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

19   Transfer of Reserve balance to nominated company

(1) This section applies if the Financial Management and Accountability Act 1997 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 Reserve as at the transfer time.

Note: The Australian Government Health Service Reserve will be abolished under the Financial Management and Accountability Act 1997 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.