48RAccount in Public Account

48R Account in Public Account

[Section 48R Inserted by No. 59 of 2005, s. 10, Applied:01 Jul 2009]

(1)  [Section 48R Subsection (1) amended by No. 4 of 2017, Sched. 1, Applied:01 Jul 2019] The Treasurer is to establish in the Public Account an interest bearing account into which the Authority is to pay the security deposits accepted by it.

(2)  The money standing to the credit of the account is to be used for the disbursement by the Authority of the security deposits held by it in accordance with this Act.

(3)  The Treasurer is to pay to the Authority from the money standing to the credit of the account –

(a) any money forfeited to the Authority under section 30A ; and

(b) any interest accrued on the account.