Part 9Finance

Part 9—Finance 208—Australian Health Practitioner Regulation Agency Fund (1) The Australian Health Practitioner Regulation Agency Fund is established. (2) The Agency Fund is to have a separate account for each National Board. (3) The Agency Fund is a fund to be administered by the National Agency. (4) The National Agency may establish accounts with any financial institution for money in the Agency Fund. (5) The Agency Fund does not form part of the consolidated fund or consolidated account of a participating jurisdiction or the Commonwealth. 209—Payments into Agency Fund (1) There is payable into the Agency Fund— (a) all money appropriated by the Parliament of any participating jurisdiction or the Commonwealth for the purposes of the Fund; and (b) all fees, costs and expenses paid or recovered under this Law; and (c) all fines paid to, or recovered by, a National Board in accordance with an order of an adjudication body; and (d) the proceeds of the investment of money in the Fund; and (e) all grants, gifts and donations made to the National Agency or a National Board, but subject to any trusts declared in relation to the grants, gifts or donations; and (f) all money directed or authorised to be paid into the Fund by or under this Law, any law of a participating jurisdiction or any law of the Commonwealth; and (g) any other money or property received by the National Agency or a National Board in connection with the exercise of its functions. (2) Any money paid into the Agency Fund under subsection (1) for or on behalf of a National Board must be paid into the Board's account kept within the Agency Fund. 210—Payments out of Agency Fund (1) Payments may be made from the Agency Fund for the purpose of— (a) paying any costs or expenses, or discharging any liabilities, incurred in the administration or enforcement of this Law; and (b) making payments to co‑regulatory authorities; and (c) any other payments recommended by the National Board or National Agency and approved by the Ministerial Council. (2) Without limiting subsection (1)(a), a payment may be made from the Agency Fund to a responsible tribunal to meet the expenses of the responsible tribunal in performing functions under this Law. (3) A payment under subsection (1) may be made from a National Board's account kept within the Agency Fund only if the payment is in accordance with the Board's budget or otherwise approved by the Board. 211—Investment of money in Agency Fund (1) Subject to this section, the National Agency may invest money in the Agency Fund in the way it considers appropriate. (2) The National Agency may invest money in a National Board's account kept within the Agency Fund only if the Agency has consulted the Board about the investment. (3) An investment under this section must be— (a) in Australian money; and (b) undertaken in Australia. (4) The National Agency must use its best efforts to invest money in the Agency Fund in a way it considers is most appropriate in all the circumstances. (5) The National Agency must keep records that show it has invested in the way most appropriate in the circumstances. (6) A security, safe custody acknowledgment or other document evidencing title accepted, guaranteed or issued for an investment arrangement must be held by the National Agency. 212—Financial management duties of National Agency and National Boards (1) The National Agency must— (a) ensure that its operations are carried out efficiently, effectively and economically; and (b) keep proper books and records in relation to the Agency Fund; and (c) ensure that expenditure is made from the Agency Fund for lawful purposes only and, as far as possible, reasonable value is obtained for moneys expended from the Fund; and (d) ensure that its procedures, including internal control procedures, afford adequate safeguards with respect to— (i) the correctness, regularity and propriety of payments made from the Agency Fund; and (ii) receiving and accounting for payments made to the Agency Fund; and (iii) prevention of fraud or mistake; and (e) take any action necessary to ensure the preparation of accurate financial statements in accordance with Australian Accounting Standards for inclusion in its annual report; and (f) take any action necessary to facilitate the audit of those financial statements in accordance with this Law; and (g) arrange for any further audit by a qualified person of the books and records kept by the National Agency in relation to the Agency Fund, if directed to do so by the Ministerial Council. (2) A National Board must— (a) ensure that its operations are carried out efficiently, effectively and economically; and (b) take any action necessary to ensure that the National Agency is able to comply with this section in relation to the funding of the National Board in exercising its functions.