Northern Territory Consolidated Acts

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TERRITORY INSURANCE OFFICE ACT - SECT 26

Payment of surplus amount in Fund to Territory

    (1)     This section applies if the Minister is satisfied an amount in the Fund is in excess of that required as adequate provision for conducting the MAC business for a financial year for the following:

        (a)     actual and contingent liabilities of the Office;

        (b)     reasonable operating and other expenses of the Office.

    (2)     The Minister may direct the Office to pay the amount, or part of it, into the Central Holding Authority by the date stated in the direction.

    (3)     The amount paid under subsection (2) may be paid out of the Central Holding Authority only for promoting road safety.

Note for subsection (3)

For authorised payments out of the Central Holding Authority, see section 5(2) of the Financial Management Act .



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