Loan Consolidation and Investment Reserve Amendment Act 1978 (Cth)

LOAN CONSOLIDATION AND INVESTMENT RESERVE AMENDMENT ACT 1978

No. 37 of 1978

An Act to amend the Loan Consolidation and Investment Reserve Act 1955 and for purposes connected therewith.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

Short title 1.(1) This Act may be cited as the Loan Consolidation and Investment Reserve Amendment Act 1978. (2) The Loan Consolidation and Investment Reserve Act 1955 is in this Act referred to as the Principal Act.

Commencement 2. This Act shall come into operation on the day on which it receives the Royal Assent.

Establishment of Reserve 3. (1) Section 4 of the Principal Act is amended— (a) by omitting ", which shall be a Trust Account for the purposes of section sixty-two a of the Audit Act 1901-1955"; and (b) by adding at the end thereof the following sub-section: "(2) The Reserve shall form part of the Trust Fund referred to in section 60 of the Audit Act 1901, and the provisions of that Act relating to the Trust Fund (other than section 62b of that Act) shall, subject to this Act, extend to that portion of the Trust Fund that comprises the Reserve.".

(2) The amendments made by sub-section (1) do not operate to make sub-sections 62a(4a) and (4b) of the Audit Act 1901 applicable in relation to the moneys standing to the credit of the Loan Consolidation and Investment Reserve.

Purposes of Reserve 4. Section 6 of the Principal Act is amended by omitting sub-section (3) and substituting the following sub-sections:

"(3) Until moneys standing to the credit of the Reserve are applied as provided by sub-section (1), those moneys may be invested by the Treasurer in any securities of, or guaranteed by, the Commonwealth.

"(4) Any moneys standing to the credit of the Reserve that have not been invested as provided by sub-section (3) and are not required for the time being by the Treasurer for the purpose of being applied in accordance with sub-section (1) or invested in accordance with sub-section (3) may be invested by the Minister for Finance in accordance with section 6b of the Audit Act 1901.".