State Government Insurance Office Act Amendment Act 1952 (WA)

1952.] State Government Insurance [No. 52.

Office,.

STATE GOVERNMENT INSURANCE

OFFICE.

1° Elizabeth II., No. LII.

No. 52 of 1952.

AN ACT to amend the State Government Insurance

Office Act, 1938-1945.

[Assented to 23rd December, 1952.]

RE it enacted, by the Queen's Most Excellent

Majesty, by and with the advice and consent

of the Legislative Council and the Legislative

Assembly of Western Australia, in this present

Parliament assembled, and by the authority of the

same, as follows:—

1. (1) This Act may be cited as the State

Short title

and citation.

Government Insurance Office Act Amendment Act,

1952.

(2) In this Act the State Government Insurance

Office Act, 1938-1945,

Act No. 39 of 1938 as amended by Acts Nos. 29 of 1943 and 23 of 1945,

is referred to as the principal Act.

(3) The principal Act as amended by this Act may be cited as the State Government Insurance Office Act, 1938-1952.

2. Section seven of the principal Act is amended	8.7
amended.

by

(a) adding after the word, "purpose" being the

last word in subsection (5) the words, ",

money from time to time standing to the

No. 52.] State Government Insurance [1952.

Office.

credit of that Office in the account kept in its name at the Treasury under those provisions of the State Trading Concerns Act, 1916 mentioned in subsection (7) of this section, money from time to time in reserves established and maintained by that Office, property and investments in which money is from time to time invested by that Office, money from time to time derived from that property and those investments, money from time to time derived from transactions relating to that property and from transactions relating to those invest- ments, and such other money as may be prescribed by the regulations";

(b) deleting the word, "twelve" and the word, "thirteen" in line three of subsection (7);

(c) adding the following subsections

(8)

(a) The State Government Insur- ance Office is authorised and is to be regarded as always hav- ing been authorised to estab- lish and maintain reserves for the purpose of carrying out its f unctions under this Act including the meeting of its liabilities and contingent liabilities and a reserve so established shall not be applied to any purpose other than that for which it was so estab- lished without the consent of the Auditor General.

(b) The Auditor General shall, in considering a request for his consent under paragraph (a) of this subsection, make such enquiries and investigations as to the sufficiency of the reserve as he thinks fit.

(9) The State Government Insurance

Office is authorised and is to be regarded

as always having been authorised to

1952            State Government Insurance [No. 52

Office.

invest such part of the funds mentioned in subsection (5) as is not immediately required for the purposes of its functions under this Act in investments approved by the Treasurer.

(10) (a) In this subsection

"property" means real and personal property of every kind and includes any estate or interest in that real and personal property;

"to acquire" means to acquire by purchase, exchange, gift, lease, a letting agreement, license, and bailment;

"to dispose of" means to dis- pose of by sale, ex- change, lease, letting, license, and bailment.

(b) The State Government Insur- ance Office 13 authorised and is to be regarded as always having been authorised-

(i)

to acquire and dispose

of property;

(ii)   to borrow money and obtain credit on the security of property; and

(iii)    to erect, equip, furnish, alter, demolish, replace, and maintain buildings necessary for the pur- pose of carrying out its functions under this Act.