PART II
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ADMINISTRATION
Division 2
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Common Investment Fund
SECTION 20H
CREDITS TO AND DEBITS FROM THE EQUALIZATION ACCOUNT
20H(1)
[Interest]
Interest derived from the investment of money in the Common Fund must be paid to the Commonwealth.
20H(2)
[Capital profits]
An amount equal to the amount of any capital profit made upon the realization of an investment made from money in the Common Fund must be paid out of the Common Fund to the Commonwealth.
20H(3)
[Equalization Account]
Whenever a payment is made to the Commonwealth under subsection (1) or (2), an equal amount must be credited to the Equalization Account.
20H(4)
[Debits]
An amount equal to:
(a)
the amount of any capital loss incurred upon the realization of an investment made from money in the Common Fund; or
(b)
each amount of interest that:
(i)
forms part of the estate of a bankrupt or of a deceased debtor by virtue of subsection 20J(2) or (3); or
(ii)
forms part of a fund referred to in paragraph 20J(1)(b) by virtue of subsection 20J(2) or (3A); or
(iii)
is payable to a person by virtue of subsection 20J(4);
is to be debited from the Equalization Account and paid into the Common Fund.
20H(5)
[Amounts not required for payment]
The Inspector-General must, at such times as the Inspector-General considers appropriate and, in any event, at least once every 6 months, determine whether any amounts standing to the credit of the Equalization Account are not required for the purposes of subsection (4). If the Inspector-General determines that any amounts are not so required, the Inspector-General may direct that the amounts not so required, or any part of those amounts, are to be debited from the Equalization Account.
History
S 20H(5) amended by No 57 of 2007, s 3 and Sch 2 items 2 and 3, by substituting
"
Inspector-General
"
for
"
Official Trustee
"
(wherever occurring) and substituting
"
the Inspector-General
"
for
"
it
"
(wherever occurring), effective 16 April 2007. No 57 of 2007, s 3 and Sch 2 item 4 contains the following transitional provision:
4 Transitional
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subsection 20H(5) of the
Bankruptcy Act 1966
(1)
This item applies to anything done by the Official Trustee under subsection
20H(5)
of the
Bankruptcy Act 1966
before the commencement of this item.
(2)
The thing has effect, after the commencement of this item, as if it had been done under that subsection by the Inspector-General.
20H(6)
[Amounts exceeding balance]
Whenever an amount required by subsection (4) to be debited from the Equalization Account exceeds the amount standing to the credit of the Equalization Account, an amount equal to the excess must be credited to the Equalization Account.
History
S 20H substituted by No 8 of 2005, s 3 and Sch 1 item 99, effective 22 February 2005. For savings provisions see note under s 20G. S 20H formerly read:
20H PAYMENT OF MONEYS INTO AND OUT OF EQUALIZATION RESERVE
20H(1)
Interest derived from the investment of moneys in the Common Fund shall be paid into the Consolidated Revenue Fund.
History
S 20H(1) inserted by No 12 of 1980, s 16; amended by No 152 of 1997, s 3, Sch 2.
20H(2)
An amount equal to the amount of any capital profit made upon the realization of an investment made from moneys in the Common Fund shall be paid out of the Common Fund into the Consolidated Revenue Fund.
History
S 20H(2) inserted by No 12 of 1980, s 16; amended by No 152 of 1997, s 3, Sch 2.
20H(2A)
Whenever a payment is made into the Consolidated Revenue Fund under subsection (1) or (2), an equal amount must be transferred to the Equalization Reserve from the Consolidated Revenue Fund.
History
S 20H(2A) inserted by No 152 of 1997, s 3, Sch 2.
20H(3)
An amount equal to:
(a)
the amount of any capital loss incurred upon the realization of an investment made from moneys in the Common Fund; or
(b)
each amount of interest that:
(i)
forms part of the estate of a bankrupt or of a deceased debtor by virtue of subsection 20J(2) or (3);
(ii)
forms part of a fund referred to in paragraph 20J(1)(b) by virtue of subsection 20J(2) or (3A); or
(iii)
is payable to a person by virtue of subsection 20J(4);
is payable out of the Equalization Reserve into the Common Fund.
History
S 20H(3) inserted by No 12 of 1980, s 16; amended by No 168 of 1986, s 3, Sch 1; amended by No 152 of 1997, s 3, Sch 2.
20H(4)
The Official Trustee shall, at such times as it considers appropriate and, in any event, at least once every 6 months, determine whether any amounts standing to the credit of the Equalization Reserve are not required for the purposes of subsection (3), and, if the Official Trustee determines that any amounts are not so required, it may direct that the amounts not so required, or any part of those amounts, shall be paid out of the Equalization Reserve into the Consolidated Revenue Fund.
History
S 20H(4) inserted by No 12 of 1980, s 16; substituted by No 21 of 1985, s 12; amended by No 168 of 1986, s 3, Sch 1; amended by No 152 of 1997, s 3, Sch 2.
20H(5)
Whenever an amount required by subsection (3) to be paid out of the Equalization Reserve exceeds the amount standing to the credit of the Equalization Reserve, an amount equal to the excess must be transferred to the Equalization Reserve from the Consolidated Revenue Fund.
History
S 20H(5) inserted by No 12 of 1980, s 16; substituted by No 152 of 1997, s 3, Sch 2.
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