New South Wales Consolidated Acts

GOVERNMENT SECTOR FINANCE ACT 2018 - SECT 5.4

5.4 Payment of financial distributions to Treasurer

(1) The Treasurer may direct a GSF agency (or part of a GSF agency) to pay financial distributions to the Treasurer.

(2) A direction may--

(a) specify the amount of financial distributions to be paid (or specify a methodology for determining amounts to be paid), and

(b) specify the timing and manner for payments, and

(c) impose any other terms and conditions (including concerning the preparation and provision of accounting or other statements) that the Treasurer considers should be imposed, and

(d) be contained in the Treasurer's directions or in a separate written direction given to the GSF agency concerned.

(3) The Treasurer must consult both the accountable authority and responsible Minister for the GSF agency in accordance with section 3.5 about proposed directions to be given to the agency under this section.

(4) A GSF agency to which a direction applies must comply with the direction.

(5) The Treasurer must, within 30 days after giving a direction to a GSF agency or part of a GSF agency, publish a notice in the Gazette setting out the amount of the financial distributions to be paid.

Note--: See also section 20S of the State Owned Corporations Act 1989 in relation to statutory State owned corporations.

(6) In this section--

"financial distribution" , in relation to a GSF agency, means an amount calculated by reference to the value of the assets, revenue or other resources (or some portions of the assets, revenue or other resources) of the agency.

Note--: This section is a paramount provision of this Act. Section 1.8 requires a person or other entity to whom a paramount provision applies to comply with the provision (including any regulations made for the purposes of that provision) even if it may result in a non-criminal contravention of other legislation. It also provides that compliance does not result in any civil liability and displaces the operation of the Corporations Act 2001 of the Commonwealth to enable compliance.