Div 4Finances of the Commission.

Division 4.—Finances of the Commission. Advance for expenses. 43. For the purposes of enabling the Commission to meet such expenditure as is necessary for the purposes of this Act, the Treasurer may advance to the Commission— (a) out of the Consolidated Revenue Fund or out of the proceeds of any loan raised under the authority of any Act, which Fund and which proceeds are hereby appropriated accordingly, such amounts, not exceeding in all the sum of Three million pounds; and (b) out of such Sums as are from time to time appropriated by the Parliament for the purpose, such further amounts, as are, in the opinion of the Minister, required by the Commission, and the Commission may accept those advances but shall not otherwise borrow moneys. Terms and conditions of advances. 44. The terms and conditions of any advances made by the Treasurer to the Commission, including the security and basis of re-payment, shall be as determined by the Treasurer. Commission to prepare annual estimates. 45. The Commission shall prepare estimates, in such form as the Minister directs, of its receipts and expenditure for each financial year and shall submit those estimates to the Minister. Moneys uninvested may be lodged in Bank. 46. Moneys held by the Commission which are uninvested may be lodged either in an account at call or on fixed deposit, or partly in an account at call and partly on fixed deposit, with the Commonwealth Bank of Australia or with such other bank as the Minister approves, and while so lodged shall be held to be moneys of the Crown. Application of moneys. 47. Subject to this Act, the moneys of the Commission may be applied as follows:— (a) In payment of the expenses and charges and in discharge of other obligations incurred or undertaken by the Commission in the exercise of its powers, duties and functions under this Act; (b) In payment of the remuneration and allowances of the Commissioners and the salaries, wages and allowances of officers and employees of the Commission; and (c) In investment in any securities of, or guaranteed by, the Government of the Commonwealth. Accounts. 48. The Commission shall keep its accounts in such form as is approved by the Treasurer. Audit. 49.—(1.) The accounts of the Commission shall be subject to inspection and audit, at least once yearly, by the Auditor-General for the Commonwealth. (2.) The Auditor-General shall report to the Minister the result of each inspection and audit. Exemption of Commission from rates, taxes and charges. 50. The income, property and operations of the Commission shall not be subject to any rates, taxes or charges, under any law of the Commonwealth or a State, to which the Commonwealth is not subject. Reserves. 51.—(1.) Subject to the provisions of this Act and of the Agreement the Commission may, with the approval of the Treasurer, set aside, out of its revenue, such sums as it thinks proper as reserves for specified purposes. (2.) Any sums so set aside shall, until required for the purposes of any reserve, be invested by the Commission in any securities of, or guaranteed by, the Government of the Commonwealth. Application of net profits derived by the Commission. 52. Any net profit derived from the operations of the Commission, after the application of the provisions of the Agreement and after provision (if any) for reserves under the last preceding section, shall be applied— (a) firstly, in payment of such amounts as the Treasurer determines in accordance with section forty-four of this Act towards re-payment of moneys advanced to the Commission by the Treasurer under this Act; (b) secondly, with the approval of the Minister given with the concurrence of the Treasurer and subject to the provisions of clauses four and five of the Third Schedule to the Agreement, in the establishment and development of overseas telecommunication services or in making such payments as are necessary for the purposes of the Commission; and (c) thirdly, in such manner as the Minister, on the recommendation of the Commission and with the concurrence of the Treasurer, directs.