Western Australian Consolidated Acts

BANK OF WESTERN AUSTRALIA ACT 1995 - SECT 13

13 .         Proceeds

        (1)         The proceeds of privatisation of the Bank are to be applied by R & I Holdings — 

            (a)         first, in meeting the expenses of privatisation as determined by the Treasurer;

            (b)         secondly, in the payment to Bank of Western Australia Ltd of any amount determined by the Treasurer; and

            (c)         thirdly, in the repayment of the liabilities of R & I Holdings.

        (2)         So much of the proceeds as is not applied under subsection (1) is to be paid into the Consolidated Account.

        [Section 13 amended by No. 77 of 2006 s. 4.]