Document ID: chunk:federal_register_of_legislation:C1959A00003:body:0:p5
Version: federal_register_of_legislation:C1959A00003
Segment Type: other
Provision Reference: 
Character Range: 10560–13429

contract for the supply of aircraft, equipment or materials to the Commission for a consideration exceeding Fifty thousand pounds.".

Contracts for transport of mails.
12. Section twenty-two of the Principal Act is amended by omitting the words "the Minister on behalf of".

Commission to be common carrier.
13. Section twenty-four of the Principal Act is repealed.

Capital of the Commission.
14. Section thirty of the Principal Act is amended by omitting from sub-section (1.) the word "more" and inserting in its stead the word "those".
15. Sections thirty-three, thirty-four, thirty-five and thirty-six of the Principal Act are repealed and the following sections inserted in their stead:—

Bank accounts.
"33.—(1.) The Commission shall open and maintain an account or accounts with the Commonwealth Bank of Australia, and may open and maintain an account or accounts with such other bank or banks as the Treasurer approves.
"(2.) The Commission shall pay all moneys received by it into an account referred to in this section.

Application of moneys.
"34.—(1.) Subject to this Act, the moneys of the Commission shall be applied only—
      (a) in payment or discharge of the expenses, charges and obligations incurred or undertaken by the Commission under this Act;
      (b) in payment of the remuneration and allowances of the Commissioners; and
      (c) in making payments to the Commonwealth as provided by this Act.
"(2.) Moneys of the Commission not immediately required for the purposes of the Commission may be invested on fixed deposit with the Commonwealth Bank of Australia or with any other bank approved by the Treasurer, or in securities of the Commonwealth.

Proper accounts to be kept.
"35. The Commission shall keep proper accounts and records in accordance with the accounting principles generally applied in commercial practice and shall do all things necessary to ensure that all payments out of its moneys are correctly made and properly authorized and that adequate control is maintained over the assets of the Commission and the incurring of liabilities by the Commission.

Audit.
"36.—(1.) The Auditor-General shall inspect and audit the accounts and records of financial transactions of the Commission, and shall forthwith draw the Minister's attention to any irregularity disclosed by the inspection and audit which, in the opinion of the Auditor-General, is of sufficient importance to justify his so doing.
"(2.) The Auditor-General shall, at least once in each year, report to the Minister the results of the inspection and audit carried out under the last preceding sub-section.
"(3.) The Auditor-General or an officer authorized by him is entitled at all reasonable times to full and free access to all accounts, records, documents and papers of the Commission

relating directly or indirectly to the receipt or payment of moneys by