Commonwealth Numbered Acts

FINANCIAL MANAGEMENT AND ACCOUNTABILITY ACT 1997 No. 154 of 1997 - SECT 39

(2) Expenses of investment of money from a Fund or component of a Fund may be debited from the Fund or component. Expenses of investment of Drawn Money may be paid out of Drawn Money.

(3) Upon realisation of an investment of an amount debited from the Loan Fund or from a component of the Reserved Money Fund or Commercial Activities Fund, the proceeds of the investment must be transferred from the Consolidated Revenue Fund to the Fund or component concerned, up to the amount debited from the Fund or component for the investment (including amounts debited for expenses).

(4) Upon realisation of an investment of Drawn Money, there must be transferred from the Consolidated Revenue Fund to Drawn Money an amount equal to the full amount paid from Drawn Money for the investment (including amounts debited for expenses). This requirement applies even if the proceeds of investment are less than the amount required to be transferred.

(5) At any time before an investment matures, the Finance Minister may authorise the re-investment of the proceeds upon maturity in an authorised investment with the same bank or institution.

Note: The proceeds of investment of the original investment will not become public money when the investment matures because the proceeds will not be received by or on behalf of the Commonwealth.

(7) The Funds are appropriated as necessary for the purposes of this section. Drawn Money may be applied in accordance with this section without further appropriation.

(8) In this section:

authorised investment means:

(a) securities of the Commonwealth or of a State or Territory;

(b) securities guaranteed by the Commonwealth, a State or a Territory;

(c) a deposit with a bank, including a deposit evidenced by a certificate of deposit;

(d) any other form of investment prescribed by the regulations.