FINANCIAL MANAGEMENT ACT 2006 - SECT 38
FINANCIAL MANAGEMENT ACT 2006 - SECT 38
38 . Investment under s. 37, application of proceeds of
(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.