Melbourne Market Authority Act 1977

There shall be a Finance Committee for the purposes of making recommendations to the Governor in Council in relation to the consideration to be given by the Trust to the Council in respect of the transfer of the market land and of the right title and interest referred to in section 42(1).

The Finance Committee shall consist of—

the Secretary to the Department of Treasury and Finance or a person nominated by him, who shall be chairman of the Finance Committee;

the Secretary to the Department of Infrastructure or a person nominated by him;

the Department Head of the Department of Energy, Environment and Climate Action or a person nominated by him or her;

the Chairman;

the Town Clerk of the Council or a person nominated by him; and

a person nominated by the Town Clerk of the Council.

A question arising at a meeting of the Finance Committee shall not be determined unless at least three members of the Committee are present.

The Chairman of the Finance Committee has a casting as well as a deliberative vote.

Subject to this section, the procedure of the Finance Committee is in its discretion.

The Finance Committee shall make its recommendations to the Governor in Council under subsection (1) after consideration of—

the accounting records of the Council relating to the Melbourne wholesale fruit and vegetable market;

the amounts owing by the Council in respect of works undertaken in relation to the market land; and

such other matters as the Committee determines.

The Finance Committee shall, in making recommendations to the Governor in Council under subsection (1), have regard to—

the amount of accumulated losses of the Council in relation to the Melbourne wholesale fruit and vegetable market;

the net loan liability of the Council in respect of loans raised by the Council for the purposes of the market;

any adjustment necessary in relation to other assets and liabilities of the Council in relation to the market that are transferred to the Trust;

the cost to the Council occasioned by the retrenchment of officers and employees who, although entitled to do so, do not make an election under section 46;

other costs (if any) of the Council associated with the transfer of the market; and

such other matters relevant to the consideration to be given by the Trust to the Council as the Committee determines.

The Governor in Council may, upon receiving the recommendations of the Finance Committee under this section, approve the recommendations, or approve them subject to such variations as he determines.