s 13
In forceProceeds of privatisation, application of
Part 2Privatisation of the Bank
13 Proceeds of privatisation, application of
(1)
The proceeds of privatisation of the Bank are to be applied by R & I Holdings —
(a)
first, in meeting the expenses of privatisation as determined by the Treasurer; and
(b)
secondly, in the payment to Bank of Western Australia Ltd of any amount determined by the Treasurer; and
(c)
thirdly, in the repayment of the liabilities of R & I Holdings.
(2)
So much of the proceeds as is not applied under subsection (1) is to be paid into the Consolidated Account.
[Section 13 amended: No. 77 of 2006 s. 4.]
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