EXPLANATORY STATEMENT
STATUTORY RULES 1982 NO 149
ISSUED BY THE AUTHORITY OF THE MINISTER FOR FINANCE
SUBJECT - TERRITORY AUTHORITIES (FINANCIAL PROVISIONS) ACT 1978
- TERRITORY AUTHORITIES (FINANCIAL PROVISIONS) REGULATIONS (AMENDMENT)
The Territory Authorities (Financial Provisions) Act 1978 (the Act) sets out the standard financial provisions relating, inter alia, to moneys appropriated for the purposes of Territory authorities and borrowings by those authorities.
Section 10 of the Act provides that the Governor-General may make relations prescribing matters giving effect to the Act. Section 4 of the Act provides that a body corporate established for a public purpose by a law of a Territory may be declared by the Regulations to be an authority to which a section of the Act applies.
As a consequence of amendments to the Canberra Showground Trust Ordinance that Trust has been replaced by the National Exhibition Centre Trust. Accordingly, Parts I and II of the Schedule to the Territory Authorities (Financial Provisions) Regulations have been amended also.
Part I of the Schedule lists those authorities that are subject to the direction of the Minister for Finance in respect of the payment of moneys to those bodies. The reference to the Canberra Showground Trust has been altered to the National Exhibition Centre Trust.
Part II of the Schedule relates to the borrowing powers of bodies listed therein. Since the National Exhibition Centre Trust does not have such powers, Part II of the Schedule has been amended by deleting reference to the Canberra Showground Trust.