5Distribution of funds

5 Distribution of funds

(1)  As soon as practicable after the commencement day, the Minister is to ensure that –

(a) the funds contained in the Preservation Fund are divided into 2 equal parts; and

(b) one of those parts is transferred into the Heritage Fund and the other part into the Heritage Account.

(2)  The funds transferred under subsection (1) may be transferred in any form and in any manner that the Minister considers appropriate.

(3)  [Section 5 Subsection (3) amended by No. 30 of 2017, s. 5, Applied:05 Sep 2017] The funds transferred into the Heritage Account under subsection (1) are to be applied for the provision of financial or other assistance in relation to places in the city of Hobart that are  –

(a) [Section 5 Subsection (3) amended by No. 30 of 2017, s. 5, Applied:05 Sep 2017] heritage listed under a planning scheme in effect in that city; or

(b) [Section 5 Subsection (3) amended by No. 30 of 2017, s. 5, Applied:05 Sep 2017] entered in the Tasmanian Heritage Register.

(4)  The funds transferred into the Heritage Fund under subsection (1) are not to be used for the purposes set out in section 13 (a) or (b) of the Historic Cultural Heritage Act 1995 .

(5)  The funds transferred into the Heritage Account under subsection (1) are not to be used for the payment of expenses, charges, salaries, remuneration, allowances, expenses or obligations incurred in the administration of the Heritage Account.