Australian Capital Territory Repealed Acts

This legislation has been repealed.

KINGSTON FORESHORE DEVELOPMENT AUTHORITY ACT 1999 NO 89 (REPEALED) - SECT 33

    (1)     The Treasurer may, from time to time, by signed writing, direct the authority to pay to the Territory—

        (a)     a specified amount; or

        (b)     an amount calculated in a specified way;

in the way, at the time or times and on the terms and conditions that the Treasurer specifies by that or another instrument.

    (2)     In giving a direction under subsection (1), the Treasurer must have regard to—

        (a)     the assets and liabilities of the authority; and

        (b)     its income and expenditure; and

        (c)     the ability of the authority to discharge its functions; and

        (d)     the requirement that the Territory obtain a reasonable return from the development and disposal of unleased land.

    (3)     For calculations under this section, land within the development area is taken to be an asset of the authority.

    (4)     Subject to subsection (5), the authority must, as soon as practicable after the end of each financial year, pay to the Territory an amount equal to the amount of funds that it holds that are not expected to be required for the discharge of its functions.

    (5)     The Treasurer may, by signed writing, direct that the authority pay a lesser amount than the amount referred to in subsection (4).

    (6)     The authority must comply with a direction under this section.