Financial Framework Legislation Amendment Act 2005 (8 of 2005)

Schedule 1   Amendments relating to the Financial Management Legislation Amendment Act 1999 and Special Accounts

Part 2   Special Accounts and references to paid to the Consolidated Revenue Fund

Protection of the Sea (Oil Pollution Compensation Fund) Act 1993

316   Subsections 40(2) and (3)

Repeal the subsections, substitute:

(2) If an amount is paid to the Commonwealth under subsection (1), the Commonwealth must pay to the 1992 Fund an amount equal to that amount.

(3) A payment of an amount to the 1992 Fund under subsection (2) is subject to the condition that, if the Commonwealth becomes liable to refund the whole or part of that amount, the 1992 Fund must pay to the Commonwealth an amount equivalent to the amount that the Commonwealth is liable to refund.