Building and Construction Authority Act 1999 PART 5 — FINANCIAL PROVISIONS

s 14–s 19 · 6 sections

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Financial year

s 14

14. The financial year of the Authority begins on 1 April of each year and ends on 31 March of the succeeding year.[16

Minister’s approval of estimates

15.—(1) A copy of all annual estimates of revenue and expenditure and supplementary estimates must, upon their adoption by the Authority, be sent without delay to the Minister.[5/2018] (2) The Minister may approve or disallow any item or portion of any item shown in the annual estimates or supplementary estimates.[5/2018] (3) The Minister must return the annual estimates or supplementary estimates as amended under subsection (2) to the Authority, and the Authority is bound by the Minister’s decision.[17 [5/2018]

Grants-in-aid

s 16

16. For the purpose of enabling the Authority to carry out its functions under this Act, the Minister may make grants‑in‑aid to the Authority of such sums of money, as the Minister may determine, out of moneys to be provided by Parliament.[18

Loans

s 17

17. The Authority may for the purposes of this Act raise loans from the Government or, with the Minister’s consent, from any other source.[19

Issue of shares, etc.

s 18

18. As a consequence of —(a) the vesting of any property, rights or liabilities of the Government in the Authority under this Act; or (b) any capital injection or other investment by the Government in the Authority in accordance with any written law, the Authority must issue such shares or other securities to the Minister for Finance as that Minister may from time to time direct. [19A

Bank accounts and application of moneys

s 19

19.—(1) The Authority must open and maintain an account or accounts with such bank or banks as the Authority thinks fit and every such account must be operated by such person or persons authorised to do so by the Authority. (2) The moneys of the Authority must be applied only in payment or discharge of the expenses, obligations and liabilities of the Authority and in making any payments that the Authority is authorised or required to make. (3) The Authority may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.[20

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