Victorian Consolidated Legislation

Chinatown Historic Precinct Act 1984 - SECT 20

Chinatown Historic Precinct Fund

20. Chinatown Historic Precinct Fund



(1) For the purposes of this Act there shall be a fund to be called the
Chinatown Historic Precinct Fund.

(2) The Council shall establish and maintain an account to be used for the
purposes of the Fund and that account shall be kept separately from any other
account established and maintained by the Council.

(3) There shall be paid into the Fund all moneys received by the Council and
all moneys collected or borrowed by the Council under this Act.



(4) Moneys held in the Fund which are not for the time being required for the
purposes of this Act may with the approval of the Minister be invested by the
Council in such securities as the Treasurer from time to time approves and any
interest earned by investments shall be credited to the Fund.

(5) Moneys standing to the credit of the Fund may upon the recommendation of
the Committee be applied-

   (a)  in payment of the cost of operating managing developing and promoting
        the precinct;

   (b)  in payment of any expenses incurred in the administration of the Fund
        or of this Act;

   (c)  in payment of remuneration and allowances payable under this Act to
        members or acting members of the Committee;

   (d)  in repayment of money borrowed under this Act by the Council and in
        payment of any charges or interest thereon;

   (e)  in making loans and grants under this Act; and

   (f)  in any other way authorized by this Act.

(6) A payment out of the Fund shall not be made except in the manner specified
in section 13A of the Melbourne and Geelong Debentures and Inscribed Stock Act
1932 (as in force immediately before the commencement of Item 43 of Schedule 1
to the Local Government (Consequential Provisions) Act 1989).

(7) The Fund shall be audited at least once in each municipal financial year
in accordance with the Local Government Act 1989.

(8) A statement of the transactions of the Fund shall be shown separately in
the annual statement of accounts of the Council.

(9) The Council shall comply with any requirements made by the Minister in
relation to the maintaining of the Fund.