Western Australian Consolidated Acts

FINANCIAL MANAGEMENT ACT 2006 - SECT 38

38 .         Proceeds of investment by Treasurer

        (1)         In this section —

        investment means investment by the Treasurer under section 37.

        (2)         Money received from investment in repayment of principal is to be paid into the Public Bank Account.

        (3)         Subject to this section, money received from investment is to be paid into the Public Bank Account and credited to the Consolidated Account.

        (4)         Money received from investment that is money to which the Road Safety Council Act 2002 section 12(2)(d) applies is to be credited in accordance with that provision.

        (5)         The Treasurer may make and give effect to a determination that provides for money received from investment —

            (a)         to be credited to one or more special purpose accounts specified in the determination; or

            (b)         to be paid to one or more statutory authorities or other persons specified in the determination,

                at the rate determined by the Treasurer and specified in the determination.

        (6)         The rate determined by the Treasurer under subsection (5) is not to exceed the rate of return on the investment of money in the Public Bank Account.

        (7)         Subsection (5) does not apply in relation to the investment of public money held in a special purpose account unless another written law provides, either expressly or by implication, that income derived from that public money is to be credited to the special purpose account.

        (8)         Another written law has no effect to the extent that it authorises or requires a person (other than the Treasurer) or a statutory authority to invest particular money, if there is a determination in effect under subsection (5), made by agreement between the Treasurer and the person or statutory authority, relating to a special purpose account in which that money is held.

        (9)         Money received from investment may be credited to the Public Bank Account Interest Earned Account pending being dealt with under subsection (3), (4) or (5).

        (10)         Subject to subsection (4), this section has effect despite any written law concerning the distribution of income derived from the investment of particular money.