Commonwealth Consolidated Acts

AUSTRALIAN MARITIME SAFETY AUTHORITY ACT 1990 - SECT 36

  (1)   The capital of the Authority is the sum of:

  (a)   the value of assets that have been transferred to the Authority by the Commonwealth as determined under section   32; and

  (b)   the net realisable value of any rights transferred to the Authority under this Act; and

  (c)   any amounts paid to the Authority out of money appropriated by the Parliament for the purpose of providing capital; and

  (d)   any reserves resulting from the operations of the Authority (whether because of the retention of profits or otherwise) or from the revaluation of the Authority's assets; and

  (e)   any retained profits other than reserves; and

  (f)   any operating results affecting the capital of the Authority, not being reserves or retained profits;

less:

  (g)   amounts taken to be loans under section   32; and

  (h)   the amount determined under section   33; and

  (j)   debts, liabilities and obligations of the Commonwealth transferred to the Authority by subsection   32(5); and

  (k)   any amounts of capital repaid to the Commonwealth by the Authority.

  (2)   Interest is not payable to the Commonwealth on the capital of the Authority, but the capital of the Authority is repayable to the Commonwealth at such times, and in such amounts, as the Minister determines in writing.

  (3)   In making such a determination, the Minister must have regard to any advice that the Authority has given to the Minister in relation to its financial affairs.