Dissolution of FTAC and closure of accounts
150 Dissolution of FTAC and closure of accounts
FTAC is dissolved on the dissolution day.
On the dissolution day for FTAC—
the Home Building Trust Account, the Building Insurance Fund and the Fair Trading Administration Corporation General Account are closed, and
any balance standing to the credit of those accounts is transferred to the Crown.
The annual report for the year ending 30 June 2017 may be included in the annual report of the Department of Finance, Services and Innovation for that year.
Subject to the regulations, a reference in any other Act or instrument made under any other Act or in any instrument of any kind to FTAC is (to the extent that it relates to the assets, rights and liabilities transferred to the Crown) to be read on and from the dissolution day as being a reference to the Crown.
In this clause—
Building Insurance Fund means the Building Insurance Fund required to be maintained under section 112A, as in force immediately before its repeal by the amending Act.
Fair Trading Administration Corporation General Account and Home Building Trust Account mean the accounts required to be maintained under sections 113 and 112, respectively, as in force immediately before the repeal of those sections by the amending Act.
This provision refers to the regulations (the regulations
). Made under this Act:
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