14Savings provision relating to preparation of annual financial statements

14 Savings provision relating to preparation of annual financial statements

(1) This provision has effect despite the repeal of Part VI of the Norfolk Island Act 1979 (as in force immediately before the final transition time) according to item 28 of Schedule 2 to the NILA Act. (2) Subject to subsection (3), sections 48B, 48C, 48D and 48J of the Norfolk Island Act 1979, as in force immediately before the final transition time, apply after the final transition time in relation to annual financial statements for the financial year beginning on 1 July 2015 in relation to: (a) the Administration; and (b) a Territory authority. (3) After the final transition time, sections 48B, 48C, 48D and 48J of the Norfolk Island Act 1979 as in force immediately before the final transition time apply as if: (a) references to the Administrator were references to the ‘Administrator of the Territory’ appointed under section 7 of the Norfolk Island Administrator Ordinance 2016; (b) references to the Chief Executive Officer were references to the person appointed by the Norfolk Island Regional Council as the general manager under section 334 of the Local Government Act 1993 (NSW) as in force in Norfolk Island according to section 18A of the Norfolk Island Act 1979; (c) the words ‘the Administration is liable to pay’ in subsections 48D(1) were omitted and replaced with the words ‘the Department that deals with the administration of Norfolk Island must pay’; and (d) the words ‘unpaid fees’ in subsection 48D(4) were omitted and replaced with the words ‘any fees payable by a Territory authority and which remain unpaid’. (4) Subject to subsection (5), section 48G of the Norfolk Island Act 1979, as in force immediately before the final transition time, applies after the final transition time, to the extent necessary for the auditing of annual financial statements for the financial year beginning on 1 July 2015, in relation to: (a) the Administration; or (b) a Territory authority. (5) After the final transition time, section 48G of the Norfolk Island Act 1979 as in force immediately before the final transition time applies as if the reference to the Administration in paragraph 48G(2)(e) were a reference to the Norfolk Island Regional Council.