New South Wales Consolidated Acts

STATE BANK (PRIVATISATION) ACT 1994 - SECT 18

18 Proceeds of sale

(1) Any amounts received for the sale of the Bank must be paid into the Consolidated Fund or the Special Deposits Account.

(2) There may be deducted from those amounts before payment into the Consolidated Fund or the Special Deposits Account such amount as the Treasurer approves to meet the expenses reasonably incurred in connection with the sale of the Bank.

(3) It is the intention of Parliament that the proceeds of the sale of the Bank (less any deductions under subsection (2)) will, subject to any contractual obligations and subject to proper legislative appropriation of the Consolidated Fund, be used to retire State debt.