Western Australian Consolidated Acts Western Australian Consolidated Acts (1) The funds
necessary for the effectual exercise by the Board of the powers conferred and
duties imposed upon it by this Act consist of —
(a)
money appropriated from time to time by Parliament for the purpose;
(aa)
money made available to the Board from time to time by the Foundation;
(b) the
proceeds derived from any disposal of or dealing with real or personal
property which the Board is authorised to effect under the provisions of this
Act;
(c) the
proceeds of investments of any part of The Art Gallery of Western Australia
Account which is not required for an immediate use;
(d)
money derived from time to time as income by the Board from the management and
control of the Art Gallery and from the exercise of its other powers and
functions under this Act;
(e) all
gifts, devises and bequests made to the Board; and
(f) such
moneys as the Board acquires under the provisions of section 19.
(2) An agency special
purpose account called The Art Gallery of Western Australia Account is
established under section 16 of the Financial Management Act 2006 to
which the money and proceeds referred to in subsection (1) are to be
credited.
[(2a) deleted]
(3) The Account may be
operated upon for the purpose of enabling the Board to carry out the purposes
of this Act, in such manner as the Treasurer from time to time approves.
(4) All money recorded
as standing to the credit of the Account may, until required by the Board for
the purposes of this Act, be temporarily invested as the Treasurer directs in
any securities in which money standing to the credit of the Public Bank
Account, as constituted under the Financial Management Act 2006 , may
lawfully be invested and the Treasurer shall cause all interest derived from
the investment to be credited to the Account.
(5) Notwithstanding
the provisions of subsection (4) or any other Act to the contrary, where
any moneys standing to the credit of the Account are not immediately required
for the purposes of this Act the Board may invest them in any investments
authorised by law as in force immediately before the coming into operation of
the Trustees Amendment Act 1997 as those in which trust funds may be
invested.
[(6) deleted]
[Section 22 amended by No. 28 of 1968
s. 5; No. 38 of 1974 s. 3; No. 35 of 1978 s. 12;
No. 98 of 1985 s. 3; No. 59 of 1988 s. 5; No. 49 of
1996 s. 64; No. 1 of 1997 s. 18; No. 77 of 2006
s. 17.]