Governance Review Implementation (Treasury Portfolio Agencies) Act 2007 (74 of 2007)

Schedule 1   Amendments

Part 3   APRA

Australian Prudential Regulation Authority Act 1998

63   Sections 52 to 54

Repeal the sections, substitute:

52 Australian Prudential Regulation Authority Special Account

(1) The Australian Prudential Regulation Authority Special Account is established by this section.

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

53 Credits to the Account

There must be credited to the Account amounts equal to the following:

(a) all money appropriated by the Parliament for the purposes of the Account;

(b) amounts received under an agreement or contract entered into under section 9A or 11;

(c) amounts required to be credited to the Account in accordance with section 50;

(d) amounts of any fees, charges or penalties paid to APRA, on behalf of the Commonwealth, under section 51 or any other law of the Commonwealth.

Note: An Appropriation Act provides for amounts to be credited to a Special Account if any of the purposes of the Account is a purpose that is covered by an item in the Appropriation Act.

54 Purposes of the Account

(1) This section sets out the purposes of the Account.

(2) Amounts standing to the credit of the Account may be debited for the following purposes:

(a) in payment or discharge of the costs, expenses and other obligations incurred by APRA in the performance of its functions or the exercise of its powers;

(b) in payment of any remuneration or allowances payable to persons appointed or engaged under this Act;

(c) in making any other payments which APRA is authorised or required to make under this Act or any other law of the Commonwealth.

Note: See section 21 of the Financial Management and Accountability Act 1997.