Commonwealth legislation

Financial Management and Accountability Determination 2006/27 - Trustee Companies (ACT) Deposits Trust Account Abolition 2006

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

1/10 complexity

This determination abolishes (closes down) a specific government bank account called the Trustee Companies (ACT) Deposits Trust Account.

What it does:

Shuts down a trust account established under the Financial Management and Accountability Act 1997
This account previously held deposits related to trustee companies operating in the Australian Capital Territory (ACT)

Who it affects:

Commonwealth government agencies that administered this account
Trustee companies that had funds deposited in this account

Why it matters: This is a housekeeping measure that removes an outdated financial arrangement. Following changes to how trustee companies are regulated in the ACT, this special government account was no longer needed. Any remaining funds or obligations would be transferred to other appropriate accounts or dealt with under relevant legislation.

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Current sections

Direct links to the current provisions in Financial Management and Accountability Determination 2006/27 - Trustee Companies (ACT) Deposits Trust Account Abolition 2006.

Financial Management and Accountability Determination 2006/27 - Trustee Companies (ACT) Deposits Trust Account Abolition 2006

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Financial Management and Accountability Determination 2006/27 — Trustee Companies (ACT) Deposits Trust Account Abolition 2006

I, NICK MINCHIN, Minister for Finance and Administration, make this Determination under subsection 20 (3) of the Financial Management and Accountability Act 1997.

Dated 26 JULY 2006

Nick Minchin

Minister for Finance and Administration

1 Name of Determination

This Determination is the Financial Management and Accountability Determination 2006/27 — Trustee Companies (ACT) Deposits Trust Account Abolition 2006.

2 Commencement

This Determination commences at the time at which this determination is registered on the Federal Register of Legislative Instruments.

3 Abolition

The Trustee Companies (ACT) Deposits Trust Account is abolished.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.