Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The proceeds:
(a) belong to, and are payable to, the Territory; and
(b) are to be paid into the Central Holding Authority.
(2) If so directed by the Treasurer, the following amounts are to be deducted from the proceeds before they are paid under subsection (1)(b):
(a) amounts, determined by the Treasurer, to repay debt, or satisfy other liabilities, of TIO or the Territory in relation to the insurance business or the banking business;
(b) for the proceeds of the sale of the banking business – amounts, determined by the Treasurer, to be paid to TIO to enable it to perform its functions in relation to the residual banking business (as defined in section 3 of the TIO Act or section 31 of the MACC Act, as the case requires);
(c) amounts, determined by the Treasurer, to pay (or to reimburse TIO or an Agency for the payment of):
(i) any tax, duty, charge or fee payable in relation to anything done under this Act; or
(ii) other expenses reasonably incurred in relation to anything done under this Act.
(3) An amount paid to TIO under subsection (2)(b):
(a) if it is paid before the insurance sale date – must be credited to the account mentioned in section 23(3A) of the TIO Act; or
(b) otherwise – forms part of the moneys of the MAC Commission in relation to the MACC banking business as mentioned in section 34 of the MACC Act.
(4) In this section:
"proceeds" means:
(a) the proceeds of the sale of the insurance business; and
(b) any amount payable by the purchaser of the insurance business as consideration for Minister entering into a contract under section 9; and
(c) the proceeds of the sale of the banking business.