FINANCIAL MANAGEMENT ACT 1994 - SECT 19 The Trust Fund

FINANCIAL MANAGEMENT ACT 1994 - SECT 19

    (1)     The Minister may establish Trust Accounts in the Trust Fund and define the purposes for which they are established.

    (2)     Subject to this section, Trust Accounts existing immediately before the commencement of this section (whether or not established by an Act) continue as Trust Accounts under this section.

    (3)     All money standing to the credit of an account which is a Trust Account for the purposes of this section is deemed to be money standing to the credit of the Trust Fund.

    (4)     The Minister may direct that a Trust Account be closed and, after all liabilities of the Trust Account have been met, the Trust Account must be closed accordingly.

S. 19(5) amended by No. 1/1998

s. 7.

    (5)     The Minister may direct that—

        (a)     any money standing to the credit of a Trust Account which is not required for the purposes of the Trust Account; and

        (b)     the balance of money standing to the credit of a Trust Account closed under this section—

be credited to another Trust Account or to the Consolidated Fund.