38Proceeds of sale of business or shares

38 Proceeds of sale of business or shares

(1)  [Section 38 Subsection (1) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] The proceeds of each of the following sales are to be paid into the Public Account:

(a) the sale under section 7(1) of the business of a prescribed Government Business Enterprise;

(b) the sale or grant under section 7(2) of a right;

(c) the sale under section 31 of any shares in a company held by the Treasurer;

(d) the sale of any property of the Crown or any business conducted by the Crown if that property or business is business that was transferred to the Crown under section 35 .

(2)  [Section 38 Subsection (2) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] Without further appropriation than this section, the Treasurer at his or her discretion may pay from the Public Account the amounts approved by the Treasurer to meet –

(a) the expenses reasonably incurred in connection with the sale, including expenses incurred in connection with the formation of a company; and

(b) the liabilities that remain with a prescribed Government Business Enterprise after other business of that Government Business Enterprise has been sold under section 7 , or transferred to a company or the Crown under section 17 or 35 ; and

(c) the liabilities transferred to the Crown under section 35 ; and

(d) the expenses reasonably incurred in connection with the performance of the reporting, financial and other requirements of a prescribed Government Business Enterprise under its Portfolio Act, the Government Business Enterprises Act 1995 or any other Act that must be completed before the Treasurer can make under section 39(1) a recommendation that its Portfolio Act be repealed.