sec.20AFIC’s final report and financial statements

sec.20 AFIC’s final report and financial statements

Despite the repeal of the AFIC Act , sections 116 and 165 of the AFIC Code and the other provisions of the code relevant to the sections continue to apply in relation to AFIC’s final report and financial statements. For the application mentioned in subsection (1)— a reference in section 116 , other than subsection (3), of the code to the Ministerial Council is taken to be a reference to the Minister in each participating State responsible, immediately before the transfer date, for administering the fiscal bodies legislation of that State; and section 116 (2) of the code is taken to require AFIC’s board to prepare and give the report mentioned in the subsection before AFIC is dissolved; and section 116 (3) of the code is taken to require the financial statements to be in the form last approved by the Ministerial Council before the transfer date; and AFIC’s financial year is taken to be the period from the end of the period for which AFIC’s board last prepared a report under section 116 of the code until the day specified by the Minister after consulting with the auditor-general; and section 116 of the code is taken to require AFIC’s board to also include in the report the information the Minister administering this Act directs. (sec.20-ssec.1) Despite the repeal of the AFIC Act , sections 116 and 165 of the AFIC Code and the other provisions of the code relevant to the sections continue to apply in relation to AFIC’s final report and financial statements. (sec.20-ssec.2) For the application mentioned in subsection (1)— a reference in section 116 , other than subsection (3), of the code to the Ministerial Council is taken to be a reference to the Minister in each participating State responsible, immediately before the transfer date, for administering the fiscal bodies legislation of that State; and section 116 (2) of the code is taken to require AFIC’s board to prepare and give the report mentioned in the subsection before AFIC is dissolved; and section 116 (3) of the code is taken to require the financial statements to be in the form last approved by the Ministerial Council before the transfer date; and AFIC’s financial year is taken to be the period from the end of the period for which AFIC’s board last prepared a report under section 116 of the code until the day specified by the Minister after consulting with the auditor-general; and section 116 of the code is taken to require AFIC’s board to also include in the report the information the Minister administering this Act directs.

• (a) a reference in section 116 , other than subsection (3), of the code to the Ministerial Council is taken to be a reference to the Minister in each participating State responsible, immediately before the transfer date, for administering the fiscal bodies legislation of that State; and
• (b) section 116 (2) of the code is taken to require AFIC’s board to prepare and give the report mentioned in the subsection before AFIC is dissolved; and