Document ID: chunk:federal_register_of_legislation:C1952A00102:body:0:p3
Version: federal_register_of_legislation:C1952A00102
Segment Type: other
Provision Reference: 
Character Range: 5098–7673

the Treasurer approves, but the aggregate of the amounts borrowed by the Commission under this sub-section and not re-paid shall not exceed One million pounds.
"(2.) The repayment of amounts borrowed under the last preceding sub-section, and the payment of interest on amounts so borrowed, may be secured against the whole or any part of the assets of the Commission.".

Liability of the Commission to pay rates, taxes and charges.
7.—(1.) Section thirty-seven of the Principal Act is amended—
      (a) by omitting the words "(other than income tax)"; and
      (b) by adding at the end thereof the following sub-sections:—
           "(2.) The Commission is not a public authority for the purposes of paragraph (d) of section twenty-three of the Income Tax and Social Services Contribution Assessment Act 1936–1952.
           "(3.) The Commission is not a public transport authority for the purposes of item 77 in the First Schedule to the Sales Tax (Exemptions and Classifications) Act 1935–1952.".
(2.) Sub-section (2.) of section thirty-seven of the Principal Act, as added by this section, shall be deemed to have come into operation on the first day of July, One thousand nine hundred and fifty-two.

8. Sections thirty-eight and thirty-nine of the Principal Act are repealed and the following section is inserted in their stead:—

Profits of the Commission.
"38.—(1.) For the purposes of this Act, the profits of the Commission for a financial year are the amount (if any) remaining after deducting from the revenue received or receivable in respect of that financial year the expenditure incurred in respect of that financial year.

"(2.) For the purposes of the last preceding sub-section, the expenditure of the Commission includes—
      (a) charges and expenses accrued but not paid;
      (b) provision for obsolescence and depreciation of assets;
      (c) provision for insurance;
      (d) provision for staff superannuation; and
      (e) provision for income tax and social services contribution.
"(3.) The profits of the Commission for a financial year shall be applied in the first place in payment of such sums as the Treasurer determines under sub-section (3.) of section thirty of this Act; the balance (if any) shall be applied in such manner as the Minister, with the concurrence of the Treasurer, determines.
"(4.) Before a determination is made under the last preceding sub-section, the Minister and the Treasurer shall have regard to any advice which the Commission has furnished to them in relation to the financial affairs of the Commission.".