17Establishment of Specific Purpose Accounts

17 Establishment of Specific Purpose Accounts

(1)  The Treasurer may –

(a) establish one or more Specific Purpose Accounts for any money kept in the Public Account; and

(b) specify the purposes for which a Specific Purpose Account is to be used, including to provide for future obligations; and

(c) determine the Agency that is to be responsible for administering a Specific Purpose Account.

(2)  The money standing to the credit of a Specific Purpose Account is taken to be money standing to the credit of the Public Account.

(3)  The Treasurer may direct that a Specific Purpose Account be closed.

(4)  If the Treasurer directs that a Specific Purpose Account be closed, the account is, after all liabilities relating to the account have been met, to be closed by the Agency that is responsible for administering that account.

(5)  The Treasurer may direct that –

(a) any money standing to the credit of a Specific Purpose Account that is not required for the purposes of that account; and

(b) the balance of money standing to the credit of a Specific Purpose Account closed under subsection (3)  –

be transferred to another account, in the Public Account, determined by the Treasurer.

(6)  If any money has been credited to a Specific Purpose Account without the approval of the Treasurer, the Treasurer may direct that the money be transferred to another account, in the Public Account, determined by the Treasurer.

(7)  The Treasurer may –

(a) accept, and credit to an appropriate Specific Purpose Account, deposits of money belonging to, or appropriated or set aside for the use of, the State or an Agency; and

(b) allow interest on those deposits at the rates approved by the Treasurer.

(8)  The Treasurer may accept, and credit to an appropriate Specific Purpose Account, money granted or loaned to the State by the Commonwealth that is –