the Act.

15 Regulations

A regulation in force under a provision of the 1987 Act immediately before the commencement of the corresponding provision of the Act is, on that commencement, taken to have been made under the Act.

Part 4 - Provisions consequent on enactment of Public Authorities (Financial Arrangements) Amendment Act 2000

16 Definition

In this Part:
"amending Act" means the Public Authorities (Financial Arrangements) Amendment Act 2000 .

17 Effect of amendments on arrangements entered into by authorities

(1) This clause applies where an entity, to which any provision of this Act applied before the commencement of any amendment made by the amending Act, is or becomes an authority (as defined in section 3) on the commencement of the amendment.

(2) Subject to any directions of the Treasurer under this clause:

(a) an amendment made by the amending Act does not affect any financial arrangements or joint venture arrangements entered into by the entity before the commencement of the amendment (under this Act or otherwise), and the authority may maintain those arrangements, and

(b) the authority has and may exercise any power that the entity would (had the amending Act not been enacted) have apart from this Act to enter into financial arrangements or joint venture arrangements for a period of 6 months after the commencement of the amendment.

(3) The Treasurer may give directions of either or both of the following kinds:

(a) requiring the authority to modify or terminate any arrangements referred to in subclause (2) (a) or (b) within such period and in such manner (if any) as the Treasurer specifies,

(b) requiring the authority not to exercise any power referred to in subclause (2) (b) after a specified date within that period of 6 months.

(4) The authority must comply with any such direction.

(5) Such a direction may be given only in relation to arrangements of a kind that the authority cannot enter into under this Act or that requires an authorisation or approval under this Act.

(6) The Treasurer is required to consult with the portfolio Minister of the authority, or with the authority or the authority’s representatives, before giving any such direction.

18 Provisions relating to exclusive operation of Act

(1) A reference in any other Act, statutory instrument or document to section 27 (which was repealed by the amending Act) is, subject to the regulations, taken to be a reference to section 2B (which was inserted by the amending Act).

(2) Neither sections 2B and 2C, nor the enactment of the amending Act, affects the operation of section 49 of the Sydney Organising Committee for the Olympic Games Act 1993 .