Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Financial Management Legislation Amendment Bill 1999

Part 3 Transitional and miscellaneous

5   Conversion of RMF components and CAF components

             (1)  This section applies to each old component that:

                     (a)  was in existence immediately before the commencing time; or

                     (b)  is established by a provision of an Act that comes into operation after the commencing time.

However, this section does not apply to the Loan Consolidation and Investment Reserve.

Note:          Schedule 1 repeals the Loan Consolidation and Investment Reserve Act 1955 .

             (2)  The conversion time for the old component is:

                     (a)  the commencing time, if the component was in existence immediately before the commencing time; or

                     (b)  otherwise, the time when the component is established.

             (3)  At the conversion time:

                     (a)  a new account is established in respect of the old component; and

                     (b)  any balance of the old component is to be credited to the new account.

             (4)  The new account is a Special Account for the purposes of the Financial Management and Accountability Act 1997 .

             (5)  The name of the new account is:

                     (a)  if the name of the old component ends with “Reserve”—a name that is the same as the name of the old component, but ends with “Account” instead of “Reserve”; or

                     (b)  if the name of the old component ends with “Fund”—a name that is the same as the name of the old component, but ends with “Account” instead of “Fund”; or

                     (c)  if the name of the old component ends with “Account”—a name that is the same as the name of the old component; or

                     (d)  in any other case—the name determined in writing by the Finance Minister for the purposes of this subsection.

             (6)  In relation to matters that happen after the commencing time, a reference in any instrument to the old component is to be read as a reference to the new account and, in particular:

                     (a)  a reference to:

                              (i)  transferring or paying an amount from the Consolidated Revenue Fund to the old component; or

                             (ii)  debiting an amount from the Consolidated Revenue Fund and crediting the amount to the old component;

                            is to be read as a reference to crediting the amount to the new account; and

                     (b)  a reference to:

                              (i)  transferring or paying an amount to the Consolidated Revenue Fund from the old component; or

                             (ii)  debiting an amount from the old component and crediting the amount to the Consolidated Revenue Fund;

                            is to be read as a reference to debiting the amount from the new account; and

                     (c)  a reference to paying an amount out of the old component is to be read as a reference to paying the amount out of the Consolidated Revenue Fund and debiting the amount from the new account.

             (7)  If the old component was established by the Finance Minister under the Financial Management and Accountability Act 1997 , then:

                     (a)  the new account is taken to have been established by a determination under section 20 of that Act (as amended by this Act); and

                     (b)  that determination may be revoked or varied under that section; and

                     (c)  the new account may be abolished under that section.

6   Transitional provisions for the Loan Fund

             (1)  In any instrument, a reference to the Loan Fund is to be read as a reference to the Consolidated Revenue Fund, in relation to matters occurring after the commencing time.

             (2)  Without limiting subsection (1):

                     (a)  after the commencing time, any appropriation that is expressed to be an appropriation of the Loan Fund has effect as an appropriation of the Consolidated Revenue Fund; and

                     (b)  after the commencing time, any provision of an instrument that is expressed to require or permit the payment of an amount from the Loan Fund has effect as if it required or permitted the payment of that amount from the Consolidated Revenue Fund.

7   Instruments referring to payments into the Consolidated Revenue Fund

                   In any instrument, a reference to payment of an amount into the Consolidated Revenue Fund is to be read as a reference to payment of the amount to the Commonwealth (unless the amount is already public money).

Note:          Public money is defined in the Financial Management and Accountability Act 1997 .

8   Quarterly statements sufficient during transitional period

             (1)  Section 54 of the Financial Management and Accountability Act 1997 has effect in relation to the transitional period as if references to a month of a financial year were references to a quarter of a financial year.

             (2)  In this section:

transitional period means the period:

                     (a)  starting on the day on which this Act commences; and

                     (b)  ending at the end of the third quarter after the quarter in which this Act commences.

9   Regulations

             (1)  The Governor-General may make regulations prescribing matters:

                     (a)  required or permitted by this Act to be prescribed; or

                     (b)  necessary or convenient to be prescribed for carrying out or giving effect to this Act.

             (2)  In particular, regulations may be made for matters of a transitional or saving nature arising from the amendments made by this Act.