Commonwealth Numbered Acts

HEALTH INSURANCE COMMISSION AMENDMENT ACT (No. 2) 1976 No. 100 of 1976 - SECT 12

12. Section 40 of the Principal Act is repealed and the following section
substituted:- Proper accounts to be kept.
''40. (1) The Commission shall cause to be kept proper accounts and records of
the transactions and affairs of the Commission related to the general
functions of the Commission and shall do all things necessary to ensure that
all payments out of its moneys by way of general expenditure of the Commission
are correctly made and properly authorized.

''(2) The Commission shall cause to be kept proper accounts and records of the
transactions and affairs of the Commission related to the medibank private
functions of the Commission in accordance with the accounting principles
generally applied in commercial practice and shall do all things necessary to
ensure that all payments out of its moneys by way of medibank private
expenditure of the Commission are correctly made and properly authorized.

''(3) The Commission shall do all things necessary to ensure that adequate
control is maintained over the assets of, or in the custody of, the Commission
and over the incurring of liabilities by the Commission.''.