State Financial Institutions and Metway Merger Act 1996

If the State has an obligation to pay an amount under section 70 or 72(2)(a), the Treasurer may require QIDC, or the entity to which the liability in relation to the amount was transferred under repealed part 4 or 5 or the Metway scheme of arrangement, to pay fees to the State in relation to the State’s obligation to pay the amount.

However, subsection (1) does not apply if the entity to which the liability was transferred is Metway or a related body corporate of Metway.

The fees mentioned in subsection (1) must be calculated at the rates of—

for an amount that becomes due and payable within 1 year of the liability to repay the amount being incurred—0.05% per annum of the amount; and

for an amount that becomes due and payable more than 1 year after the liability to repay the amount was incurred—0.20% per annum of the amount.

How and when the fees are to be paid is to be decided by the Treasurer.

A fee required to be paid under this section is a debt due to the State.