Commonwealth Numbered Acts

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AUSTRALIAN NUCLEAR SCIENCE AND TECHNOLOGY ORGANISATION ACT 1987 No. 3 of 1987 - SECT 39

Trust money
39. (1) The Organisation shall ensure that any money received or held by the
Organisation on trust is paid into an account opened and maintained pursuant
to section 63J of the Audit Act 1901 (as that section applies in relation to
the Organisation by virtue of section 29 of this Act) that does not, or
accounts referred to in that section that do not, contain any money of the
Organisation not held on trust.

(2) Notwithstanding sections 27, 28 and 29-

   (a)  money or other property held by the Organisation on trust shall be
        applied or dealt with only in accordance with the powers and duties of
        the Organisation as trustee; and

   (b)  money held by the Organisation on trust may be invested-

        (i)    in any manner in which the Organisation is authorised to invest
               that money by the terms of the trust; or

        (ii)   in any manner in which trust money may, for the time being, be
               invested under law,
but not otherwise.

(3) Section 63K of the Audit Act 1901 (as that section applies in relation to
the Organisation by virtue of section 29 of this Act) has effect as if-

   (a)  the reference in that section to the transactions and affairs of the
        Organisation included a reference to transactions and affairs relating
        to money or property received or held by the Organisation on trust;
        and

   (b)  the reference in that section to payments out of the money of the
        Organisation included a reference to payments out of money held by the
        Organisation on trust.

(4) Section 63L of the Audit Act 1901 (as that section applies in relation to
the Organisation by virtue of section 29 of this Act) has effect as if-

   (a)  the reference in sub-section 63L (1) to financial transactions of the
        Organisation included a reference to transactions relating to money
        received or held by the Organisation on trust;

   (b)  the reference in sub-section 63L (4) to the receipt or payment of
        money by the Organisation included a reference to the receipt or
        payment by the Organisation of money received or held by the
        Organisation on trust; and

   (c)  the reference in sub-section 63L (4) to the acquisition, receipt,
        custody or disposal of assets by the Organisation included a reference
        to the acquisition, receipt, custody or disposal by the Organisation
        of assets received or held by the Organisation on trust.

(5) Estimates referred to in sub-section 28 (1) shall not include estimates of
receipts by the Organisation of money to be held on trust or of expenditure by
the Organisation of money held on trust. 


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