Closing accounts and consequences of
21 Closing accounts and consequences of
The Treasurer may, after consulting with the Minister, direct that a special purpose account operated by an agency, other than a special purpose account established by an Act, be closed.
Subject to subsection (3), when a special purpose account is closed and all the liabilities of the account have been paid, the money standing to the credit of the account is to be credited —
to any account or fund, or in any other manner, specified in the special purpose statement or trust statement relating to that account; or
to the Consolidated Account if —
there is no special purpose statement or trust statement relating to that account; or
no account, fund or manner is specified in the special purpose statement or trust statement relating to that account.
If a special purpose account has been established in relation to the provision of a particular service or performance of a particular function (the relevant service) and —
the account is closed; or
the responsibility for the provision of the relevant service is transferred,
the Treasurer may direct that any money standing to the credit of the account, being money determined by the Treasurer to relate to the provision of the relevant service, be transferred to another special purpose account established in relation to the provision of the relevant service, or in relation to the provision or performance of services or functions that include the relevant service.
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