42Repeal and revocation of Rivers and Water Supply Commission Act 1999 and proclamation under that Act

42 Repeal and revocation of Rivers and Water Supply Commission Act 1999 and proclamation under that Act

(1)  On the day fixed by proclamation under subsection (2)  –

(a) the Rivers and Water Supply Commission Act 1999 is repealed; and

(b) the Proclamation under the Rivers and Water Supply Commission Act 1999 (S.R. 1999, No. 172) is revoked.

(2)  On the recommendation of the Minister, the Governor, by proclamation, may fix the day on which –

(a) the Rivers and Water Supply Commission Act 1999 is repealed; and

(b) the Proclamation under the Rivers and Water Supply Commission Act 1999 (S.R. 1999, No. 172) is revoked.

(3)  Before making a recommendation for the purpose of subsection (2) , the Minister is to be satisfied that, in respect of the financial year ending on 30 June 2011 –

(a) the Board of Directors of the Commission has –

(i) prepared and forwarded to the Auditor-General a copy of its financial statements as required by section 52 of the Government Business Enterprises Act 1995 ; and

(ii) prepared and provided to the Minister its annual report as required by section 55 of that Act; and

(b) the Commission and TIS Corporation have paid any income tax equivalent, guarantee fee and dividend as required under Parts 10 and 11 of the Government Business Enterprises Act 1995 ; and

(c) TIS Corporation has been deregistered.