Document ID: chunk:federal_register_of_legislation:C2004C00122:schedule:1:p4
Version: federal_register_of_legislation:C2004C00122
Segment Type: schedule
Provision Reference: sch 1 (pt 4/7)
Character Range: 10977–13633

the Commission's financial year, which shall run from the first day of July to the thirtieth day of June in each year, prepare and furnish to each of the said Governments, in respect of that financial year, a report of its activities and a financial statement duly audited by auditors approved by the said Governments; and
       (h) do such other things as are incidental to the things which it is expressly authorized to do and which are necessary or expedient for carrying out its functions.

Article 6

1. For the purpose of recouping the expenses incurred by the said Governments or by either of them in connection with the placing of Christmas Island under the authority of the Commonwealth of Australia, together with interest thereon at such rate as the said Governments may from time to time jointly determine, the said Governments may from time to time jointly determine an amount to be paid to them by the Commission in respect of each ton of phosphate exported from Christmas Island, and shall direct the time at which and the manner in which those payments are to be made by the Commission.

2. Unless and until otherwise agreed by the said Governments, the amount to be paid in accordance with the last preceding paragraph in respect of each ton of phosphate exported from Christmas Island shall be eight shillings (8/‑) sterling.

3. After the expenses referred to in paragraph 1 of this Article together with interest thereon as provided in that paragraph have been recouped, the Commission shall create a special fund (in this Article called "the fund") for the purpose of accumulating moneys to meet the cost of discharging the obligations towards inhabitants of the Island which fall upon the Government of Australia as a consequence of the cessation of the phosphate industry and such other residual liabilities as the two Governments agree in accordance with paragraph 7 of this Article fall upon the Government of Australia as a consequence of that cessation.

4. The Commission shall transfer to the fund annually an amount calculated at such rate per ton of phosphate exported from Christmas Island as the said Governments from time to time jointly determine.

5. Unless and until otherwise agreed by the said Governments, the amount to be paid by the Commission to the fund shall be calculated at the same rate per ton as was applicable under paragraphs 1 and 2 of this Article immediately before the final payment was made by way of recoupment of the expenses referred to in paragraph 1 of this Article, together with interest thereon as provided in that paragraph.

6. Moneys standing to the credit of the fund shall be invested