Hearing Services and AGHS Reform Act 1997 (82 of 1997)

Part 2   Transitional provisions relating to the corporatisation of the Australian Government Health Service (AGHS)

Division 3   Transfer of certain amounts to the nominated company

18   Transfer of Trust Account balance to nominated company

(1) This section applies if the Audit Act 1901 is in force at the transfer time.

(2) As soon as practicable after the transfer time, there is payable to the nominated company, out of the Consolidated Revenue Fund, an amount equal to the balance of the Australian Government Health Service Trust Account as at the transfer time.

Note: The Australian Government Health Service Trust Account will be closed under the Audit Act 1901 and the balance transferred to the Consolidated Revenue Fund under that Act.

(3) The Consolidated Revenue Fund is appropriated accordingly.

(4) The payment under subsection (2) is to be made by way of consideration, or partial consideration, for an issue of shares by the nominated company to the Commonwealth.