Document ID: chunk:federal_register_of_legislation:C2007C00134:clause:4_7
Version: federal_register_of_legislation:C2007C00134
Segment Type: clause
Provision Reference: sch 4 cl 7
Character Range: 246813–247687

7  Exempt accounts

(1) In this item:

preserved provisions means section 70D of the Audit Act and the regulations made for the purposes of that section.

replacement provisions means section 56 of the Auditor‑General Act 1997, section 46 of the Commonwealth Authorities and Companies Act 1997 and section 58 of the Financial Management and Accountability Act 1997.

(2) The preserved provisions continue to have effect until the first regulations are in operation for the purposes of the replacement provisions.

(3) If those first regulations, or any of them, are later disallowed by a House of the Parliament, the preserved provisions continue to have effect, to the extent that they cover matters no longer covered by regulations in operation under the replacement provisions, until further regulations are in operation under those provisions that cover those matters.