Document ID: chunk:federal_register_of_legislation:C2024C00794:section:64aa
Version: federal_register_of_legislation:C2024C00794
Segment Type: section
Provision Reference: s 64AA
Character Range: 314295–315903

64AA  Debit of additional amounts from the Account for the purposes of the NTAI Corporation
 (1) There must be debited from the Account and paid by the Commonwealth to the Northern Territory Aboriginal Investment Corporation (NTAI Corporation) a single amount of $500 million, in accordance with subsection (2).
 (2) The payment must be made within 30 days after the first strategic investment plan for the NTAI Corporation, developed under section 65C, is laid before a House of the Parliament.
 (3) There must be debited from the Account and paid by the Commonwealth to the NTAI Corporation the following amounts:
 (a) $60 million, to be paid within 6 months after the commencement of this section;
 (b) $60 million, to be paid on the first 1 July that occurs after that commencement;
 (c) $60 million, to be paid on the second 1 July that occurs after that commencement.
 (4) There must be debited from the Account, and paid by the Commonwealth to the NTAI Corporation such amounts as the Minister directs from time to time, having regard to:
 (a) the most recent estimates of the NTAI Corporation's expenditure, to meet its administrative costs and capital costs, approved by the Minister under subsection 65D(1); and
 (b) the most recent estimates (if any) of the NTAI Corporation's expenditure, approved by the Minister under subsection 65DA(1), to meet its costs of making:
 (i) payments to or for the benefit of Aboriginal people living in the Northern Territory; and
 (ii) investments of the kind mentioned in paragraph 65BB(b); and
 (c) the sustainability of debits and payments from the Account.