Commonwealth Numbered Acts

TELECOMMUNICATIONS ACT 1975 No. 55 of 1975 - SECT 71

PART VI-FINANCE
71. (1) The Treasurer shall determine the amount that should, in his opinion,
be taken to be the value of the rights, property and assets vested in the
Commission in accordance with paragraph 29 (1) (b) of the Transitional
Provisions Act having regard to the values of the assets of Australia by
reference to which the amounts shown in the Balance Sheet, as at the date
immediately preceding the commencing date, of the Australian Post Office
Services as the value of the assets referred to in that Balance Sheet were
ascertained.

(2) The Treasurer shall determine the amount that should, in his opinion, be
taken to be the sum of the amounts of the liabilities that became the
responsibility of the Commission in accordance with paragraph 29 (1) (d) of
the Transitional Provisions Act having regard to the amounts of the
liabilities of Australia by reference to which the amounts shown in the
Balance Sheet, as at the date immediately preceding the commencing date, of
the Australian Post Office Services as ''current liabilities'' and ''provision
for long service leave'' were ascertained.

(3) Amounts aggregating the amount by which the sum of the amounts determined
under sub-section (1) exceeds the sum of the amounts determined under
sub-section (2) are payable by the Commission to Australia at such times, and
by such instalments, as the Treasurer from time to time determines.

(4) The Commission is liable to pay to Australia, at such times, and by such
instalments, as the Treasurer from time to time determines, interest upon the
amount by which the sum of the amounts determined under sub-section (1)
exceeds the sum of the amounts determined under sub-section (2), less the sum
of any amounts paid by the Commission under sub-section (3), at such rates as
the Treasurer from time to time determines.

(5) The Treasurer may, under sub-section (4), determine different rates of
interest in respect of different parts of the amount in respect of which
interest is payable under that sub-section.

(6) Before making a determination under this section, the Treasurer shall
afford the Commission an opportunity to furnish advice concerning the proposed
determination and shall have regard to any advice furnished to the Treasurer
by the Commission with respect to the proposed determination.