31AGeneral Reserve

31A General Reserve

(1) The reserve referred to in section 35 of the Housing Loans Insurance Act 1965 as amended and in force immediately before the date of commencement of this section continues in existence, on and after that date, by force of this section, as a general reserve under the name “Housing Loans Insurance Corporation General Reserve”. (2) As soon as practicable after the commencement of this section, the Corporation shall: (a) pay to the Commonwealth, out of the General Reserve, an amount of $4,500,000; and (b) transfer to the capital account of the Corporation, out of the General Reserve, an amount of $5,000,000. (3) There shall be transferred to the General Reserve the balance (if any) of the profits of the Corporation for a financial year after the payment by the Corporation to the Commonwealth of such amounts out of those profits as the Minister determines under subsection (1) of section 31B. (4) The Minister may from time to time direct the Corporation to transfer a specified amount from the General Reserve to the capital account of the Corporation, and the Corporation shall comply with such a direction. (5) In giving a direction under subsection (4), the Minister shall have regard to any advice that the Corporation has furnished to him in relation to the financial affairs of the Corporation.