Div 4Finance

Division 4—Finance 32—Establishment of Fund (1) The National Rail Safety Regulator Fund is established. (2) The Fund is to be administered by ONRSR. (3) ONRSR may establish accounts with any financial institution for money in the Fund. (4) The Fund does not form part of the consolidated fund or consolidated account of a participating jurisdiction or the Commonwealth. 33—Payments into Fund There is payable into the Fund— (a) all money appropriated by the Parliament of any participating jurisdiction or the Commonwealth for the purposes of the Fund; and (b) all fees, charges, costs and expenses paid to or recovered by ONRSR under this Law; and (ba) all infringement penalties paid to or recovered by ONRSR; and (bb) all portions of fines paid to ONRSR by order of a court under section 260A; and (c) the proceeds of the investment of money in the Fund; and (d) all grants, gifts and donations made to ONRSR, but subject to any trusts declared in relation to the grants, gifts or donations; and (e) all money directed or authorised to be paid into the Fund under this Law, any law of a participating jurisdiction or any law of the Commonwealth; and (f) any other money or property received by ONRSR in connection with the exercise of its functions; and (g) any money paid to ONRSR for the provision of services to a State or Territory under an agreement mentioned in section 15(2)(b). 34—Payments out of Fund Payments may be made from the Fund for the purpose of— (a) paying any costs or expenses, or discharging any liabilities, incurred in the administration or enforcement of this Law, including (for example) payments made to a State or Territory for the provision of services under an agreement mentioned in section 15(2)(a); and (b) paying any money directed or authorised to be paid out of the Fund under this Law; and (c) any other payments recommended by ONRSR and approved by the responsible Ministers. 35—Investment of money in Fund (1) ONRSR must invest its funds in a way that is secure and provides a low risk so that ONRSR's exposure to the loss of funds is minimised. (2) ONRSR must keep records that show it has invested in a way that complies with subsection (1). 36—Financial management duties of ONRSR ONRSR must— (a) ensure its operations are carried out efficiently, effectively and economically; and (b) keep proper books and records in relation to the Fund and other money received by ONRSR; and (c) ensure expenditure is made from the Fund for lawful purposes only and, as far as possible, reasonable value is obtained for money expended from the Fund; and (d) ensure its procedures, including internal control procedures, afford adequate safeguards with respect to— (i) the correctness, regularity and propriety of payments made from the Fund; and (ii) receiving and accounting for payments made to the Fund; and (iii) prevention of fraud or mistake; and (e) take any action necessary to ensure the preparation of accurate financial statements in accordance with Australian Accounting Standards for inclusion in its annual report; and (f) take any action necessary to facilitate the audit of those financial statements under this Law; and (g) arrange for any further audit by a qualified person of the books and records kept by ONRSR in relation to the Fund, if directed to do so by the responsible Ministers.